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<P align="center"><FONT size="4"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B></FONT><BR>
<FONT size="2"><B>Washington, D.C. 20549</B>
</FONT>

<P align="center"><FONT size="4"><B>FORM 20&#150;F</B>
</FONT>

<P align="left"><FONT size="2">(Mark One)
</FONT>

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    <TD width="3%">&nbsp;</TD>
    <TD width="91%">&nbsp;</TD>
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<TR valign="bottom">
    <TD valign="top"><FONT size="2">&#091;&nbsp;&nbsp;&#093;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g)&nbsp;OF THE SECURITIES EXCHANGE ACT OF 1934</FONT></TD>
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    <TD><FONT size="2">&nbsp;</FONT></TD>
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    <TD align="center" colspan="3" valign="top"><FONT size="2">OR</FONT></TD>
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<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&#091;X&#093;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</FONT></TD>
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    <TD><FONT size="2">&nbsp;</FONT></TD>
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<TR valign="bottom">
    <TD align="center" colspan="3" valign="top"><FONT size="2">For the fiscal year ended December&nbsp;31, 2002</FONT></TD>
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    <TD><FONT size="2">&nbsp;</FONT></TD>
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<TR valign="bottom">
    <TD align="center" colspan="3" valign="top"><FONT size="2">OR</FONT></TD>
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<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&#091;&nbsp;&nbsp;&#093;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</FONT></TD>
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<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
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<TR valign="bottom">
    <TD align="center" colspan="3" valign="top"><FONT size="2">For the transition period from &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.</FONT></TD>
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    <TD><FONT size="2">&nbsp;</FONT></TD>
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<TR valign="bottom">
    <TD align="center" colspan="3" valign="top"><FONT size="2">Commission file number: 1-15060</FONT></TD>
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<P align="center"><FONT size="5"><B>UBS AG</B></FONT><BR>
<FONT size="2">(Exact Name of Registrant as Specified in Its Charter)
</FONT>

<P align="center"><FONT size="2"><B>Switzerland</B><BR>
(Jurisdiction of Incorporation or Organization)
</FONT>

<P align="center"><FONT size="2"><B>Bahnhofstrasse 45<BR>
CH-8098 Zurich, Switzerland</B>
</FONT>

<P align="center"><FONT size="2"><B>and</B>
</FONT>

<P align="center"><FONT size="2"><B>Aeschenvorstadt 1,<BR>
CH-4051 Basel, Switzerland</B><BR>
(Address of Principal Executive Offices)
</FONT>

<P align="center"><FONT size="2">Securities registered or to be registered pursuant to Section&nbsp;12(b) of the Act:
</FONT>

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

<P align="center"><FONT size="2">Securities registered or to be registered pursuant to Section&nbsp;12 (g)&nbsp;of the Act:
</FONT>

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

<P align="center"><FONT size="2">Securities for which there is a reporting obligation pursuant to Section&nbsp;15 (d)&nbsp;of the Act:
</FONT>

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


<P align="center"><FONT size="2">&nbsp;</FONT>
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<P align="center"><FONT size="2">Indicate the number of outstanding shares of each of the issuer&#146;s classes of<BR>
capital or common stock as of 31 December 2002:
</FONT>

<P align="center"><FONT size="2">Ordinary shares, par value CHF 0.80 per share: 1,256,297,678 ordinary shares<BR>
(including 97,181,094 treasury shares)
</FONT>

<P align="center"><FONT size="2">Indicate by check mark whether the Registrant (1)&nbsp;has filed all reports<BR>
required to be filed by Section&nbsp;13 or 15(d) of the Securities Exchange Act of<BR>
1934 during the preceding 12&nbsp;months (or for such shorter period that the<BR>
Registrant was required to file such reports) and (2)&nbsp;has been subject to such<BR>
filing requirements for the past 90&nbsp;days.
</FONT>

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    <TD align="center" valign="top"><FONT size="2">Yes &#091;X&#093;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
No &#091; &#093;</FONT></TD>
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<P align="center"><FONT size="2">Indicate by check mark which financial statement item the registrant has<BR>
elected to follow.
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<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">Item&nbsp;17 &#091; &#093;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
Item&nbsp;18 &#091;X&#093;</FONT></TD>
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<P align="center"><FONT size="2">&nbsp;</FONT>
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<P align="center"><FONT size="2"><B>Securities registered or to be registered pursuant to Section&nbsp;12(b) of the Act:</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="80%">
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="2"><B>Name of each exchange on</B></FONT></TD>
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<TR valign="bottom">
    <TD nowrap align="center"><FONT size="2"><B>Title of each class</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="2"><B>which registered</B></FONT></TD>
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<TR valign="bottom">
    <TD nowrap align="center"><HR size="1" noshade width="50%"></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade width="50%"></TD>
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<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">Ordinary Shares (par value of CHF 0.80 each)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">New York Stock Exchange</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">7.25% Noncumulative Trust Preferred Securities</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">New York Stock Exchange</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">7.25% Noncumulative Company Preferred Securities</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">New York Stock Exchange*</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">Subordinated Guarantee of UBS AG with respect to</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">Company Preferred Securities</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
New York Stock Exchange*</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">$80,000,000 BULs due April&nbsp;10, 2003</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
American Stock Exchange</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">$40,000,000 BULs due April&nbsp;28, 2003</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
American Stock Exchange</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">$32,000,000 BULs due May&nbsp;16, 2003</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
American Stock Exchange</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">$54,000,000 BULs due September&nbsp;1, 2006</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
American Stock Exchange</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">$4,500,000 BULs due October&nbsp;17, 2006</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
American Stock Exchange</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">$46,000,000 PPNs due May&nbsp;4, 2005</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
American Stock Exchange</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">$16,500,000 PPNs due June&nbsp;3, 2005</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
American Stock Exchange</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">$8,129,000 PPNs due November&nbsp;3, 2005</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
American Stock Exchange</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">$8,961,000 PPNs due December&nbsp;5, 2005</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
American Stock Exchange</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">$31,517,000 PPNs due November&nbsp;5, 2007</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
American Stock Exchange</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">$52,000,000 PPNs due November&nbsp;7, 2007</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
American Stock Exchange</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">$14,500,000 PPNs due December&nbsp;7, 2007</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
American Stock Exchange</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">$20,000,000 PPNs due February&nbsp;7, 2008</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
American Stock Exchange</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">$16,000,000 PPNs due February&nbsp;28, 2008</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
American Stock Exchange</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">$9,000,000 PPNs due April&nbsp;25, 2009</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
American Stock Exchange</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">$6,900,000 PPNs due May&nbsp;29, 2009</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
American Stock Exchange</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">$12,660,000 PPNs due September&nbsp;8, 2010</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
American Stock Exchange</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">$17,842,000 PPNs due October&nbsp;7, 2011</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
American Stock Exchange</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">$63,000,000 EASs due December&nbsp;2, 2003</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
American Stock Exchange</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">$35,000,000 EASs due January&nbsp;15, 2004</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
American Stock Exchange</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">$7,300,000 EASs due February&nbsp;4, 2004</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
American Stock Exchange</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">$6,800,000 EASs due March&nbsp;3, 2004</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
American Stock Exchange</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2"><B>Securities registered or to be registered pursuant to Section12(g) of the Act:</B>
</FONT>

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

<P align="center"><FONT size="2"><B>Securities for which there is a reporting obligation pursuant to Section15(d)<BR>
of the Act:</B>
</FONT>

<P align="center"><FONT size="2">8.622% Noncumulative Trust Preferred Securities<BR>
8.622% Noncumulative Company Preferred Securities<BR>
7.247% Noncumulative Trust Preferred Securities<BR>
7.247% Noncumulative Company Preferred Securities<BR>
Subordinated Guarantee of UBS AG with respect to Company Preferred Securities<BR>
$14,000,000 Equity Linked Notes due February&nbsp;1, 2007<BR>
$4,976,000 Equity Linked Notes due June&nbsp;20, 2007<BR>
$150,000,000 Variable Rate Credit Linked Notes due October&nbsp;24, 2003<BR>
$1,667,000 12.5% GOALs due June&nbsp;23, 2003<BR>
Guarantees with respect to certain securities of UBS Americas Inc.
</FONT>

<P>
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<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="center" nowrap><FONT size="2">*</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Not for trading, but solely in connection with the registration of the
corresponding Trust Preferred Securities.</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">&nbsp;</FONT>
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<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
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<TR><TD colspan="9"><A HREF="#000"> CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">PART I</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002">Item&nbsp;1. Identity of Directors, Senior Management and Advisors.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#003">Item&nbsp;2. Offer Statistics and Expected Timetable.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#004">Item&nbsp;3. Key Information.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#005">Item&nbsp;4. Information on the Company.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#006">Item&nbsp;5. Operating and Financial Review and Prospects.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#007">Item&nbsp;6. Directors, Senior Management and Employees.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#008">Item&nbsp;7. Major Shareholders and Related Party Transactions.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#009">Item&nbsp;8. Financial Information.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#010">Item&nbsp;9. Financial Information.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#011">Item&nbsp;10.Additional Information.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#012">Item&nbsp;11. Quantitative and Qualitative Disclosures About Market Risk.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#013"> Item&nbsp;12. Description of Securities Other than Equity Securities.</A></TD></TR>
<TR><TD colspan="9"><A HREF="#014"> PART II</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#015">Item&nbsp;13. Defaults, Dividend Arrearages and Delinquencies.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#016">Item&nbsp;14. Material Modifications to the Rights of Security Holders and Use of Proceeds.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#017">Item&nbsp;15. Controls and Procedures.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#018">Item&nbsp;16. &#091;Reserved&#093;.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#019">Item&nbsp;17. Financial Statements.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#020">Item&nbsp;18. Financial Statements.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#021">Item&nbsp;19. Exhibits.</A></TD></TR>
<TR><TD colspan="9"><A HREF="#022">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#023"> CERTIFICATIONS UNDER SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#024">Introduction</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#025">UBS Group Financial Highlights</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#026">UBS Group</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#027">Our Business Groups</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#028">Sources of Information about UBS</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#029">Information for Readers</A></TD></TR>
<TR><TD colspan="9"><A HREF="#030">Group Financial Review</A></TD></TR>
<TR><TD colspan="9"><A HREF="#031">Group Results</A></TD></TR>
<TR><TD colspan="9"><A HREF="#032">Review of Business Group Performance</A></TD></TR>
<TR><TD colspan="9"><A HREF="#033">Introduction</A></TD></TR>
<TR><TD colspan="9"><A HREF="#034">UBS Wealth Management &#038; Business Banking</A></TD></TR>
<TR><TD colspan="9"><A HREF="#035">UBS Global Asset Management</A></TD></TR>
<TR><TD colspan="9"><A HREF="#036">UBS Warburg</A></TD></TR>
<TR><TD colspan="9"><A HREF="#037">UBS PaineWebber</A></TD></TR>
<TR><TD colspan="9"><A HREF="#038">Corporate Center</A></TD></TR>
<TR><TD colspan="9"><A HREF="#039">UBS Group Financial Statements</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#040">UBS Group Income Statement</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#041">UBS Group Balance Sheet</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#042">UBS Group Statement of Changes in Equity</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#043">UBS Group Statement of Cash Flows</A></TD></TR>
<TR><TD colspan="9"><A HREF="#044">Notes to the Financial Statements</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#045">Note 1 Summary of Significant Accounting Policies</A></TD></TR>
<TR><TD colspan="9"><A HREF="#046">Note 2a Segment Reporting by Business Group</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#047">Note 2b Segment Reporting by Geographic Location</A></TD></TR>
<TR><TD colspan="9"><A HREF="#048">Income Statement</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#049">Note 3 Net Interest and Trading Income</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#050">Note 4 Net Fee and Commission Income</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#051">Note 5 Other Income</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#052">Note 6 Personnel Expenses</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#053">Note 7 General and Administrative Expenses</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#054">Note 8 Earnings per Share (EPS)&nbsp;and Shares Outstanding</A></TD></TR>
<TR><TD colspan="9"><A HREF="#055">Balance Sheet: Assets</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#056">Note 9a Due from Banks and Loans</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#057">Note 9b Allowances and Provisions for Credit Losses</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#058">Note 9c Impaired Loans</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#059">Note 9d Non-Performing Loans</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#060">Note 10 Securities Borrowing, Securities Lending, Repurchase and Reverse Repurchase Agreements</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#061">Note 11 Trading Portfolio</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#062">Note 12 Financial Investments</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#063"><BR> Note 13 Investments in Associates</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#064">Note 14 Property and Equipment</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#065">Note 15 Goodwill and Other Intangible Assets</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#066">Note 16 Other Assets</A></TD></TR>
<TR><TD colspan="9"><A HREF="#067">Balance Sheet: Liabilities</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#068">Note 17 Due to Banks and Customers</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#069">Note 18 Debt Issued</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#070">Note 19 Other Liabilities</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#071">Note 20 Provisions</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#072">Note 21 Income Taxes</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#073">Note 21 Income Taxes (continued)</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#074">Note 22 Minority Interests</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#075">Note 23 Derivative Instruments</A></TD></TR>
<TR><TD colspan="9"><A HREF="#076">Off-Balance Sheet Information</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#077">Note 24 Fiduciary Transactions</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#078">Note 25 Commitments and Contingent Liabilities</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#079">Note 26 Operating Lease Commitments</A></TD></TR>
<TR><TD colspan="9"><A HREF="#080">Additional Information</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#081">Note 27 Pledged Assets</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#082">Note 28 Litigation</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#083">Note 29 Financial Instruments Risk Position</A></TD></TR>
<TR><TD></TD><TD></TD><TD colspan="7"><A HREF="#084">a) Market Risk</A></TD></TR>
<TR><TD></TD><TD></TD><TD></TD><TD colspan="6"><A HREF="#085">(a)(i) Overview</A></TD></TR>
<TR><TD></TD><TD></TD><TD></TD><TD colspan="6"><A HREF="#086">(a)(ii) Interest Rate Risk</A></TD></TR>
<TR><TD></TD><TD></TD><TD></TD><TD colspan="6"><A HREF="#087">(a)(iii) Currency Risk</A></TD></TR>
<TR><TD></TD><TD></TD><TD></TD><TD colspan="6"><A HREF="#088">(a)(iv) Equity Risk</A></TD></TR>
<TR><TD></TD><TD></TD><TD></TD><TD colspan="6"><A HREF="#089">(a)(v) Issuer Risk</A></TD></TR>
<TR><TD></TD><TD></TD><TD colspan="7"><A HREF="#090">b) Credit Risk</A></TD></TR>
<TR><TD></TD><TD></TD><TD colspan="7"><A HREF="#091">c) Liquidity Risk</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#092">Note 30 Fair Value of Financial Instruments</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#093">Note 32 Equity Participation Plans</A></TD></TR>
<TR><TD></TD><TD></TD><TD colspan="7"><A HREF="#094">a) Equity Participation Plans Offered</A></TD></TR>
<TR><TD></TD><TD></TD><TD colspan="7"><A HREF="#095">b) UBS share awards</A></TD></TR>
<TR><TD></TD><TD></TD><TD colspan="7"><A HREF="#096">c) UBS option awards</A></TD></TR>
<TR><TD></TD><TD></TD><TD colspan="7"><A HREF="#097">d) Compensation Expense</A></TD></TR>
<TR><TD></TD><TD></TD><TD colspan="7"><A HREF="#098">e) Pro-Forma Net Income</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#099">Note 33 Related Parties</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#100">Note 34 Post-Balance Sheet Events</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#101">Note 35 Significant Subsidiaries and Associates</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#102">Note 36 Acquisition of Paine Webber Group, Inc.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#103">Note 37 Currency Translation Rates</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#104">Note 38 Swiss Banking Law Requirements</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#105">Reconciliation to US GAAP</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#106">Note 40 Additional Disclosures Required under US GAAP and SEC Rules</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#107">Report of the Group Auditors</A></TD></TR>
<TR><TD colspan="9"><A HREF="#108">UBS AG (Parent Bank)</A></TD></TR>
<TR><TD colspan="9"><A HREF="#109">Parent Bank Review</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#110">Income Statement</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#111">Balance Sheet</A></TD></TR>
<TR><TD colspan="9"><A HREF="#112">Financial Statements</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#113">Statement of Appropriation of Retained Earnings</A></TD></TR>
<TR><TD colspan="9"><A HREF="#114">Notes to the Financial Statements</A></TD></TR>
<TR><TD colspan="9"><A HREF="#115">Additional Income Statement Information</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#116">Net Trading Income</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#117">Extraordinary Income and Expenses</A></TD></TR>
<TR><TD colspan="9"><A HREF="#118">Additional Balance Sheet Information</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#119">Value Adjustments and Provisions</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#120">Statement of Shareholders&#146; Equity</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#121">Share Capital</A></TD></TR>
<TR><TD colspan="9"><A HREF="#122">Off-Balance Sheet and Other Information</A></TD></TR>
<TR><TD colspan="9"><A HREF="#123">Assets Pledged or Assigned as Security for Own Obligations, Assets Subject to Reservation of Title</A></TD></TR>
<TR><TD colspan="9"><A HREF="#124">Fiduciary Transactions</A></TD></TR>
<TR><TD colspan="9"><A HREF="#125">Due to UBS Pension Plans, Loans to Corporate Bodies/Related Parties</A></TD></TR>
<TR><TD colspan="9"><A HREF="#126">Report of the Statutory Auditors</A></TD></TR>
<TR><TD colspan="9"><A HREF="#127">Report of the Capital Increase Auditors</A></TD></TR>
<TR><TD colspan="9"><A HREF="#128">Additional Disclosure Required under SEC Regulations</A></TD></TR>
<TR><TD colspan="9"><A HREF="#129">A &#151; Introduction</A></TD></TR>
<TR><TD colspan="9"><A HREF="#130">B &#151; Selected Financial Data</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#131">Balance Sheet Data</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#132">US GAAP Income Statement Data</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#133">US GAAP Balance Sheet Data</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#134">Ratio of Earnings to Fixed Charges</A></TD></TR>
<TR><TD colspan="9"><A HREF="#135">C &#151; Information on the Company</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#136">Property, Plant and Equipment</A></TD></TR>
<TR><TD colspan="9"><A HREF="#137"> D -- Information Required by Industry Guide 3</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#138">Selected Statistical Information</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#139">Average Balances and Interest Rates</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#140">Analysis of Changes in Interest Income and Expense</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#141">Deposits</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#142">Short-term Borrowings</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#143">Loans</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#144">Loan Maturities</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#145">Impaired, Non-performing and Restructured Loans</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#146">Cross-Border Outstandings</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#147">Summary of Movements in Allowances and Provisions for Credit Losses</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#148">Allocation of the Allowances and Provisions for Credit Losses</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#149">Loans by industry sector</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#150">Loss History Statistics</A></TD></TR>
<TR><TD colspan="9"><A HREF="#151">Introduction</A></TD></TR>
<TR><TD colspan="9"><A HREF="#152">UBS Group Financial Highlights</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#153">The UBS Group</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#154">Our Business Groups</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#155">Sources of Information about UBS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#156">THE UBS Group</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#157">Strategy, Structure and History</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#158">Strategy, Structure and History</A></TD></TR>
<TR><TD colspan="9"><A HREF="#159">The Business Groups</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#160">UBS Wealth Management&#038;Business Banking</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#161">UBS Global Asset Management</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#162">UBS Warburg</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#163">UBS PaineWebber</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#164">Corporate Center</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#165">Risk Management and Control</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#166">Risk Analysis</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#167">Group Treasury</A></TD></TR>
<TR><TD colspan="9"><A HREF="#168">Corporate Governance</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#169">Introduction and Principles</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#170">Group Structure and Shareholders</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#171">Capital Structure</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#172">Board of Directors</A></TD></TR>
<TR><TD colspan="9"><A HREF="#173">Group Executive Board</A></TD></TR>
<TR><TD colspan="9"><A HREF="#174">Compensation, Shareholdings and Loans</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#175">Shareholders&#146; Participation Rights</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#176">Change of Control and Defensive Measures</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#177">Auditors</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#178">Information Policy: UBS Financial Disclosure Principles</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#179">Regulation and Supervision</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#180">Compliance with NYSE Listing Standards on Corporate Governance</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#181">Group Managing Board</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#182">Corporate Responsibility</A></TD></TR>
<TR><TD colspan="9"><A HREF="#183">UBS Share Information</A></TD></TR>
<TR><TD colspan="9"><A HREF="#184">The Global Registered Share</A></TD></TR>
<TR><TD colspan="9"><A HREF="#185">The UBS Share 2002</A></TD></TR>
<TR><TD colspan="9"><A HREF="#186"> INDEX TO EXHIBITS</A></TD></TR>
<TR><TD colspan="9"><A HREF="y84349exv1w1.htm">EX-1.1: ARTICLES OF ASSOCIATION OF UBS AG</A></TD></TR>
<TR><TD colspan="9"><A HREF="y84349exv1w2.htm">EX-1.2: ORGANIZATION REGULATIONS OF UBS AG</A></TD></TR>
<TR><TD colspan="9"><A HREF="y84349exv7.htm">EX-7: STATEMENT RE: RATIO OF EARNINGS</A></TD></TR>
<TR><TD colspan="9"><A HREF="y84349exv10.htm">EX-10: CONSENT OF ERNST & YOUNG LTD.</A></TD></TR>
</TABLE>
</CENTER>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>






<P align="center"><FONT size="2">CONTENTS
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="3%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Page</B></FONT></TD>
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
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<TR valign="bottom" bgcolor="#eeeeee">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cautionary Statement Regarding Forward-Looking Statements</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">1</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">PART I</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">3</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Item&nbsp;1. Identity of Directors, Senior Management and Advisors</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">3</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Item&nbsp;2. Offer Statistics and Expected Timetable</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">3</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Item&nbsp;3. Key Information</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">3</FONT></TD>
</TR>

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    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Item&nbsp;4. Information on the Company</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">3</FONT></TD>
</TR>

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    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Item&nbsp;5. Operating and Financial Review and Prospects</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">4</FONT></TD>
</TR>

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    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Item&nbsp;6. Directors, Senior Management and Employees</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">5</FONT></TD>
</TR>

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    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Item&nbsp;7. Major Shareholders and Related Party Transactions</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">5</FONT></TD>
</TR>

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    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Item&nbsp;8. Financial Information</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">6</FONT></TD>
</TR>

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    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Item&nbsp;9. The Offer and Listing</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">6</FONT></TD>
</TR>

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    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Item&nbsp;10. Additional Information</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">8</FONT></TD>
</TR>

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    <TD><FONT size="2">&nbsp;</FONT></TD>

<TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Item&nbsp;11. Quantitative and Qualitative Disclosures About Market Risk</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">11</FONT></TD>
</TR>

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    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Item&nbsp;12. Description of Securities Other than Equity Securities</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">12</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">PART II</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">13</FONT></TD>
</TR>

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    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Item&nbsp;13. Defaults, Dividend Arrearages and Delinquencies</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">13</FONT></TD>
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    <TD><FONT size="2">&nbsp;</FONT></TD>

<TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Item&nbsp;14. Material Modifications to the Rights of Security Holders and Use of Proceeds</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">13</FONT></TD>
</TR>

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    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Item&nbsp;15. Controls and Procedures</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">13</FONT></TD>
</TR>

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    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Item&nbsp;16. &#091;Reserved&#093;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">13</FONT></TD>
</TR>

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    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Item&nbsp;17. Financial Statements</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">13</FONT></TD>
</TR>

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    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Item&nbsp;18. Financial Statements</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">13</FONT></TD>
</TR>

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    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Item&nbsp;19. Exhibits</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">13</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Signatures</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">14</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Certifications under Section&nbsp;302 of the Sarbanes-Oxley Act of 2002</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">15</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Index to Exhibits</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2"></FONT></TD>
</TR>
</TABLE>
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<P align="center"><FONT size="2">&nbsp;</FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link1 " CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS" -->
<DIV align="left"><A NAME="000"></A></DIV>
<P align="center"><FONT size="2"><B>CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This annual report contains statements that constitute &#147;forward-looking
statements&#148; within the meaning of Section&nbsp;21E of the Securities Exchange Act of
1934. The Private Securities Litigation Reform Act of 1995 provides a &#147;safe
harbor&#148; for forward-looking information to encourage companies to provide
prospective information about themselves without fear of litigation so long as
the information is identified as forward-looking and is accompanied by
meaningful cautionary statements identifying important factors that could cause
actual results to differ materially from those projected in the information.
The words &#147;anticipate&#148;, &#147;believe&#148;, &#147;expect&#148;, &#147;estimate&#148;, &#147;intend&#148;, &#147;plan&#148;,
&#147;should&#148;, &#147;could&#148;, &#147;may&#148; and other similar expressions are used in connection
with forward-looking statements. In this annual report, forward-looking
statements may, without limitation, relate to:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">The implementation of strategic initiatives, such as the
implementation of the European wealth management strategy and our
plans to continue to expand our corporate finance business;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">The development of revenues overall and within specific
business areas, including the possibility of further losses in UBS
Capital in 2003;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">The development of operating expenses;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">The anticipated level of capital expenditures and associated depreciation expense;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">The expected impact of the risks that affect UBS&#146;s business,
including the risk of loss resulting from the default of an obligor
or counterparty;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Expected credit losses based upon UBS&#146;s credit review; and</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Other statements relating to UBS&#146;s future business development and economic performance.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There can be no assurance that forward-looking statements will approximate
actual experience. Several important factors exist that could cause UBS&#146;s
actual results to differ materially from expected results as described in the
forward-looking statements. Such factors include:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">General economic conditions, including prevailing interest
rates and performance of financial markets, which may affect demand
for products and services and the value of our assets;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Changes in UBS&#146;s expenses associated with acquisitions and dispositions;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">General competitive factors, locally, nationally, regionally and globally;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Industry consolidation and competition;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Changes affecting the banking industry generally and UBS&#146;s
banking operations specifically, including asset quality;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Developments in technology;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Credit ratings and the financial position of obligors and counterparties;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">UBS&#146;s ability to control risk in its businesses;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Changes in tax laws in the countries in which UBS operates,
which could adversely affect the tax advantages of certain of UBS&#146;s
products or subject it to increased taxation;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Changes in accounting standards applicable to UBS, as more
fully described below;</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">&nbsp;</FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>




<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Changes in investor confidence in the future performance of
financial markets, affecting the level of transactions they
undertake, and hence the levels of transaction-based fees UBS earns;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Changes in the market value of securities held by UBS&#146;s
clients, affecting the level of asset-based fees UBS can earn on the
services it provides; and</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Changes in currency exchange rates, including the exchange
rate for the Swiss franc into US dollars.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS is not under any obligation to (and expressly disclaims any such
obligations to) update or alter its forward-looking statements, whether as a
result of new information, future events, or otherwise.
</FONT>
<P align="left"><FONT size="2"><B>The effect of future changes in accounting standards</B>
</FONT>

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

<P align="center"><FONT size="2">- 2 -</FONT>

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

<!-- link1 "PART I" -->
<DIV align="left"><A NAME="001"></A></DIV>
<P align="center"><FONT size="2"><B>PART I</B>
</FONT>

<!-- link2 "Item&nbsp;1. Identity of Directors, Senior Management and Advisors." -->
<DIV align="left"><A NAME="002"></A></DIV>
<P align="left"><FONT size="2"><B>Item&nbsp;1.&nbsp;&nbsp;&nbsp; Identity of Directors, Senior Management and Advisors.</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not required because this Form&nbsp;20-F is filed as an annual report.
</FONT>
<!-- link2 "Item&nbsp;2. Offer Statistics and Expected Timetable." -->
<DIV align="left"><A NAME="003"></A></DIV>
<P align="left"><FONT size="2"><B>Item&nbsp;2.&nbsp;&nbsp;&nbsp; Offer Statistics and Expected Timetable.</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not required because this Form&nbsp;20-F is filed as an annual report.
</FONT>
<!-- link2 "Item&nbsp;3. Key Information." -->
<DIV align="left"><A NAME="004"></A></DIV>
<P align="left"><FONT size="2"><B>Item&nbsp;3.&nbsp;&nbsp;&nbsp; Key Information.</B>
</FONT>

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

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please see pages 195 to 199 of the attached Financial Report 2002.
</FONT>
<P align="left"><FONT size="2"><B>Ratio of Earnings to Fixed Charges</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please see page 199 of the attached Financial Report 2002, and Exhibit&nbsp;7 to this Form&nbsp;20-F.
</FONT>
<P align="left"><FONT size="2"><B>B&#151;Capitalization and Indebtedness.</B>
</FONT>

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

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

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please see pages 16 and 17 of the attached Financial Report 2002
</FONT>
<!-- link2 "Item&nbsp;4. Information on the Company." -->
<DIV align="left"><A NAME="005"></A></DIV>
<P align="left"><FONT size="2"><B>Item&nbsp;4.&nbsp;&nbsp;&nbsp; Information on the Company.</B>
</FONT>

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

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%" align="left" nowrap><FONT size="2">1-3</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2"> Please see page 6 of the attached Handbook 2002/2003 and page 6 of
the attached Financial Report 2002.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%" align="left" nowrap><FONT size="2">4</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Please see pages 18 and 19 of the attached Handbook 2002/2003.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%" align="left" nowrap><FONT size="2">5, 6</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Please see the section <I>Information for Readers </I>on pages 8 to 15 of
the attached Financial Report 2002, in particular, subsections
<I>PaineWebber merger</I>, <I>Restructuring provision </I>and <I>Significant financial
events</I>; also see section <I>Group Results </I>on pages 20 to 32 of the
attached Financial Report 2002, in particular, the subsections
regarding PaineWebber merger-related costs.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%" align="left" nowrap><FONT size="2">7</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2"> Not applicable.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2"><B>B&#151;Business Overview.</B>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%" align="left" nowrap><FONT size="2">1, 2, 3, 5, 7 </FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Please see section <I>The Business Groups </I>on pages 21 to 51 of
the attached Handbook 2002/2003 and the section <I>Seasonal
Characteristics </I>on page 39 of the attached Financial Report
2002. For a breakdown of revenues by category of activity
and geographic market for each of the last three financial
years, please refer to Notes 2a and 2b to the Financial</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">-3-</FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Statements, on pages 96 to 99 of the attached Financial
Report 2002.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%" align="left" nowrap><FONT size="2">4, 6</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Not applicable.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%" align="left" nowrap><FONT size="2">8</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Please see the section <I>Regulation and Supervision </I>on pages
117 to 120 of the attached Handbook 2002/2003.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2"><B>C&#151;Organizational Structure.</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please see Note 35 to the Financial Statements on pages 153 to 156 of the
attached Financial Report 2002.
</FONT>
<P align="left"><FONT size="2"><B>D&#151;Property, Plant and Equipment.</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please see the section <I>Property, Plant and Equipment </I>on page 199 of the
attached Financial Report 2002.
</FONT>
<P align="left"><FONT size="2"><B>Information Required by Industry Guide 3</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please see pages 200 to 216 of the attached Financial Report 2002.
</FONT>
<!-- link2 "Item&nbsp;5. Operating and Financial Review and Prospects." -->
<DIV align="left"><A NAME="006"></A></DIV>
<P align="left"><FONT size="2"><B>Item&nbsp;5.&nbsp;&nbsp;&nbsp; Operating and Financial Review and Prospects.</B>
</FONT>

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

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please see sections <I>Information for Readers</I>, <I>Group Financial Review </I>and
<I>Review of Business Group Performance </I>on pages 8 to 74 of the attached Financial
Report 2002.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please also see Note 39 to the Financial Statements <I>Reconciliation of
International Financial Reporting Standards (IFRS)&nbsp;to United States Generally
Accepted Accounting Principles (US GAAP) </I>on pages 160 to 171 of the attached
Financial Report 2002 and the <I>Currency management </I>subsection of the <I>Group
Treasury </I>section, on pages 84 to 85 of the attached Handbook 2002/2003.
</FONT>
<P align="left"><FONT size="2"><B>B&#151;Liquidity and Capital Resources.</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe that our working capital is sufficient for the company&#146;s
present requirements.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Group liquidity and capital management is undertaken at UBS by Group
Treasury as an integrated asset and liability management function. For a
detailed discussion of Group Treasury&#146;s functions and results, including our
capital resources, please see pages 78 to 87 of the attached Handbook
2002/2003, and Note 18 to the Financial Statements <I>Debt Issued </I>on pages 114 to
119 of the attached Financial Report 2002.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For a discussion of UBS Group&#146;s balance sheet and cash flows, please see
pages 26 to 28 of the attached Financial Report 2002.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For a discussion of UBS&#146;s long term credit ratings, please see the <I>Capital
Strength </I>subsection of the section <I>Strategy, Structure and History </I>on pages 10
and 11 of the attached Handbook 2002/2003.
</FONT>
<P align="left"><FONT size="2"><B>C&#151;Research and Development, Patents and Licenses, etc.</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</FONT>
<P align="left"><FONT size="2"><B>D&#151;Trend Information.</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please see <I>Outlook 2003 </I>subsection of the section <I>Group Results </I>on page 28
of the attached Financial Report 2002, and pages 15, 37, 42 and 49 of the
attached Handbook 2002/2003, which contain more detailed trend information.
</FONT>
<P align="center"><FONT size="2">-4-</FONT>
<!-- PAGEBREAK -->
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<!-- link2 "Item&nbsp;6. Directors, Senior Management and Employees." -->
<DIV align="left"><A NAME="007"></A></DIV>
<P align="left"><FONT size="2"><B>Item&nbsp;6.&nbsp;&nbsp;&nbsp; Directors, Senior Management and Employees.</B>
</FONT>

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

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%" align="left" nowrap><FONT size="2">1, 2, 3</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Please see pages 95 to 103 of the attached Handbook 2002/2003.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%" align="left" nowrap><FONT size="2">4 and 5</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2"> None.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2"><B>B&#151;Compensation.</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please see the <I>Compensation, Shareholdings and Loans </I>section on pages 104
to 108 of the attached Handbook 2002/2003 and also Notes 32 and 33 to the
Financial Statements on pages 147 to 152 of the attached Financial Report 2002.
</FONT>
<P align="left"><FONT size="2"><B>C&#151;Board Practices.</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please see pages 95 to 100 of the attached Handbook 2002/2003 and Note 33
to the Financial Statements on pages 151 to 152 of the attached Financial
Report 2002.
</FONT>
<P align="left"><FONT size="2"><B>D&#151;Employees.</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please see page 25 of the attached Financial Report 2002 and the charts on
page 14 of the attached Handbook 2002/2003.
</FONT>
<P align="left"><FONT size="2"><B>E&#151;Share Ownership.</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please see the section <I>Compensation, Shareholdings and Loans </I>on pages 104
to 108 of the attached Handbook 2002/2003 and also Notes 32 and 33 to the
Financial Statements on pages 147 to 152 of the attached Financial Report 2002.
</FONT>
<!-- link2 "Item&nbsp;7. Major Shareholders and Related Party Transactions." -->
<DIV align="left"><A NAME="008"></A></DIV>
<P align="left"><FONT size="2"><B>Item&nbsp;7.&nbsp;&nbsp;&nbsp; Major Shareholders and Related Party Transactions.</B>
</FONT>

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

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please see pages 91 to 92 and 139 and 140 of the attached Handbook 2002/2003.
</FONT>
<P align="left"><FONT size="2"><B>B&#151;Related Party Transactions.</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For 2002 and 2001, please see Note 33 to the Financial Statements on pages
151 to 152 of the attached Financial Report 2002.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The number of long-term stock options outstanding to members of the Board
of Directors, Group Executive Board and Group Managing Board from equity
participation plans was 4,693,458 at 31 December 2000.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The total loans and advances receivable were CHF 36&nbsp;million at 31 December
2000.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The total amounts of shares and warrants held by members of the Board of
Directors, Group Executive Board and Group Managing Board were 7,583,184 and
69,504,577 as of 31 December 2000.
</FONT>
<P align="left"><FONT size="2"><B>C&#151;Interests of Experts and Counsel.</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable because this Form&nbsp;20-F is filed as an annual report.
</FONT>
<P align="center"><FONT size="2">-5-</FONT>
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<!-- link2 "Item&nbsp;8. Financial Information." -->
<DIV align="left"><A NAME="009"></A></DIV>
<P align="left"><FONT size="2"><B>Item&nbsp;8.&nbsp;&nbsp;&nbsp; Financial Information.</B>
</FONT>

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

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please see Item&nbsp;18 of this Form&nbsp;20-F.
</FONT>
<P align="left"><FONT size="2"><B>B&#151;Significant Changes.</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS is not aware of any significant change that has occurred since the
date of the annual financial statements included in this Form&nbsp;20-F.
</FONT>
<!-- link2 "Item&nbsp;9. Financial Information." -->
<DIV align="left"><A NAME="010"></A></DIV>
<P align="left"><FONT size="2"><B>Item&nbsp;9.&nbsp;&nbsp;&nbsp; The Offer and Listing.</B>
</FONT>

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

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%" align="left" nowrap><FONT size="2">1, 2, 3, 5, 6, 7</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Not required because this Form&nbsp;20-F is filed as an annual report.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%" align="left" nowrap><FONT size="2">4</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Please see page 138 of the attached Handbook 2002/2003.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2"><B>B&#151;Plan of Distribution</B>
</FONT>

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

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS&#146;s shares are traded on the virt-x, the New York Stock Exchange and the
Tokyo Stock Exchange. The symbols are shown on page 135 of the attached
Handbook 2002/2003.
</FONT>
<P align="left"><FONT size="2"><B>Trading on virt-x</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since July 2001, Swiss blue chip stocks have no longer been traded on the
SWX Swiss Exchange. All trading in the shares of members of the Swiss Market
Index (SMI)&nbsp;now takes place on virt-x, although these stocks remain listed on
the SWX Swiss Exchange. Altogether, approximately 600 blue-chip stocks
representing around 80% of European market capitalization are traded on virt-x,
in the currency of their home market.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;virt-x is majority owned by the SWX Swiss Exchange. It provides an
efficient and cost effective pan-European blue-chip market. It addresses the
increasing requirement for equity investment to be conducted on a sectoral
basis across Europe rather than being limited to national markets.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;virt-x is a Recognized Investment Exchange supervised by the Financial
Services Authority in the United Kingdom. It is delivered on the modern,
scalable SWX trading platform.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trading is possible on all target days, as specified by the European
Central Bank. The opening hours are 06:00 to 22:00 CET and the trading hours
are 09:00 to 17:30 CET. During the after-hours trading phase from 17:30 to
22:00 CET and in the pre-trading phase from 06:00 to 09:00 CET, orders can be
entered or deleted. From 09:00 CET, once the opening price is set, trading
begins. Orders are executed automatically according to established rules that
match bid and asked prices. Regardless of their size or origin, incoming orders
are executed on a price/time priority, i.e., in the order of price (first
priority) and time received (second priority). Depending on the type of
transaction, the order and trade details are also transmitted to data vendors
(Reuters, Bloomberg, Telekurs, etc.).
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In most cases, each trade triggers an automatic settlement instruction
which is routed through one of three central securities depositories (CSD); SIS
SEGAINTERSETTLE AG, CRESTCo or Euroclear. Members can choose to settle from one
or more account within these CSD&#146;s and when counterparties have selected
different CSD&#146;s, settlement will be cross-border. The introduction of a central
counterparty is planned for the beginning of 2003 which will allow optional
netting of trades.
</FONT>
<P align="center"><FONT size="2">-6-</FONT>
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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All trades executed through the order book settle on a uniform &#147;T&#043;3&#148;
basis, meaning that delivery and payment of exchange transactions occur three
days after the trade date. The buyer is able to ask virt-x to enforce
settlement if the seller has not delivered within two days of the intended
settlement date.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any transaction executed under the rules of virt-x must be reported to
virt-x. Order book executions are automatically reported by the trading system.
There are separate provisions for the delayed reporting of certain qualifying
trades. Individual elements of Portfolio Trades must be reported within one
hour while Block Trades and enlarged risk trades must be reported when the
business is substantially (80%) complete, or by the end of order book trading
that day, unless the trade is agreed one hour or less before the market close,
when the Trade must be reported by the end of order book trading on the
following market day. Block Trades and Enlarged Risk Trades are subject to
minimum trade size criteria. During normal trading hours all other transactions
must be reported within three minutes. The Enlarged Risk Trades provisions
enable a member to protect a client&#146;s interest while the member works a large
trade on behalf of the client. The Block Trade provisions allow a member a
publication delay when the member has executed a large transaction for a
client; the delay gives the member time in which to offset the risk of the
large trade.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event of extraordinary situations such as large price fluctuations
and other situations likely to hamper fair and orderly trading, virt-x may take
whatever measures it deems necessary to maintain fair and orderly markets. A
listed security may be suspended, the opening of trading in that security may
be delayed or continuous trading may be interrupted.
</FONT>
<P align="left"><FONT size="2"><B>Trading on the New York Stock Exchange</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS listed its shares on the New York Stock Exchange (&#147;NYSE&#148;) on 16 May
2000.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of 31 December 2002, the equity securities of nearly 2,800 corporations
were listed on the NYSE. Non-US issuers, currently over 470 in number with a
combined market valuation exceeding USD 4 trillion, are playing an increasingly
important role on the NYSE.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The NYSE
is open Monday through Friday, 9:30 A.M. - 4:00 P.M., EST.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The NYSE is an agency auction market. Trading at the NYSE takes place by
open bids and offers by Exchange members, acting as agents for institutions or
individual investors. Buy and sell orders meet directly on the trading floor,
and prices are determined by the interplay of supply and demand. In contrast,
in the US over-the-counter market, the price is determined by a dealer who buys
and sells out of inventory.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the NYSE, each listed stock is assigned to a single post where the
specialist manages the auction process. NYSE members bring all orders for
NYSE-listed stocks to the Exchange floor either electronically or through a
floor broker. As a result, the flow of buy and sell orders for each stock is
funnelled to a single location.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This heavy stream of diverse orders is one of the great strengths of the
Exchange. It provides liquidity &#151; the ease with which securities can be bought
and sold without wide price fluctuations.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When an investor&#146;s transaction is completed, the best price will have been
exposed to a wide range of potential buyers and sellers.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every transaction made at the NYSE is under continuous surveillance during
the trading day. Stock Watch, a computer system that searches for unusual
trading patterns, alerts NYSE regulatory personnel to possible insider trading
abuses or other prohibited trading practices. The NYSE&#146;s other regulatory
activities include the supervision of member firms to enforce compliance with
financial and operational requirements, periodic checks on brokers&#146; sales
practices, and the continuous monitoring of specialist operations.
</FONT>
<P align="center"><FONT size="2">-7-</FONT>
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<P align="left"><FONT size="2"><B>Trading on the Tokyo Stock Exchange</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The volume of UBS shares traded on the Tokyo Stock Exchange is negligible
in comparison to the volume on virt-x or on the NYSE.
</FONT>
<P align="left"><FONT size="2"><B>D&#151;Selling Shareholders.</B>
</FONT>

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

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

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not required because this Form&nbsp;20-F is filed as an annual report.
</FONT>
<!-- link2 "Item&nbsp;10.Additional Information." -->
<DIV align="left"><A NAME="011"></A></DIV>
<P align="left"><FONT size="2"><B>Item&nbsp;10. &nbsp;&nbsp;&nbsp;Additional Information.</B>
</FONT>

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

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

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please see:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">a)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Item&nbsp;14 of our registration statement on Form&nbsp;20-F filed 9
May 2000. Please see Articles of Association of UBS AG and
Organization Regulations of UBS AG filed as Exhibits 1.1 and 1.2,
respectively.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">b)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">The section <I>Global Registered Share </I>on pages 134 to 135 of
the attached Handbook 2002/2003 which provides details of recent
changes relating to the par value of the UBS share.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">c)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Pages 7 and 134 of the attached Handbook 2002/2003 which
provide details of our new transfer agent in the US, Mellon Investor
Services.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2"><B>C&#151;Material Contracts.</B>
</FONT>

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

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There are no restrictions under UBS&#146;s Articles of Association or Swiss
law, presently in force, that limit the right of non-resident or foreign owners
to hold UBS&#146;s securities freely. There are currently no Swiss foreign exchange
controls or other Swiss laws restricting the import or export of capital by UBS
or its subsidiaries. In addition, there are currently no restrictions under
Swiss law affecting the remittance of dividends, interest or other payments to
non-resident holders of UBS securities.
</FONT>
<P align="left"><FONT size="2"><B>E&#151;Taxation.</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This section outlines the material Swiss tax and United States federal
income tax consequences of the ownership of UBS ordinary shares by a US holder
(as defined below) who holds UBS ordinary shares as capital assets. It is
designed to explain the major interactions between Swiss and US taxation for US
persons who hold UBS shares.
</FONT>

<P align="center"><FONT size="2">-8-</FONT>




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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The discussion does not address the tax
consequences to persons who hold UBS ordinary shares in particular
circumstances, such as tax-exempt entities, banks, financial institutions,
insurance companies, broker-dealers, traders in securities that elect to mark
to market, holders liable for alternative minimum tax, holders that actually or
constructively own 10% or more of the voting stock of UBS, holders that hold
UBS ordinary shares as part of a straddle or a hedging or conversion
transaction or holders whose functional currency for US tax purposes is not the
US dollar. This discussion also does not apply to holders who acquired their
UBS ordinary shares pursuant to the exercise of employee stock options or
otherwise as compensation or through a tax-qualified retirement plan.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The discussion is based on the tax laws of Switzerland and the United
States, including the US Internal Revenue Code of 1986, as amended, its
legislative history, existing and proposed regulations under the Internal
Revenue Code, published rulings and court decisions, as in effect on the date
of this document, as well as the convention between the United States of
America and Switzerland, which we call the &#147;Treaty,&#148; all of which may be
subject to change or change in interpretation, possibly with retroactive
effect.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this discussion, a &#147;US holder&#148; is any beneficial owner of UBS ordinary shares that is:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">a citizen or resident of the United States,</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">a corporation or other entity taxable as a corporation
organized under the laws of the United States or any political
subdivision of the United States,</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">an estate the income of which is subject to United States
federal income tax without regard to its source, or</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">a trust if a court within the United States is able to
exercise primary supervision over the administration of the trust
and one or more United States persons have the authority to control
all substantial decisions of the trust.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The discussion does not generally address any aspects of Swiss taxation
other than income and capital taxation or of United States taxation other than
federal income taxation. Holders of UBS shares are urged to consult their tax
advisors regarding the United States federal, state and local and the Swiss and
other tax consequences of owning and disposing of these shares.
</FONT>
<P align="left"><FONT size="2"><B>Ownership of UBS Ordinary Shares&#151;Swiss Taxation</B>
</FONT>

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

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends paid by UBS to a holder of UBS ordinary shares (including
dividends on liquidation proceeds and stock dividends) are subject to a Swiss
federal withholding tax at a rate of 35%. The withholding tax must be withheld
from the gross distribution, and be paid to the Swiss Federal Tax
Administration.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A US holder that qualifies for Treaty benefits may apply for a refund of
the withholding tax withheld in excess of the 15% Treaty rate. The claim for
refund must be filed with the Swiss Federal Tax Administration, Eigerstrasse
65, CH-3003 Berne, Switzerland no later than December&nbsp;31 of the third year
following the end of the calendar year in which the income subject to
withholding was due. The form used for obtaining a refund is Swiss Tax Form&nbsp;82
(82C for companies; 82E for other entities; 82I for individuals), which may be
obtained from any Swiss Consulate General in the United States or from the
Swiss Federal Tax Administration at the address above. The form must be filled
out in triplicate with each copy duly completed and signed before a notary
public in the United States. The form must be accompanied by evidence of the
deduction of withholding tax withheld at the source.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayment of capital in the form of a par value reduction is not subject
to Swiss withholding tax.
</FONT>
<P align="center"><FONT size="2">-9-</FONT>
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<P align="left"><FONT size="2"><I>Transfers of UBS Ordinary Shares</I>
</FONT>

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

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

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the passive foreign investment company rules discussed below,
US holders will include in gross income the gross amount of any dividend paid,
before reduction for Swiss withholding taxes, by UBS out of its current or
accumulated earnings and profits, as determined for United States federal
income tax purposes, as ordinary income when the dividend is actually or
constructively received by the US holder.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For United States federal income tax purposes, a dividend will include a
distribution characterized as a repayment of capital in the form of a par value
reduction, if the distribution is made out of current or accumulated earnings
and profits, as described above.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends will be income from sources outside the United States for
foreign tax credit limitation purposes, but generally will be &#147;passive income&#148;
or &#147;financial services income,&#148; which are treated separately from other types
of income for foreign tax credit limitation purposes. The dividend will not be
eligible for the dividends-received deduction generally allowed to United
States corporations in respect of dividends received from other United States
corporations. The amount of the dividend distribution included in income of a
US holder will be the US dollar value of the Swiss franc payments made,
determined at the spot Swiss franc/US dollar rate on the date such dividend
distribution is included in the income of the US holder, regardless of whether
the payment is in fact converted into US dollars. Generally, any gain or loss
resulting from currency exchange fluctuations during the period from the date
the dividend distribution is included in income to the date such dividend
distribution is converted into US dollars will be treated as ordinary income or
loss. Such gain or loss will generally be income or loss from sources within
the United States for foreign tax credit limitation purposes. Distributions in
excess of current and accumulated earnings and profits, as determined for
United States federal income tax purposes, will be treated as a return of
capital to the extent of the US holder&#146;s basis in its UBS ordinary shares and
thereafter as capital gain.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to certain limitations, the Swiss tax withheld in accordance with
the Treaty and paid over to Switzerland will be creditable against the US
holder&#146;s United States federal income tax liability. To the extent a refund of
the tax withheld is available to a US holder under the laws of Switzerland or
under the Treaty, the amount of tax withheld that is refundable will not be
eligible for credit against the US holder&#146;s United States federal income tax
liability, whether or not the refund is actually obtained.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock dividends to US holders that are made as part of a pro rata
distribution to all shareholders of UBS generally will not be subject to United
States federal income tax. US holders that received a stock dividend that is
subject to Swiss tax but not US tax, may not have enough foreign income for US
tax purposes to receive the benefit of the foreign tax credit associated with
that tax, unless the holder has foreign income from other sources.
</FONT>
<P align="left"><FONT size="2"><I>Transfers of UBS Ordinary Shares</I>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the passive foreign investment company rules discussed below, a
US holder that sells or otherwise disposes of UBS ordinary shares generally
will recognize capital gain or loss for United States federal income tax
purposes equal to the difference between the US dollar value of the amount
realized and the tax basis,
</FONT>
<P align="center"><FONT size="2">-10-</FONT>
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<P align="left"><FONT size="2"> determined in US dollars, in the UBS ordinary shares. Capital gain of a
non-corporate US holder is generally taxed at a maximum rate of 20% if the UBS
ordinary shares were held for more than one year. The gain or loss will
generally be income or loss from sources within the United States for foreign
tax credit limitation purposes.
</FONT>
<P align="left"><FONT size="2"><I>Passive Foreign Investment Company Rules</I>
</FONT>

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

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

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

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS files periodic reports and other information with the Securities and
Exchange Commission. You may read and copy any document that UBS files with the
SEC at the SEC&#146;s public reference room at 450 Fifth Street, N.W., Washington,
D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further information on
the operation of its public reference room. You may also inspect UBS&#146;s SEC
reports and other information at the New York Stock Exchange, Inc., 20 Broad
Street, New York, New York 10005 and the American Stock Exchange LLC, 86
Trinity Place, New York, NY 10006. Some of this information may also be found
on the UBS website at www.ubs.com/investors.
</FONT>
<P align="left"><FONT size="2"><B>I&#151;Subsidiary Information.</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</FONT>
<!-- link2 "Item&nbsp;11. Quantitative and Qualitative Disclosures About Market Risk." -->
<DIV align="left"><A NAME="012"></A></DIV>
<P align="left"><FONT size="2"><B>Item&nbsp;11. Quantitative and Qualitative Disclosures About Market Risk.</B>
</FONT>

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

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please see the section <I>Market Risk </I>on pages 71 to 75 of the attached Handbook 2002/2003.
</FONT>
<P align="left"><FONT size="2"><B>B&#151;Qualitative Information About Market Risk.</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please see the section <I>Market Risk </I>on pages 71 to 75 of the attached Handbook 2002/2003.
</FONT>
<P align="left"><FONT size="2"><B>C&#151;Interim Periods.</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</FONT>
<P align="center"><FONT size="2">-11-</FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="left"><FONT size="2"><B>D&#151;Safe Harbor.</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The safe harbor provided in Section&nbsp;27A of the Securities Act of 1933 and
Section&nbsp;21E of the Securities Exchange Act of 1934 (&#147;statutory safe harbors&#148;)
applies to information provided pursuant to paragraphs (a), (b)&nbsp;and (c)&nbsp;of this
Item&nbsp;11.
</FONT>
<P align="left"><FONT size="2"><B>E&#151;Small Business Issuers.</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</FONT>
<!-- link2 " Item&nbsp;12. Description of Securities Other than Equity Securities." -->
<DIV align="left"><A NAME="013"></A></DIV>
<P align="left"><FONT size="2"><B>Item&nbsp;12. Description of Securities Other than Equity Securities.</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not required because this Form&nbsp;20-F is filed as an annual report.
</FONT>
<P align="center"><FONT size="2">-12-</FONT>
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<!-- link1 " PART II" -->
<DIV align="left"><A NAME="014"></A></DIV>
<P align="center"><FONT size="2"><B>PART II</B>
</FONT>

<!-- link2 "Item&nbsp;13. Defaults, Dividend Arrearages and Delinquencies." -->
<DIV align="left"><A NAME="015"></A></DIV>
<P align="left"><FONT size="2"><B>Item&nbsp;13. Defaults, Dividend Arrearages and Delinquencies.</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There has been no material default in respect of any indebtedness of UBS
AG or any of its significant subsidiaries or any arrearages of dividends or any
other material delinquency not cured within 30&nbsp;days relating to any preferred
stock of UBS AG or any of its significant subsidiaries.
</FONT>
<!-- link2 "Item&nbsp;14. Material Modifications to the Rights of Security Holders and Use of Proceeds." -->
<DIV align="left"><A NAME="016"></A></DIV>
<P align="left"><FONT size="2"><B>Item&nbsp;14. Material Modifications to the Rights of Security Holders and Use of Proceeds.</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</FONT>
<!-- link2 "Item&nbsp;15. Controls and Procedures." -->
<DIV align="left"><A NAME="017"></A></DIV>
<P align="left"><FONT size="2"><B>Item&nbsp;15. Controls and Procedures.</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please see page 116 of the attached Handbook 2002/2003.
</FONT>
<!-- link2 "Item&nbsp;16. &#091;Reserved&#093;." -->
<DIV align="left"><A NAME="018"></A></DIV>
<P align="left"><FONT size="2"><B>Item&nbsp;16. &#091;Reserved&#093;.</B>
</FONT>

<!-- link2 "Item&nbsp;17. Financial Statements." -->
<DIV align="left"><A NAME="019"></A></DIV>
<P align="left"><FONT size="2"><B>Item&nbsp;17. Financial Statements.</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</FONT>
<!-- link2 "Item&nbsp;18. Financial Statements." -->
<DIV align="left"><A NAME="020"></A></DIV>
<P align="left"><FONT size="2"><B>Item&nbsp;18. Financial Statements.</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Financial Statements included on pages 77 to 177 of the attached
Financial Report 2002 are incorporated by reference herein.
</FONT>
<!-- link2 "Item&nbsp;19. Exhibits." -->
<DIV align="left"><A NAME="021"></A></DIV>
<P align="left"><FONT size="2"><B>Item&nbsp;19. Exhibits.</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="4%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="86%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="2">Exhibit</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="2"><u>Number</u></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="2"><u>Description</u></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">1.1.</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Articles of Association of UBS AG.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">1.2.</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Organization Regulations of UBS AG.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">2(b)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Instruments defining the rights of the holders of long-term debt issued by
UBS AG and its subsidiaries.<br><br>
We agree to furnish to the SEC upon request, copies of the instruments,
including indentures, defining the rights of the holders of our long-term
debt and of our subsidiaries&#146; long-term debt.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">7.</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Statement regarding ratio of earnings to fixed charges.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">8.</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Significant Subsidiaries of UBS AG.<br><br>
Please see Note 35 on pages 153 to 156 of the attached Financial Report 2002.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">10.</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Consent of Ernst &#038; Young Ltd.</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">-13-</FONT>
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<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="022"></A></DIV>
<P align="center"><FONT size="2"><B>SIGNATURES</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant hereby certifies that it meets all of the requirements for
filing on Form&nbsp;20-F and that it has duly caused and authorized the undersigned
to sign this annual report on its behalf.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
UBS AG</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
/s/&nbsp;&nbsp;Peter A. Wuffli<BR>
&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<br>
Name:   &nbsp;&nbsp;    Peter A. Wuffli<br>
Title:  &nbsp;&nbsp;&nbsp;&nbsp;    President of the Group Executive Board</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
/s/&nbsp;&nbsp;Hugo Schaub<BR>
&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<br>
Name:   &nbsp;&nbsp;    Hugo Schaub<br>
Title:    &nbsp;&nbsp;&nbsp;&nbsp;  Group Controller<br></FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Date: March 19, 2003</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">-14-</FONT>
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<!-- link1 " CERTIFICATIONS UNDER SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002" -->
<DIV align="left"><A NAME="023"></A></DIV>
<P align="center"><FONT size="2"><B>CERTIFICATIONS UNDER SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002</B>
</FONT>

<P align="left"><FONT size="2">I, Peter A. Wuffli, certify that:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">1.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">I have reviewed this annual report on Form&nbsp;20-F of UBS AG;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">2.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Based on my knowledge, this annual report does not contain
any untrue statement of a material fact or omit to state a material
fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading
with respect to the period covered by this annual report;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">3.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Based on my knowledge, the financial statements, and other
financial information included in this annual report, fairly present
in all material respects the financial condition, results of
operations and cash flows of the registrant as of, and for, the
periods presented in this annual report;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">4.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">The registrant&#146;s other certifying officers and I are
responsible for establishing and maintaining disclosure controls and
procedures (as defined in Exchange Act Rules&nbsp;13a-14 and 15d-14) for
the registrant and have:</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures to ensure
that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within
those entities, particularly during the period in which this annual
report is being prepared;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) evaluated the effectiveness of the registrant&#146;s disclosure
controls and procedures as of a date within 90&nbsp;days prior to the
filing date of this annual report (the &#147;Evaluation Date&#148;); and</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) presented in this annual report our conclusions about the
effectiveness of the disclosure controls and procedures based on
our evaluation as of the Evaluation Date;</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">5.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">The registrant&#146;s other certifying officers and I have
disclosed, based on our most recent evaluation, to the registrant&#146;s
auditors and the audit committee of registrant&#146;s board of directors
(or persons performing the equivalent function):</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies in the design or operation of
internal controls which could adversely affect the registrant&#146;s
ability to record, process, summarize and report financial data and
have identified for the registrant&#146;s auditors any material
weaknesses in internal controls; and</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves
management or other employees who have a significant role in the
registrant&#146;s internal controls; and</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">6.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">The registrant&#146;s other certifying officers and I have
indicated in this annual report whether or not there were
significant changes in internal controls or in other factors that
could significantly affect internal controls subsequent to the date
of our most recent evaluation, including any corrective actions with
regard to significant deficiencies and material weaknesses.</FONT></TD>
</TR>
</TABLE>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Date: March&nbsp;19, 2003</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
/s/ Peter A. Wuffli<BR>
</FONT><HR noshade size="1"><FONT size="2">
Name:   &nbsp;&nbsp;    Peter A. Wuffli<BR>
Title:     &nbsp;&nbsp;&nbsp;&nbsp; President of the Group Executive
Board<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(principal executive officer)</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">-15-</FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left"><FONT size="2">I, Hugo Schaub, certify that:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">1.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">I have reviewed this annual report on Form&nbsp;20-F of UBS AG;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">2.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Based on my knowledge, this annual report does not contain
any untrue statement of a material fact or omit to state a material
fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading
with respect to the period covered by this annual report;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">3.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Based on my knowledge, the financial statements, and other
financial information included in this annual report, fairly present
in all material respects the financial condition, results of
operations and cash flows of the registrant as of, and for, the
periods presented in this annual report;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">4.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">The registrant&#146;s other certifying officers and I are
responsible for establishing and maintaining disclosure controls and
procedures (as defined in Exchange Act Rules&nbsp;13a-14 and 15d-14) for
the registrant and have:</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures to ensure
that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within
those entities, particularly during the period in which this annual
report is being prepared;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) evaluated the effectiveness of the registrant&#146;s disclosure
controls and procedures as of a date within 90&nbsp;days prior to the
filing date of this annual report (the &#147;Evaluation Date&#148;); and</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) presented in this annual report our conclusions about the
effectiveness of the disclosure controls and procedures based on
our evaluation as of the Evaluation Date;</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">5.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">The registrant&#146;s other certifying officers and I have
disclosed, based on our most recent evaluation, to the registrant&#146;s
auditors and the audit committee of registrant&#146;s board of directors
(or persons performing the equivalent function):</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies in the design or operation of
internal controls which could adversely affect the registrant&#146;s
ability to record, process, summarize and report financial data and
have identified for the registrant&#146;s auditors any material
weaknesses in internal controls; and</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves
management or other employees who have a significant role in the
registrant&#146;s internal controls; and</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">6.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">The registrant&#146;s other certifying officers and I have
indicated in this annual report whether or not there were
significant changes in internal controls or in other factors that
could significantly affect internal controls subsequent to the date
of our most recent evaluation, including any corrective actions with
regard to significant deficiencies and material weaknesses.</FONT></TD>
</TR>
</TABLE>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Date: March&nbsp;19, 2003</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
/s/ Hugo Schaub<BR>
</FONT><HR size="1" noshade><FONT size="2">
Name:  &nbsp;&nbsp;     Hugo Schaub<BR>
Title:      &nbsp;&nbsp;&nbsp;&nbsp;Group Controller<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(principal accounting officer and<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
principal financial officer)</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">-16-</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P><DIV style="float: left; width:30%">




<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="90%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#FFFFFF">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2" color="#0865AB"><B>Contents</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Profile</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Introduction</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>1</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">UBS Group Financial Highlights</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>2</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">UBS Group</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>3</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Our Business Groups</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>4</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Sources of Information about UBS</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>5</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Information for Readers</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>8</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Group Financial Review</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>19</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Group Results</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>20</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Review of Business</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Group Performance</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>35</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Introduction</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>36</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">UBS Wealth Management &#038;<BR>
Business Banking</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>42</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">UBS Global Asset Management</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>52</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">UBS Warburg</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>57</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">UBS PaineWebber</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>66</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Corporate Center</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>72</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>UBS Group
Financial Statements</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>77</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>UBS AG (Parent Bank)</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>179</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><FONT size="2"><B>Additional Disclosure<BR>
Required under<BR>
SEC Regulations</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>193</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
 </TABLE>
</DIV>

</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:15%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>

<DIV style="float: right; width: 49%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>

<!-- link2 "Introduction" -->
<DIV align="left"><A NAME="024"></A></DIV>
<P><FONT size="5"><b>Introduction</b></FONT>



<P align="left"><FONT size="2">&nbsp;</FONT>

<P align="left"><FONT size="2">&nbsp;</FONT>



<P align="left"><FONT size="2">The Financial Report 2002 forms an essential
part of our reporting portfolio. It includes
the audited Financial Statements of the UBS
Group for 2002 and 2001, prepared according to
International Financial Reporting Standards
(IFRS)&nbsp;and reconciled to the United States&#146;
Generally Accepted Accounting Principles (US
GAAP), and the audited financial statements of
UBS AG (the &#147;Parent Bank&#148;) for 2002, prepared
according to Swiss Banking Law requirements.
It also contains a discussion and analysis of
the financial and business performance of the
UBS Group and its Business Groups, and
additional disclosures required under Swiss
and US regulations.
</FONT>

<P align="left"><FONT size="2">The Financial Report should be read in
conjunction with the other information
published by UBS, described on pages 5 and 6.
</FONT>

<P align="left"><FONT size="2">We hope that you will find the information in
our reporting documents useful and
informative. We believe that UBS is among the
leaders in corporate disclosure, but we would
be very interested to hear your views on how
we might improve the content and presentation
of our information portfolio.
</FONT>

<P><FONT size="2">
&nbsp;<br> Mark Branson<BR>
Chief Communication Officer<BR>
 UBS AG
</FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 1
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;Profile</B></FONT></TD>
</TR>
 </TABLE>
</DIV>
<P>&nbsp;

<P><FONT size="2">&nbsp;</FONT>




<!-- link2 "UBS Group Financial Highlights" -->
<DIV align="left"><A NAME="025"></A></DIV>
<P><FONT size="5"><b>UBS Group Financial Highlights</b>
</FONT>
<P>&nbsp;
<P><DIV style="float: left; width:24%">


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup>1
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>

    <TD width="96%"><FONT size="1">Operating
expenses/operating income<SUP>&nbsp;</SUP>
before credit
loss expense.
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup>2 </sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">Excludes the
amortization
of goodwill<SUP>&nbsp;</SUP>
and other
intangible
assets.
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup>3
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">For EPS
calculation,
see Note 8 to
the<SUP>&nbsp;</SUP> Financial
Statements.
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup>4
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">Net
profit/average
shareholders&#146;
equity<SUP>&nbsp;</SUP>
excluding
dividends.
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup>5
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">Includes
hybrid Tier 1
capital,
please<SUP>&nbsp;</SUP> refer
to
Note 29e in the
Notes to the
Financial
Statements.
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup>6
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">Klinik
Hirslanden was
sold on 5<SUP>&nbsp;</SUP>
December&nbsp;2002.
The Group
headcount does
not include the
Klinik
Hirslanden
headcount of
2,450 and 1,839
for 31 December
2001 and 31
December&nbsp;2000,
respectively.
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup>7
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">See the
Capital
strength
section on<SUP>&nbsp;</SUP>
pages 10 and 11
of the UBS
Handbook
2002/2003.
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup>8
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">Details of
significant
financial
events<SUP>&nbsp;</SUP> can be
found in the
Group Financial
Review section.
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup>&nbsp;
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">The segment results
have been restated
to reflect the new
Business Group
structure and
associated
management
accounting changes
implemented during
2002.
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup>&nbsp;
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">All results
presented include
PaineWebber from the
date of acquisition,
3 November&nbsp;2000.
</FONT></TD>
</TR>
</TABLE>

</DIV><DIV style="float: right; width: 68%">

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="54%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1"><I>CHF million, except where indicated</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="14"><FONT size="1">% change from</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">For the year ended</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Income statement key figures</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Operating income</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>34,121</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">37,114</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">36,402</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(8</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Operating expenses</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>29,577</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">30,396</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">26,203</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(3</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Operating profit before tax</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4,544</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6,718</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">10,199</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(32</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Net profit</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3,535</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,973</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7,792</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(29</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Cost/income ratio (%)<SUP>1</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>86.2</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">80.8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">72.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Cost/income ratio before goodwill (%)<SUP>1, 2</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>79.0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">77.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">70.4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Per share data (CHF)</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Basic earnings per share<SUP>3</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2.92</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.93</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6.44</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(26</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Basic earnings per share before goodwill<SUP>2, 3</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4.73</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.97</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(5</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Diluted earnings per share<SUP>3</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2.87</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.78</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6.35</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(24</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Diluted earnings per share before goodwill<SUP>2, 3</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4.65</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.81</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6.89</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(3</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Return on shareholders&#146; equity (%)</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Return on shareholders&#146; equity<SUP>4</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>8.9</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">11.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">21.5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Return on shareholders&#146; equity before goodwill<SUP>2, 4</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>14.4</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">14.8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">23.4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><FONT size="1"><B><HR size="4" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><I>CHF million, except where indicated</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>

    <TD colspan="6" align="center"><FONT size="1">% change from</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">As at</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Balance sheet key figures</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Total assets</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,181,118</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,253,297</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,087,552</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(6</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Shareholders&#146; equity</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>38,991</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">43,530</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">44,833</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(10</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Market capitalization</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>79,448</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">105,475</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">112,666</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(25</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>BIS capital ratios</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Tier 1 (%)<SUP>5</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>11.3</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">11.6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">11.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Total BIS (%)</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>13.8</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">14.8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">15.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Risk-weighted assets</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>238,790</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">253,735</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">273,290</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(6</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Invested assets (CHF billion)</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2,037</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,448</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,445</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(17</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Headcount (full-time equivalents)</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>69,061</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">69,985<SUP>6</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">71,076<SUP>6</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(1</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Long-term ratings</B><SUP><B>7</B></SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Fitch, London</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" bgcolor="#FFFFFF" align="center"><FONT size="1" color="#0865AB"><B>AAA</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="center"><FONT size="1">AAA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="center"><FONT size="1">AAA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Moody&#146;s, New York</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" bgcolor="#FFFFFF" align="center"><FONT size="1" color="#0865AB"><B>Aa2</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="center"><FONT size="1">Aa2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="center"><FONT size="1">Aa1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Standard &#038; Poor&#146;s, New York</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" bgcolor="#FFFFFF" align="center"><FONT size="1" color="#0865AB"><B>AA&#043;</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="center"><FONT size="1">AA&#043;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="center"><FONT size="1">AA&#043;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><FONT size="1"><B><HR size="4" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD colspan="17" align="left"><FONT size="2">&nbsp;<br>
<B>Earnings adjusted for significant financial
events and pre-goodwill </B><SUP><B>2, 8</B></SUP></FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1"><I>CHF million, except where indicated</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="6" align="center"><FONT size="1">% change from</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">For the year ended</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Operating income</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>33,894</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">37,114</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">36,402</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(9</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Operating expenses</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>27,117</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">29,073</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">25,096</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(7</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Operating profit before tax</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>6,777</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8,041</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">11,306</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(16</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Net profit</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>5,529</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6,296</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8,799</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(12</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Cost/income ratio (%)<SUP>1</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>79.5</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">77.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">69.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Basic earnings per share (CHF)<SUP>3</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4.57</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.97</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7.28</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(8</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Diluted earnings per share (CHF)<SUP>3</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4.50</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.81</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7.17</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(6</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Return on shareholders&#146; equity (%)<SUP>4</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>13.9</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">14.8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">24.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><FONT size="1"><B><HR size="4" color="#000000" noshade></B></FONT></TD>
</TR>
 </TABLE>
</DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

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

<!-- link2 "UBS Group" -->
<DIV align="left"><A NAME="026"></A></DIV>
<TABLE width="100%" cellspacing="0" cellpadding="0" border="0">
<tr>
<td width=32%></TD>
<td width=68%></TD>
</tr>
<tr>
<td align="right"><FONT size="5">UBS Group</FONT></td>
<td align="left"><FONT size="5">&nbsp;</FONT></td>
</tr>
</TABLE>

<DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 68%">

<P align="left"><FONT size="2">&nbsp;
</FONT>

<P align="left"><FONT size="2">&nbsp;
</FONT>

<P align="left"><FONT size="2">&nbsp;
</FONT>

<P align="left"><FONT size="2">UBS is one of the world&#146;s leading financial firms, serving a
discerning global client base. As an organization, we combine
financial strength with a global culture that embraces change. We are
the world&#146;s leading provider of wealth management services and one of
the largest asset managers globally. In the investment banking and
securities businesses, we are among the select bracket of major global
houses. In Switzerland, we are the clear market leader serving
corporate and retail clients. As an integrated firm, we create added
value for our clients by drawing on the combined resources and
expertise of all our businesses.
</FONT>

<P align="left"><FONT size="2">Our first priority is always our clients&#146; success and we put advice at
the heart of our relationships with them. We take the time to
understand the unique needs and goals of each of our clients. Our
priority is to provide premium quality services to our clients, giving
them the best possible choice by supplementing best-in-class solutions
we develop ourselves with a quality-screened selection of products
from others.
</FONT>

<P align="left"><FONT size="2">With head offices in Zurich and Basel, and more than 69,000 employees,
we operate in over 50 countries and from all major international
financial centers. Our global physical presence is complemented by our
strategy of offering clients products and services via a variety of
different channels &#151; from the traditional retail bank branch to
sophisticated, interactive online tools, helping us to deliver our
services more quickly, widely and cost-effectively than ever before.
</FONT>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B> 3</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="float: right; width: 68%"><P><FONT size="2"><B>Profile</B>
</FONT>
</DIV>
<P><FONT size="2">&nbsp;</FONT>

<P><FONT size="2">&nbsp;</FONT>

<DIV style="float: right; width: 70%">
<!-- link2 "Our Business Groups" -->
<DIV align="left"><A NAME="027"></A></DIV>


<P align="left"><FONT size="5">&nbsp;&nbsp;<b>Our Business Groups</b>
</FONT></div>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 68%">

<P align="left"><FONT size="2">&nbsp;
</FONT>

<P align="left"><FONT size="2">&nbsp;
</FONT>

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

<P><FONT size="2"><B>UBS Wealth Management &#038; Business Banking</B>
</FONT>

<DIV align="left"><FONT size="2">UBS Wealth Management &#038; Business Banking is the world&#146;s leading wealth
management business and the leading corporate and retail bank in
Switzerland. Almost 3,300 private banking client advisors, working
from offices around the world, provide a comprehensive range of
in-house and third party products and services customized for wealthy
individuals. The Business Banking unit, holding roughly a quarter of
the Swiss lending market, offers comprehensive banking and securities
services for 3.5&nbsp;million individuals and 180,000 corporate clients in
Switzerland as well as 5,000 financial institutions worldwide.
</FONT></DIV>

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

<DIV align="left"><FONT size="2">UBS Global Asset Management is a leading institutional asset manager
and mutual fund provider, with invested assets of CHF 557&nbsp;billion. It
offers a broad range of asset management services and products for
institutional clients and financial intermediaries across the world.
</FONT></DIV>

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

<DIV align="left"><FONT size="2">UBS Warburg is a global investment banking and securities firm.
Consistently placing in the top tier of major industry rankings, it is
a leading player in the global primary and secondary markets for
equity and fixed income products. In investment banking, it provides
first-class advice and execution capabilities to its client base
worldwide. Sharply client-focused, it provides innovative products,
top-quality research and comprehensive access to the world&#146;s capital
markets for its corporate and institutional clients and for the rest
of UBS.
</FONT></DIV>

<P><FONT size="2"><B>UBS PaineWebber</B>
</FONT>

<DIV align="left"><FONT size="2">UBS PaineWebber is the fourth largest private client business in the
US, with a client base of over 2&nbsp;million private investors &#151; focused on
the most affluent in the country. Its network of almost 9,000 financial
advisors manage CHF 584&nbsp;billion in invested assets and provide
sophisticated wealth management services to their clients.
</FONT></DIV>

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

<DIV align="left"><FONT size="2">The role of the Corporate Center is to ensure that the Business Groups
operate as a coherent and effective whole, in alignment with UBS&#146;s
overall corporate goals. The scope of Corporate Center&#146;s activities
covers financial and capital management, risk management and control,
branding, communication, legal advice and human resources management.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

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

<!-- link2 "Sources of Information about UBS" -->
<DIV align="left"><A NAME="028"></A></DIV>
<P><FONT size="5"><b>Sources of Information about UBS</b>
</FONT>

<P align="left"><FONT size="2">&nbsp;
</FONT>

<P align="left"><FONT size="2">&nbsp;
</FONT>

<P align="left"><FONT size="2"><FONT color="#0865AB"><B>This Financial Report contains our audited Financial Statements for the year
2002 and the related detailed analysis. You can find out more about UBS from
the sources shown below</B>.</FONT>
</FONT>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#0865AB"><B>Publications</B>
</FONT></TD>
    </TR>
</TABLE>


<DIV align="left"><FONT size="2">This Financial Report is available in English and German.
(SAP-R/3 80531-0301).
</FONT></DIV>

<P><FONT size="2"><B>Annual Review 2002</B>
</FONT>

<DIV align="left"><FONT size="2">Our Annual Review contains a
short description of UBS, what
our vision and values are, as
well as a summary review of our
performance in the year 2002. It
is available in English, German,
French, Italian and Spanish.
(SAP-R/3 80530-0301).
</FONT></DIV>

<P><FONT size="2"><B>Handbook 2002/2003</B>
</FONT>

<DIV align="left"><FONT size="2">Our Handbook 2002/2003 contains a
detailed description of UBS, its
strategy, organization and the
businesses that make it up. It is
available in English and German.
(SAP-R/3 80532-0301).
</FONT></DIV>

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

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

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

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

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#0865AB"><B>E-information tools for investors</B>
</FONT></TD>
    </TR>
</TABLE>


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

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

</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<DIV align="left"><FONT size="2">tations given by members of
senior management to investors at
external conferences.
</FONT></DIV>

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

<DIV align="left"><FONT size="2">On the Investors and Analysts
website, you can register to
receive news alerts about UBS via
Short Messaging System (SMS)&nbsp;or
e-mail. Messages are sent in
either English or German and
users are able to state their
preferences for the topics of the
alerts received.
</FONT></DIV>

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

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

<P><FONT size="2"><B>UBS and the environment</B>
</FONT>

<DIV align="left"><FONT size="2">The Handbook 2002/2003 contains a
summary of UBS environmental
policies as part of the Corporate
Responsibility section. More
detailed information is available
at: www.ubs.com/ environment
</FONT></DIV>

<P align="left"><FONT size="2"><FONT color="#0865AB"><B>Form&nbsp;20-F and other submissions
to the US Securities and
Exchange Commission</B></FONT>
</FONT>

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

<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Form 20-F filing is
structured as a &#147;wrap-around&#148;
document. Most sections of the
filing are satisfied by referring
to parts of this
</FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 5
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><FONT size="2"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Profile</B>
</FONT>
<P align="left"><FONT size="2">&nbsp;</FONT>


<P align="left"><FONT size="2">&nbsp;
</FONT>

<P><FONT size="2">&nbsp;</FONT>

<P align="left"><FONT size="2">&nbsp;
</FONT>


<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">Handbook or to parts of the
Financial Report 2002. However,
there is a small amount of
additional information in the
Form 20-F which is not presented
elsewhere, and is particularly
targeted at readers in the US.
You are encouraged to refer to
this additional disclosure.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You may read and copy any
document that we file with the SEC
on the SEC&#146;s website, www.sec.gov,
or at the SEC&#146;s public reference
room at 450 Fifth Street NW,
Washington, DC, 20549. Please call
the SEC at 1-800-SEC-0330 (in the
US) or at &#043;1 202 942 8088 (outside
the
</FONT></DIV>

</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">US) for further information on the
operation of its public reference
room. You may also inspect our SEC
reports and other information at
the New York Stock Exchange, Inc.,
20 Broad Street, New York, NY
10005 and the American Stock
Exchange LLC, 86 Trinity Place,
New York, NY 10006. Much of this
additional information may also be
found on the UBS website at
www.ubs.com/investors, and copies
of documents filed with the SEC
may be obtained from UBS&#146;s
Investor Relations team, at the
addresses shown on the following
page.
</FONT>

<P align="left"><FONT size="2">&nbsp;
</FONT>

<P align="left"><FONT size="2">&nbsp;
</FONT>

<P align="left"><FONT size="2">&nbsp;
</FONT>

<P align="left"><FONT size="2">&nbsp;
</FONT>

<P align="left"><FONT size="2">&nbsp;
</FONT>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>
 <TR valign="bottom">
    <TD><HR width="100%" size="1" align="left"></TD>
</TR>

 </TABLE>
</DIV>

<P><DIV style="float: left; width:24%">
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

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

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

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS AG is incorporated and
domiciled in Switzerland and
operates under Swiss Company Law
and Swiss Federal Banking Law as
an Aktiengesellschaft, a
corporation that has issued
shares of common stock to
investors.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The addresses and telephone numbers of our
</FONT></DIV>

</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">two registered offices and
principal places of business are:
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bahnhofstrasse 45, CH-8098 Zurich,
Switzerland, telephone &#043;41-1-234 11 11; </FONT></DIV>

<DIV align="left"><FONT size="2">and Aeschenvorstadt 1, CH-4051
Basel, Switzerland, telephone &#043;41-61-288 20 20.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS AG shares are listed on
the SWX Swiss Exchange and traded
through the latter&#146;s
majority-owned virt-x trading
platform. UBS shares are also
listed on the New York Stock
Exchange and the Tokyo Stock
Exchange.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 6
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="38%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="7" valign="top" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2"><FONT color="#0865AB"><B>Switchboards</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
<B>Zurich</B>
</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top" nowrap><FONT size="1">&#043;41 1 234 1111</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="1">For all general queries.</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
<B>London</B>
</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top" nowrap><FONT size="1">&#043;44 20 7568 0000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
<B>New York</B>
</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top" nowrap><FONT size="1">&#043;1 212 821 3000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
<B>Hong Kong</B>
</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top" nowrap><FONT size="1">&#043;852 2971 8888</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD colspan="7" valign="top" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2"><FONT color="#0865AB"><B>UBS Investor Relations</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
<B>Zurich</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="1">Our Investor Relations team supports</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
<B>Hotline:</B>
</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top" nowrap><FONT size="1"><B>&#043;41 1 234 4100</B>
</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">UBS AG</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="1">institutional, professional</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
Christian Gruetter
</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top" nowrap><FONT size="1">&#043;41 1 234 4360
</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">Investor Relations G41B</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="1">and retail investors from offices in</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
Mark Hengel
</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top" nowrap><FONT size="1">&#043;41 1 234 8439
</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">P.O. Box</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="1">Zurich and New York.</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
Catherine Lybrook
</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top" nowrap><FONT size="1">&#043;41 1 234 2281
</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">CH-8098 Zurich, Switzerland</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
Oliver Lee
</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top" nowrap><FONT size="1">&#043;41 1 234 2733</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="1">www.ubs.com/investors</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
Fax
</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top" nowrap><FONT size="1">&#043;41 1 234 3415</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
<B>New York</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
<B>Hotline:</B>
</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top" nowrap><FONT size="1"><B>&#043;1 212 713 3641</B>
</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">UBS Americas Inc.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
Richard Feder
</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top" nowrap><FONT size="1">&#043;1 212 713 6142
</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">Investor Relations</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
Christopher McNamee
</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top" nowrap><FONT size="1">&#043;1 212 713 3091
</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">135 W. 50th Street, 9th Floor</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
Fax
</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top" nowrap><FONT size="1">&#043;1 212 713 1381
</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">New York, NY 10020, USA</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">sh-investorrelations@ubs.com</FONT></TD>
</TR>
<TR>
    <TD colspan="7" valign="top" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2"><FONT color="#0865AB"><B>UBS Group Media Relations</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
<B>Zurich</B>
</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top" nowrap><FONT size="1"><B>&#043;41 1 234 8500</B>
</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">sh-gpr@ubs.com</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="1">Our Group Media Relations team</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
<B>London</B>
</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top" nowrap><FONT size="1"><B>&#043;44 20 7567 4714</B>
</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">sh-mr-london@ubsw.com</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="1">supports global media and</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
<B>New York</B>
</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top" nowrap><FONT size="1"><B>&#043;1 212 713 8391</B>
</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">sh-mediarelations-ny@ubsw.com</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="1">journalists from offices in Zurich, London,</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
<B>Hong Kong</B>
</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top" nowrap><FONT size="1"><B>&#043;852 2971 8200</B>
</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">sh-mediarelations-ap@ubs.com</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="1">New York and Hong Kong.</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR><TD>&nbsp;</td></tr>
<TR valign="bottom">
    <TD valign="top"><FONT size="1">www.ubs.com/media</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD colspan="7" valign="top" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2"><FONT color="#0865AB"><B>UBS Shareholder Services</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
<B>Hotline</B>
</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1"><B>&#043;41 1 235 6202</B>
</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">UBS AG</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="1">UBS Shareholder Services, a unit of</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
Fax
</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">&#043;41 1 235 3154
</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">Shareholder Services &#151; GUMV</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="1">the Company Secretary, is responsible</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">P.O. Box</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="1">for the registration of the Global</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">CH-8098 Zurich, Switzerland</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="1">Registered Shares. It is split into two</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="1">parts &#151; a Swiss register, which is</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">sh-shareholder-service@ubs.com</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="1">maintained by UBS acting as Swiss transfer</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="1">agent, and a US register, which is</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="1">maintained by Mellon Investor Service</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="1">as US transfer agent (see below).</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD colspan="7" valign="top" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2"><FONT color="#0865AB"><B>US Transfer Agent</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
calls from the US
</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">&#043;1 866 541 9689
</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">c/o Mellon Investor Services</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="1">For all Global Registered Share</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
calls outside the US
</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">&#043;1 201 329 8451
</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">Overpeck Centre</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="1">related queries in the USA.<BR>
&nbsp;<BR>
www.melloninvestor.com</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">85 Challenger Road<br>
&nbsp;<BR>
Ridgefield Park, NJ 07660, USA<BR>
&nbsp;<BR>
&nbsp;<BR>
shrrelations@melloninvestor.com</FONT></TD>
</TR>
 </TABLE>
</DIV>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: right; width: 59%">

<P align="left"><FONT size="1">UBS listed its Global Registered Shares on the New York Stock Exchange on 16 May&nbsp;2000. Prior to that date UBS operated
an ADR program. See the Frequently Asked Questions (FAQs) section at www.ubs.com/investors for further details
about the UBS share.
</FONT>


</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">
<P align="left"><HR size=1 width=100% color="#000000">
<P align="right"><FONT size="2"><B>
 7
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Profile</B></FONT></TD>
</TR>
 </TABLE>
</DIV>


<P><FONT size="2">&nbsp;</FONT>


<P><FONT size="2">&nbsp;</FONT>

<!-- link2 "Information for Readers" -->
<DIV align="left"><A NAME="029"></A></DIV>
<P><FONT size="5"><b>Information for Readers</b>
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">The discussion and analysis in
the Group Financial Review and
Review of Business Group
Performance should be read in
conjunction with the UBS Group
Financial Statements and the
related notes, which are shown in
pages 77 to 177 of this document.
</FONT>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#0865AB"><B>Parent Bank</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">Pages 179 to 190 contain the
financial statements for the UBS
AG Parent Bank &#151; the Swiss
company, including branches
worldwide, which owns all the UBS
Group companies, directly or
indirectly. Except in those
pages, or where otherwise
explicitly stated, all references
to &#147;UBS&#148; refer to the UBS Group
and not to the Parent Bank.
</FONT>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#0865AB"><B>Accounting standards</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">The UBS Group Financial Statements
have been prepared in accordance
with International Financial
Reporting Standards (IFRS). As a
US listed company, UBS Group
provides a description in Note 39
to the UBS Group Financial
Statements of the significant
differences which would arise were
our accounts to be presented under
the United States Generally
Accepted Accounting Principles (US
GAAP), and a detailed
reconciliation of IFRS
shareholders&#146; equity and net
profit to US GAAP. Major
differences between Swiss Federal
Banking Law requirements and IFRS
are described in Note 38 to the
UBS Group Financial Statements.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except where clearly
identified otherwise, all of UBS
Group&#146;s financial information
presented in this document is
presented on a consolidated basis
under IFRS.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Parent Bank&#146;s financial
statements are prepared in order
to meet Swiss regulatory
requirements and in compliance
with Swiss Federal Banking Law.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All references to 2002, 2001
and 2000 refer to the UBS Group
and the Parent Bank&#146;s fiscal
years ended 31 December&nbsp;2002,
2001, and 2000, respectively. The
Financial Statements for the UBS
</FONT></DIV>

</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">Group and the Parent Bank for
each of these periods have been
audited by Ernst &#038; Young Ltd., as
described in the Report of the
Independent
Auditors on page 177 and the
Report of the Statutory Auditors
on page 189.
</FONT>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#0865AB"><B>Changes to accounting presentation</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">The segment reporting shown in
Note 2 to UBS Group Financial
Statements has been restated to
reflect the reorganization of the
Group in 2002. See the &#147;Review of
Business Group Performance&#148; on
page 35 for details of changes
since the 2001 presentation.
</FONT>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#0865AB"><B>PaineWebber merger</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">Except where otherwise stated,
all 2000 figures for UBS Group
throughout this report include
the impact of the merger with
Paine Webber Group, Inc., which
was completed on 3 November&nbsp;2000.
Under purchase accounting rules,
the results for 2000 reflect
PaineWebber&#146;s income and expenses
for two months only, from 3
November&nbsp;2000 until 31 December
2000.
</FONT>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#0865AB"><B>Restructuring provision</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">After the merger of Swiss Bank
Corporation and Union Bank of
Switzerland was completed on 29
June&nbsp;1998, we began integrating
the operations of the two
predecessor banks. This process
included streamlining operations,
eliminating duplicate information
technology infrastructure, and
consolidating banking premises. We
established a restructuring
provision of CHF 7&nbsp;billion to
cover UBS&#146;s expected costs
associated with the integration
process. In December&nbsp;1999, we
recognized an additional pre-tax
restructuring charge of CHF 300
million because of the merger.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We completed the integration
and restructuring process relating
to the merger as of 31 December
2001 and released the remaining
CHF 21&nbsp;million of the
restructuring provision to the
income statement.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 8
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#0865AB"><B>Critical accounting policies</B>
</FONT></TD>
    </TR>
</TABLE>


<P><FONT size="2"><B>Basis of preparation and selection of policies</B>
</FONT>

<DIV align="left"><FONT size="2">We prepare our Financial
Statements in accordance with
IFRS, and provide a
reconciliation to generally
accepted accounting principles in
the United States (US GAAP). When
feasible, we reduce the
differences between our Financial
Statements under the two
standards by applying accounting
policies that are in accordance
with both sets of standards. This
approach limits (but does not
completely eliminate) the range
of elective accounting treatments
available to us, but there are
still rules under both standards
which require us to apply
judgement and make estimates in
preparing our Financial
Statements. The more significant
of these accounting treatments
are discussed in this section, as
a guide to understanding how
their application affects our
reported results and our
disclosure. A broader description
of the accounting policies we
employ is shown in Note 1 to the
UBS Group Financial Statements.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The existence of
alternatives and the application
of judgement mean that any
selection of different
alternatives or estimates would
cause our reported results to
differ. We believe that the
choices we have made are
appropriate, and that our
Financial Statements therefore
present our financial position
and results fairly, in all
material respects. The
alternative outcomes discussed
below are presented solely to
assist the reader in
understanding our Financial
Statements, and are not intended
to suggest that other
alternatives or estimates would
be more appropriate.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Many of the judgements which
we make in applying accounting
principles depend on an
assumption, which we believe to
be correct, that UBS maintains
sufficient liquidity to hold
positions or investments until a
particular trading strategy
matures &#151; i.e. that we do not
need to realize positions at
unfavorable prices in order to
fund immediate cash needs.
Liquidity is discussed in more
detail on pages 81 to 84 of the
Handbook 2002/2003.
</FONT></DIV>

<P><FONT size="2"><B>Recognition and measurement of financial instruments</B>
</FONT>

<DIV align="left"><FONT size="2">On 1 January&nbsp;2001, UBS Group
adopted the accounting standard
IAS 39: <I>recognition and
measurement of financial
instruments. </I>The principal
effects of the standard on our
accounts are outlined as follows.
</FONT></DIV>

</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P><FONT size="2"><B>Profit and loss impact</B>
</FONT>

<DIV align="left"><FONT size="2">UBS&#146;s strategy is to attempt to
minimize the profit and loss
volatility that can be caused by
unrealized gains and losses on
recognized financial assets and
liabilities carried at fair
value. Upon implementation of IAS
39, UBS elected to record changes
in fair value of financial assets
classified as
&#147;available-for-sale&#148; directly in
shareholders&#146; equity rather than
in earnings.
</FONT></DIV>

<P><FONT size="2"><B>Changes to shareholders&#146; equity</B>
</FONT>

<DIV align="left"><FONT size="2">With the implementation of IAS 39
we identified &#147;Gains/losses not
recognized in the income
statement&#148; as a separate section
within shareholders&#146; equity.
Within this we show three
subsections, &#147;Foreign currency translation&#148; (which was an
existing line in shareholders&#146;
equity, reported in previous
years) and two additional
subsections introduced as a
result of the adoption of IAS 39
on 1&nbsp;January 2001, and which are
&#147;Unrealized gains/losses on
available-for-sale investments&#148;,
and &#147;Changes in fair value of
derivative instruments designated
as cash flow hedges&#148;. Both
subsections had opening balances:
</FONT></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">the opening balance of
&#147;Unrealized gains/ losses on
available-for-sale investments&#148;
was a net increase of CHF 1,577
million, net of taxes, on 1
January&nbsp;2001 due to unrealized
mark-to-market gains on financial
investments classified as
available for sale which were
principally attributable to
private equity investments, but
which also included other
financial investments held by the
Group.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">the opening balance of
&#147;Changes in fair value of
derivative instruments designated
as cash flow hedges&#148; was a net
loss of CHF&nbsp;380&nbsp;million, net of
taxes, on 1 January&nbsp;2001 due to
unrealized mark-to-market losses
on derivatives designated as cash
flow hedges. These losses were
previously recorded in the
balance sheet as part of
&#147;Deferred losses&#148;.
</FONT></TD>
</TR>
</TABLE>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All movements within these
categories are now recorded each
year in the statement of changes
in equity.
</FONT></DIV>

<P><FONT size="2"><B>Financial instruments &#151; fair value</B>
</FONT>

<DIV align="left"><FONT size="2">Our <I>trading portfolio </I>assets and
liabilities are recorded at fair
value on the balance sheet, with
changes in fair value recorded as
trading income in the income
statement. Key judgements
affecting this accounting policy
relate to how we determine fair
value for such assets and
liabilities.
</FONT></DIV>

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

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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P><FONT size="2">&nbsp;<br>
<B>Profile</B>
</FONT>
<P><FONT size="2">&nbsp;</FONT>

<P><FONT size="2">&nbsp;</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For substantially all of our
portfolios, fair values are based
on quoted market prices for the
specific instrument, comparisons
with other highly similar
financial instruments, or the use
of models. Valuation models are
used primarily to value credit
derivatives and certain equity
and fixed income derivatives.
Where valuation models are used
to compute fair values, or where
they are used in our control
functions for independent risk
monitoring, they must be
validated and periodically
reviewed by qualified personnel
independent of the area that
created the model.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There are a variety of
factors that are considered by
our models, including time value
and volatility factors,
counterparty credit quality,
activity in similar instruments
in the market, administrative
costs over the life of the
transaction, and liquidity/market
volume considerations, among
others. Changes in assumptions
about these factors could affect
the reported fair value of
financial instruments. However,
because these factors can change
with no correlation to each
other, it is not possible to
provide a meaningful estimate of
how changes in any of these
factors could affect reported
fair value of the portfolio as a
whole.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a result of the potential
variability in computed fair
values, valuation adjustments are
an integral part of the valuation
process and are applied
consistently from period to
period. Establishing valuations
inherently involves the use of
judgement, and management also
applies its judgement in
establishing reserves against
indicated valuations for aged
positions, deteriorating economic
conditions (including
country-specific risks),
concentrations in specific
industries, types of instruments
or currencies, market liquidity,
model risk itself, and other
factors.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Despite the fact that a
significant degree of judgement is
required in order to establish
fair values in some cases,
management believes the fair
values recorded in the balance
sheet and the changes in fair
values recorded in the income
statement are reasonable, based on
a number of controls and
procedural safeguards we employ.
Before models are used, they are
certified by our independent
control function, called
Quantitative Risk Management. We
then generally employ
&#147;back-testing&#148; procedures to test
model outputs with actual data and
apply our models consistently from
one period to the next, while also
searching
for comparative market prices
for additional verification.
</FONT></DIV>

</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Hedge accounting. </I>IAS 39
allows a company to apply hedge
accounting if it fully complies
with the specified hedge
criteria. One of the goals of a
hedging program is to reduce
volatility of fair values by
entering into a hedging
transaction where changes in fair
values of the hedging transaction
offset changes in the fair values
of the hedged item. Due to cost
and other considerations, a
transaction may not be hedged
over its entire life, or a
dynamic hedging strategy may be
used whereby different
transactions are designated as
the hedging transaction at
different times. However, if the
hedged item is one that would
normally not be recorded at fair
value (for instance if it is held
at cost less impairment), but the
hedging instrument is of a sort
that would normally be accounted
for at fair value, there could be
substantial differences in the
profit and loss effect for the
two items during specific
accounting periods, although over
the whole life of the instrument
these would be expected to
balance out. We believe that, in
such cases, not applying hedge
accounting could lead to
misinterpretations of our results
and financial position, since
hedging transactions could have a
material impact on reported net
profit in a particular period.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In principle, we apply hedge
accounting whenever we meet the
criteria of IAS 39 so that our
Financial Statements clearly
reflect the economic hedge effect
obtained from the use of these
instruments. However, in
connection with economically
hedging selected credit risk
exposures we have entered into
credit default swaps (CDS)&nbsp;that
include conditions that prevent
their qualifying for hedge
accounting under IAS 39. CDSs are
derivative instruments carried on
our balance sheet at fair value
with changes in fair value
recorded in net trading income.
This may add volatility to our
net trading income results, and
the impact may be either positive
or negative in a particular
period. The use of CDSs coupled
with not applying hedge
accounting may also add
volatility to net profit because
changes in fair value of a CDS
and any credit loss expense
relating to the hedged exposure
may well be recorded in different
periods. Typically, the credit
rating of a company that
ultimately defaults on its
obligations deteriorates
gradually over a period of time.
Such deterioration is reflected
in a gradual increase in fair
value of the related CDS,
resulting in trading income gains
being recorded. On the other
hand, a credit loss expense is
not recorded until the claim is
deemed to be impaired, or if an
</FONT></DIV>

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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">undrawn commitment is expected to
be drawn without prospect of full
repayment. This timing mismatch
between recognizing income from
increases in the fair value of a
CDS and recognizing expense for
credit losses may introduce
period-to-period volatility in
net profit. In addition, the
positive effect of CDSs on
reducing credit losses is not
reflected as a reduction in
reported credit loss expense.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2002, UBS recorded
mark-to-market gains of CHF 226
million on CDSs that hedge
existing credit risk exposures
without recording a
corresponding credit loss
expense. Had our CDSs qualified
for hedge accounting, we could
have deferred recognition of gains
on the CDSs until the underlying
claim became impaired. Unless we
decide to settle CDSs prematurely,
and thus realize the
mark-to-market gains, for example
because we believe that we will
ultimately not incur a credit loss
on the hedged exposure, these
mark-to-market gains may be offset
by losses in future periods. This
may occur either because the fair
value of the CDS will decrease or
because a credit loss is incurred
on the hedged exposure.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applying hedge accounting
means that changes in the fair
values of designated hedging
instruments affect reported net
profit in a period <I>only to the
extent that each hedge is
ineffective</I>. Alternatively, if we
were to choose not to apply hedge
accounting, the entire change in
fair value of the designated
hedging instruments in each
individual reporting period would
be reported in net income for that
period, regardless of the economic
effectiveness of the hedge. For
our fair value hedges, not
applying hedge accounting would
have resulted in a pre-tax gain of
CHF&nbsp;951&nbsp;million in 2002 and a
pre-tax gain of CHF&nbsp;319&nbsp;million in
2001. For our cash flow hedges,
the respective amounts are a
pre-tax gain of CHF&nbsp;326&nbsp;million
for 2002 and a pre-tax loss of CHF
79&nbsp;million for 2001. Please refer
to Note 1(v) to the UBS Group
Financial Statements for further
information on hedge accounting.
</FONT></DIV>

<P><FONT size="2"><B>Financial investments &#151; available-for-sale</B>
</FONT>

<DIV align="left"><FONT size="2">UBS has classified some of its
financial assets, including
investments not held for trading
purposes, as available-for-sale.
This classification is based on
our determination that these
assets are not held for the
purpose of generating short-term
trading gains, but rather for
mid-to-long-term capital
appreciation. If we had
originally decided that
</FONT></DIV>

</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">these
were trading assets, or if we
were to reclassify these assets
as trading assets, changes in
fair value would then have to be
reflected in income rather than
shareholders&#146; equity. The amount
of unrealized gains or losses on
the balance sheet date is
disclosed in the statement of
changes in equity in the UBS
Group Financial Statements.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Companies held in our
private equity portfolio are not
consolidated in UBS&#146;s Financial
Statements. This treatment has
been determined after considering
such matters as liquidity, exit
strategies and degree and timing
of our influence and control over
these investments.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We classify our private
equity investments as financial
investments available-for-sale,
and carry them on the balance
sheet at fair value, with changes
in fair value being recorded
directly in equity. However,
unrealized losses that are not
expected to be recoverable within
a reasonable time period are
recorded in our income statement
as impairment charges. Since
quoted market prices are
generally unavailable for these
companies, fair value is
determined by applying recognized
valuation techniques, which
require the use of assumptions
and estimates. The valuation of
our investments is derived by
application of our valuation
policy in a detailed quarterly
investment by investment review
involving the business and
control functions. Our standard
valuation method is to apply
multiples of earnings that are
observed for comparable
companies. These multiples depend
on a number of factors and may
fluctuate over time. However the
geographic, stage and sector
diversity of the portfolio means
that the valuations of these
positions may not move uniformly
based on the changing economic
environment. Although judgement
is involved, we believe that the
estimates and assumptions made in
determining the fair value of
each investment are reasonable
and supportable. Since there are
no general estimates or
assumptions underlying the
determination of fair value, but
instead fair value is determined
on a case-by-case basis, it is
not possible to provide any
meaningful estimate of the impact
on earnings of variations in
assumptions and estimates.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, the
determination of when a decline
in fair value below cost is not
recoverable within a reasonable
time period is judgemental by
nature, so profit and loss could
be affected by differences in
this judgement. We generally
consider investments as impaired
if a significant
</FONT></DIV>

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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

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

<P align="left"><FONT size="2">&nbsp;</FONT>

<P align="left"><FONT size="2">&nbsp;</FONT>

<P align="left"><FONT size="2">decline in fair value below cost extends beyond the near term, unless
it is readily apparent that an investment is impaired, in which case this would
result in an immediate loss recognition.
</FONT>

<P><FONT size="2"><B>Goodwill and other intangible assets</B>
</FONT>

<DIV align="left"><FONT size="2">We regularly review assets that
are not carried at fair value for
possible impairment indications.
If impairment indicators are
identified, we make an assessment
about whether the carrying value
of such assets remains fully
recoverable. When making this
assessment, we compare the
carrying value to the market
value, if available, or the value
in use. Value in use is determined
by discounting expected future net
cash flows generated by an asset
or group of assets to present
value. Determination of the value
in use requires management to make
assumptions and use estimates. We
believe that the assumptions and
estimates used are reasonable and
supportable in the existing market
environment, but different ones
could be used which would lead to
different results.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The single most significant
amount of goodwill relates to the
acquisition of PaineWebber. The
valuation model used to determine
the fair value of UBS PaineWebber
is sensitive to changes in the
assumptions about the discount
rate, growth rate and expected
cash flows (i.e.&nbsp;assumptions
about the future performance of
the business). Adverse changes in
any of these factors could lead
us to record a goodwill
impairment charge.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the fourth quarter of
2002, we took the decision to
move all our businesses to the
single UBS brand name. That
decision necessitated the
writeoff of the carrying value of
the intangible asset related to
the PaineWebber brand name, which
resulted in a charge of CHF 953
million net of tax. Had we not
made the decision to abandon the
PaineWebber brand name, the
writeoff would not have been made
as it would not have been deemed
impaired.
</FONT></DIV>

<P><FONT size="2"><B>Allowances and provisions for credit losses</B>
</FONT>

<DIV align="left"><FONT size="2">UBS classifies a claim as
impaired if the book value of the
claim exceeds the present value
of the cash flows actually
expected in future periods&nbsp;&#151;&nbsp;interest payments, scheduled
principal repayments, or other
payments due (for example on
derivatives transactions or
guarantees), including
liquidation of collateral where
available. UBS has established
policies to ensure that the
carrying values of impaired
claims are determined on a
</FONT></DIV>

</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">&nbsp;
</FONT>

<P align="left"><FONT size="2">&nbsp;
</FONT>

<P align="left"><FONT size="2">&nbsp;</FONT>

<P align="left"><FONT size="2">consistent and fair basis,
especially for those impaired
claims for which no market
estimate or benchmark for the
likely recovery value is
available. Future cash flows
considered recoverable are
discounted to present value in
accordance with IAS 39. A
provision is then recorded for
the probable loss on the claim in
question and charged to the
income statement as credit loss
expense.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each case is assessed on its
merits, and the workout strategy
and estimate of cash flows
considered recoverable are
independently approved by the
Credit Risk Control function.
Although judgement is involved,
we believe that the estimates and
assumptions made in determining
provisions and allowances on each
individual impaired claim are
reasonable and supportable. Since
there are no general estimates or
assumptions underlying the
determination of allowances and
provisions, but instead, as noted
above, these allowances and
provisions are determined on a
case-by-case basis, it is not
possible to provide any
meaningful estimate of the impact
on earnings of variations in
assumptions and estimates.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Further details on this
subject are given in Note 1(l) to
the UBS Group Financial
Statements and in the &#147;Risk
analysis&#148; section of the Handbook
2002/2003, on pages 59 to 77.
</FONT></DIV>

<P><FONT size="2"><B>Securitizations and Special Purpose Entities</B>
</FONT>

<DIV align="left"><FONT size="2">UBS sponsors the formation of
Special Purpose Entities (SPEs)
primarily for the purpose of
allowing clients to hold
investments, for asset
securitization transactions, and
for buying or selling credit
protection. In accordance with
IFRS we do not consolidate SPEs
that we do not control. As it can
sometimes be difficult to
determine whether we exercise
control over an SPE, we have to
make judgements about risks and
rewards as well as our ability to
make operational decisions for
the SPE in question. In many
instances, elements are present
that, considered in isolation,
indicate control or lack of
control over an SPE, but when
considered together make it
difficult to reach a clear
conclusion. In such cases the
Group generally consolidates an
SPE.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS has a comprehensive
process for monitoring and
controlling the creation and
running of SPEs, designed to
ensure that they are created only
for purposes connected with our
business, which includes the
facilitation of client investment
objectives, that any change of
terms or status, such as the
activation of a dormant SPE,
</FONT></DIV>

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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">is
appropriate and that the SPEs and
their assets and liabilities are
properly recorded, if
consolidated.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS manages the risk of
consolidated SPEs in the same way
as for any other subsidiary.
Unconsolidated SPEs are treated
like any other unaffiliated
counterparty, under normal credit
risk principles.
</FONT></DIV>

<P><FONT size="2"><B>Principal types of SPE used by UBS</B>
</FONT>

<DIV align="left"><FONT size="2"><I>SPEs used to allow clients to
hold investments </I>are structures
that allow one or more clients to
invest in an asset or set of
assets which are generally
purchased by the SPE in the open
market and not transferred from
UBS. The risk or reward of the
assets held by the SPE resides
with the clients. Typically, UBS
will receive service and
commission fees for creation of
the SPE, or because it acts as
investment manager, custodian or
in some other function.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These SPEs range from mutual
funds to trusts investing in real
estate, for example UBS
Alternative Portfolio AG, which
provides a vehicle for investors
to invest in a diversified range
of alternative investments
through a single share. The
majority of our SPEs fall into
this category. SPEs created for
client investment purposes are
not consolidated.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>SPEs used for
securitization</I>. SPEs for
securitization are created when
UBS has assets (for example a
portfolio of loans) which it
sells to an SPE. The SPE in turn
sells interests in the assets as
securities to investors.
Consolidation of these SPEs
depends on whether UBS retains
the risks and rewards of the
assets in the SPE.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We do not consolidate SPEs
for securitization if UBS has no
control over the assets and no
longer retains any significant
exposure (gain or loss) to the
returns, including liquidation,
on the assets sold to the SPE.
This type of SPE is a
bankruptcy-remote entity &#151; if UBS
were to go bankrupt, the holders
of the securities would clearly
be owners of the assets, while if
the SPE were to go bankrupt, the
securities holders would have no
recourse to UBS.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In some cases UBS does
retain exposure to some of the
returns from the assets sold to
the SPE &#151; for example first loss
on a loan portfolio. In these
cases we consolidate the SPE and
then derecognize the assets to
the extent that we do not have
exposure.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>SPEs for credit protection</I>
are set up to allow UBS to sell
the credit risk on portfolios,
that may or
</FONT></DIV>

</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">may not be held by
UBS, to investors. They are
primarily to allow UBS to have a
single counterparty (the SPE)
which sells credit protection to
UBS. The SPE in turn has
investors who provide it with
capital and participate in the
risks and rewards of the credit
events that it insures. SPEs used
for credit protection are
generally consolidated.
</FONT>

<P><FONT size="2"><B>Equity compensation</B>
</FONT>

<DIV align="left"><FONT size="2">Currently IFRS does not
specifically address the
recognition and measurement of
equity-based compensation plans,
including employee option plans.
Extensive literature on
accounting for options granted to
employees exists under US GAAP,
which permits a company to elect
either the intrinsic value method
or the fair value
method. Under the intrinsic value
method, if the exercise price of
options granted is equal to or
greater than the fair value of
the underlying equity at grant
date, no compensation expense
need be recorded. Under the fair
value method, an amount would be
computed for such options and
charged to compensation expense.
For IFRS, UBS records as
compensation expense only the
intrinsic value at grant date, if
any, of options granted to
employees. Subsequent changes in
value are not recognized.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Had we recognized the fair
value of stock option grants as
compensation expense, net income
would have been lower by the
following amounts: CHF 690
million in 2002, CHF 347&nbsp;million
in 2001, and CHF 158&nbsp;million in
2000. Further information on UBS
equity compensation plans is
disclosed in Note 32 to the UBS
Group Financial Statements. In
November&nbsp;2002, the International
Accounting Standards Board issued
ED2, &#147;Share-based payments&#148;,
which is expected to become
effective in January&nbsp;2004. ED2 in
its current form would require a
different recognition method of
compensation expense for the fair
value of stock options granted
than that applied to determine
the amounts disclosed above.
</FONT></DIV>

<P><FONT size="2"><B>Deferred tax</B>
</FONT>

<DIV align="left"><FONT size="2">Deferred tax assets arise from a
variety of sources, the most
significant being: a) tax losses
that can be carried forward to be
utilized against profits in
future years; b) expenses
recognized in the books but
disallowed in the tax return
until the associated cash flow
occurs; and c) valuation changes
of assets which need to be
tax-effected
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 13
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P><FONT size="2"><B>Profile</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;</FONT>

<P align="left"><FONT size="2">&nbsp;</FONT>

<P align="left"><FONT size="2">for book purposes but are taxable only when the valuation change is
realized.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS records a valuation
allowance to reduce its deferred
tax assets to the amount that it
believes can be realized in its
future tax returns. Our valuation
allowance is based on the
assessment of future taxable
income and our tax planning
strategies. At each balance sheet
date, existing assessments are
reviewed and, if necessary,
revised to reflect changed
circumstances. The magnitude of
the valuation allowance is
significantly influenced by our
own forecast of future profit
generation, which drives the
extent to which we will be able
to utilize the deferred tax
assets. Were we to be more
optimistic or pessimistic when
forecasting future taxable
profits we would record a lower
or higher valuation allowance,
which would have a direct impact
on earnings. Additionally,
changes in circumstances may
result in either an increase or a
reduction of the valuation
allowance, and therefore net
income, depending on an adverse
or favorable change in the
factors that impact the
recognized deferred tax assets.
See Note 21 to the UBS Group
Financial Statements for further
details.
</FONT></DIV>

<P><FONT size="2"><B>Segment reporting</B>
</FONT>

<DIV align="left"><FONT size="2">The policies used to prepare our
segment reporting affect the
split of our income and expenses
between the different Business
Groups. Although the application
of rules different from the ones
we currently use would lead to
altered net profit
results in the Business Groups,
they would have no effect on the
total Group profit number.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The most significant of
these policies is the treatment
of credit loss expense. If we had
not applied the concept of
expected loss in calculating the
credit loss expense for each
Business Group, Corporate Center
would have incurred a
significantly higher loss in all
periods presented, UBS Warburg
would have achieved a better
result in 2002 but slightly lower
profit in both 2001 and 2000, and
UBS Wealth Management &#038; Business
Banking would have had a modestly
better result in 2002 preceded by
a significantly higher profit in
both 2001 and 2000. The concept
of expected credit loss is
explained in more detail in the
&#147;Management accounting&#148; section
of this report on pages 36 to 41,
which includes a table which
reconciles the expected credit
loss amount charged to the
Business Groups with the actual
IFRS credit loss.
</FONT></DIV>

</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P><FONT size="2">&nbsp;</FONT>


<P align="left"><FONT size="2">&nbsp;</FONT>

<P align="left"><FONT size="2">&nbsp;</FONT>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#0865AB"><B>Analysis of adjusted key figures and results</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">We analyze UBS&#146;s performance on a
reported basis determined in
accordance with IFRS.
Additionally, we provide comments
and analysis on an adjusted basis
which excludes from the reported
amounts certain items we term
significant financial events
(SFEs). An additional adjustment
we use in our results discussion
is the exclusion of the
amortization of goodwill and
other acquired intangible assets.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These adjustments reflect
our internal analysis approach
where SFE-adjusted figures before
goodwill/intangibles amortization
are used to assess past
performance against peers and to
estimate future growth potential.
In particular, our financial
targets have been set in terms of
adjusted results, excluding SFEs
and goodwill/ intangibles
amortization, and all the
analysis provided in our
management accounting is based on
operational SFE-adjusted
performance.
</FONT></DIV>

<P><FONT size="2"><B>Significant financial events</B>
</FONT>

<DIV align="left"><FONT size="2">For performance analysis, in
particular to compare our
financial results with previous
periods and with peers, we use
figures adjusted for significant
financial events (SFEs). This
helps us to illustrate the
underlying operational performance
of our business, insulated from
the impact of one-off gains or
losses outside the normal run of
business, and provides a better
basis for our internal performance
assessment and planning. A policy
approved by the Group Executive
Board defines which items may be
classified as SFEs. In general an
item that is treated as a SFE is:
</FONT></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Non-recurring
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Event-specific
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Material at Group level
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">UBS-specific, not industry-wide
</FONT></TD>
</TR>
</TABLE>
<DIV align="left"><FONT size="2">and is not a consequence of the
normal run of business.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Examples of items that we
would treat as SFEs include the
gain or loss on the sale of a
significant subsidiary or
associate, such as the sale in
2002 of Klinik Hirslanden and
Hyposwiss, or the restructuring
costs associated with a major
integration, such as the merger
with PaineWebber in 2000.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SFEs are not a recognized
accounting concept under IFRS or
US GAAP, and are therefore not
reflected as such in the UBS
Group Financial Statements. We
clearly identify all adjusted
figures as such, and clearly
disclose both the pre-tax
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 14
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">




<P align="left"><FONT size="2">amount
of each individual significant
financial event, and the net tax
benefit or loss associated with
all the SFEs in each period,
allowing the reader to reconcile
adjusted figures to the reported
ones. Where tables in the
Business Group reporting show
adjusted figures, we also include
a table showing the reported
figures.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SFEs during 2000 and 2002
are shown in the table below and
described in more detail below.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There were no SFEs in 2001.
</FONT></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">In first quarter 2002, we
realized a pre-tax gain of
CHF 155&nbsp;million from the
sale of the private bank
Hyposwiss.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">In fourth quarter 2002, we
recorded a non-cash pre-tax
writedown of CHF 1,234
million related to the
PaineWebber brand, an
intangible asset. It was
recorded following our
decision to move to a single
UBS brand. This change in
our brand strategy was
announced in November&nbsp;2002
and we will effectively
introduce the single brand
in June&nbsp;2003.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">In fourth quarter 2002, we
realized a pre-tax gain of
CHF 72&nbsp;million from the sale
of Klinik Hirslanden, a
private hospital group.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">During 2000, we recorded
restructuring charges and
provisions of CHF 290
million pre-tax relating to
the integration of
Paine-Webber into UBS.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">In 2000 UBS recognized an
additional pre-tax provision
of CHF 150&nbsp;million in
connection
</FONT></TD>
</TR>
</TABLE>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">with the US
Global Settlement of World
War II-related claims.
Previously, we had
established a provision of
CHF 842&nbsp;million (in 1998)
and one of CHF 154&nbsp;million
(in 1999) relating to this
claim.
</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2"><B>Amortization of goodwill and other<BR>
intangibles</B>
</FONT>

<DIV align="left"><FONT size="2">In addition to IFRS figures, we
discuss our Group result
excluding the amortization of
goodwill and other intangibles.
The same adjustment is used also
for our Group financial targets,
including earnings per share. At
UBS, we believe that equity
values are driven by future cash
flows. IFRS rules currently
require that goodwill is
amortized over its estimated
useful life regardless of whether
its economic value is maintained
or even increased. Furthermore,
goodwill is an asset that does
not need to be replaced at the
end of its life. Consequently,
amortization charges do not
represent cash outflows and are
not an economic cost. Therefore
we believe they are not relevant
for assessing the value created
for our shareholders.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In our financial reporting,
we clearly identify all figures
that exclude amortization charges
for goodwill and other intangibles
and refer to them as
&#147;pre-goodwill&#148; figures. Reported
figures including amortization
charges are always disclosed and
precede pre-goodwill disclosure.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:31%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 75%">

<P><FONT size="3"><B>Significant Financial Events</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="70%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><I>CHF million</I></FONT></DIV>
<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">For the year ended</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">31.12.01</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">31.12.00</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><FONT size="2"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Operating income as reported</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>34,121</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">37,114</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">36,402</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Gain on disposal of Hyposwiss</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>(155</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Gain on disposal of Klinik Hirslanden</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>(72</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><FONT size="2"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Adjusted operating income</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>33,894</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">37,114</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">36,402</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><FONT size="2"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Operating expenses as reported</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>29,577</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">30,396</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">26,203</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Writedown of PaineWebber brand name</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>(1,234</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">US Global Settlement Fund provision</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(150</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">PaineWebber integration costs</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(290</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="13" align="left"><FONT size="2"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Adjusted operating expenses</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>28,343</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">30,396</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">25,763</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><FONT size="2"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Adjusted operating profit before tax and minority interests</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>


 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>5,551</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">6,718</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">10,639</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR>
    <TD colspan="13" align="left"><FONT size="2"><B><HR size="4" color="#000000" noshade></B></FONT></TD>
</TR>


<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Tax expense</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>678</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,401</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2,320</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Tax effect of significant financial events</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>239</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">100</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><FONT size="2"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Adjusted tax expense</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>917</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,401</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2,420</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Minority interests</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>(331</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(344</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(87</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="13" align="left"><FONT size="2"><B><HR size="4" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Adjusted net profit</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>4,303</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">4,973</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">8,132</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><FONT size="2"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Adjusted net profit before goodwill</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>5,529</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">6,296</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">8,799</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><FONT size="2"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
 </TABLE>
</DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 15
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Profile</B></FONT></TD>
</TR>
 </TABLE>
</DIV>
<P align="left"><FONT size="2">&nbsp;</FONT>

<P align="left"><FONT size="2">&nbsp;</FONT>

<P align="left"><FONT size="2">&nbsp;</FONT>

<P align="left"><HR size="1" width="100%" align="left">

<DIV style="float: left; width:31%">



<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
        <TR>
    <TD align="left"><FONT size="5" color="#7F7F7F"><b>Risk factors</b>
</FONT></TD>
    </TR>
</TABLE>



<P align="left"><FONT size="2">&nbsp;</FONT>



<P align="left"><FONT size="2">As a global financial
services firm, UBS&#146;s
businesses are affected by
the external environment in
the markets in which we
operate. Different risk
factors can impact our
ability to effectively carry
out our business strategies
or can directly affect our
earnings. Due to the factors
described below and to other
influences beyond our
control, UBS&#146;s revenues and
operating profit have been
and are likely to continue to
be subject to a measure of
variability from period to
period. Therefore UBS&#146;s
revenues and operating profit
for any particular period may
not be indicative of
sustainable results, may vary
from year to year and may
affect our ability to achieve
UBS&#146;s strategic objectives.
</FONT>

<P><FONT size="2"><B>Fluctuations in interest rates, equity prices,
foreign currency rates and other market variables</B>
</FONT>

<DIV align="left"><FONT size="2">A substantial part of our
business consists of taking
trading and investment
positions in the debt,
currency, equity, precious
metal and energy markets and
in private equity, real
estate and other assets. The
value of these assets can be
adversely affected by
fluctuations in financial
markets. While we selectively
utilize hedging techniques to
mitigate these risks, these
hedging techniques may not
always be completely
effective. More details on
our
</FONT></DIV>

</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">&nbsp;</FONT>

<P align="left"><FONT size="2">&nbsp;</FONT>

<P align="left"><FONT size="2">&nbsp;</FONT>

<DIV align="left"><FONT size="2">risk management approach
are provided in the &#147;Market
risk&#148; section in the Handbook
2002/2003.</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because we prepare
our accounts in Swiss francs,
changes in currency exchange
rates, particularly between
the Swiss franc and the US
dollar, may have an effect on
the earnings that UBS reports
(as revenues in US dollars
represent the major part of
our non-Swiss franc income).
Our approach in managing this
risk is explained in the
&#147;Currency management&#148; section
of the &#147;Group Treasury&#148;
chapter in the Handbook
2002/2003.</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, changes in
financial market structures
can affect our earnings. For
example, the euro&#146;s
introduction in 1999 affected
foreign exchange markets in
Europe by reducing the extent
of foreign exchange dealings
among member countries and
prompting a greater
harmonization of financial
products. Movements in
interest rates can also affect
our results as net interest
income is affected by changes
in interest rates. Interest
rate movements can also affect
our fixed income trading
portfolio and the investment
performance of our asset
management businesses.</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Furthermore, income in
many of our businesses, such
as investment banking, wealth
and asset management, is
often</FONT></DIV>

</DIV>


<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">&nbsp;</FONT>

<P align="left"><FONT size="2">&nbsp;</FONT>

<P align="left"><FONT size="2">&nbsp;</FONT>



<DIV align="left"><FONT size="2">directly related to
client activity levels. As a
result, our income is also
susceptible to the adverse
effect of a sustained market
downturn or significant
deterioration of investor
sentiment. Asset-based
revenues generated in our
wealth and asset management
businesses depend on the
levels of client assets which
can be adversely affected by
a deterioration of market
valuations.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Market values and
volumes may be affected by a
broad range of issues beyond
our control, such as
geopolitical events, the
possibility of war,
terrorism, inflation and
economic developments such as
recession or depression
globally or in particular
regions.
</FONT></DIV>

<P><FONT size="2"><B>Counterparty risks</B>
</FONT>

<DIV align="left"><FONT size="2">The results of our
credit-related activities
(including loans, commitments
to lend, other contingent
liabilities such as letters of
credit, derivative products
such as swaps and options)
would be adversely affected by
any deterioration in the
credit-worthiness of our
counterparties and the ability
of clients to meet their
obligations. The credit
quality of our counterparties
may be affected by various
factors, such as an economic
downturn, lack of liquidity,
or unexpected political
events, and as a result these
events could cause us to incur
greater losses.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 16
</B></FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><DIV style="float: left; width:33%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In general, we aim to
avoid risk concentrations in
our credit portfolio. We
believe that the incurred
losses are adequately covered
by our allowances and
provisions. Additionally, we
make active use of credit
protection. A detailed
discussion of credit risk and
our approach to managing this
risk can be found in the
&#147;Risk Analysis&#148; section of
the &#147;Risk Management and
Control&#148; chapter in the
Handbook 2002/ 2003. If our
risk management and control
measures prove inadequate or
are not effective, then
credit losses could have a
material adverse effect on
our income and the value of
our assets.
</FONT>
<P><FONT size="2"><B>Consequential risk</B>
</FONT>

<DIV align="left"><FONT size="2">All our businesses are
dependent on our ability to
process a large number of
complex
transactions across many and
diverse markets in different
currencies and subject to
many different legal and
regulatory regimes. UBS&#146;s
systems and processes are
designed to ensure that the
risks associated with our
activities, including those
arising from process error,
failed execution, fraud,
systems failure, failure of
security and physical
protection are appropriately
controlled. However, if our
system of internal controls
is ineffective in identifying
and remedying these risks, we
will be exposed to
operational failures that
could result in
</FONT></DIV>

</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:33%">

<P align="left"><FONT size="2">losses. A
detailed discussion of our
approach in management and
control of these risks can be
found in the &#147;Consequential
risk&#148; section of the &#147;Risk
Management and Control&#148;
chapter in the Handbook
2002/2003.
</FONT>

<P><FONT size="2"><B>Competitive forces</B>
</FONT>

<DIV align="left"><FONT size="2">We face intense competition
in all aspects of our
business. In our various
lines of business, we
compete, both domestically
and internationally, with
asset managers, retail and
commercial banks, private
banking firms, investment
banking firms, brokerage
firms and other investment
services firms. We face
intense competition not only
from firms competing locally
in particular lines of
business, but also from
global financial institutions
that are comparable to us in
size and breadth.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, the trend
towards consolidation in the
global financial services
industry is creating
competitors with broader
ranges of product and service
offerings, increased access to
capital, and greater
efficiency and pricing power.
We expect these trends to
continue and competition to
increase in the future. Our
competitive strength will
depend on the ability of our
businesses to adapt quickly to
significant market and
industry trends.
</FONT></DIV>

</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:33%">

<P><FONT size="2"><B>Other risks arising from our global<BR>
presence</B>
</FONT>

<DIV align="left"><FONT size="2">We operate in over 50
countries, and earn income and
hold assets and liabilities in
many different currencies and
are subject to many different
legal and regulatory regimes.
Changes in local tax or legal
regulations may affect our
clients&#146; ability or
willingness to do business
with us. Country, regional and
political risks may increase
market and credit risk.
Political, economic and social
deterioration in a country or
region, including that arising
from local market disruptions,
currency crises, terrorism or
the breakdown of monetary
controls, may adversely affect
the ability of clients or
counterparties located in that
region to obtain foreign
exchange or credit and,
therefore, to satisfy their
obligations towards us. As a
truly global financial
services company, we are also
exposed to economic
instability in emerging
markets. As discussed under
the &#147;Country risk&#148; section of
the &#147;Risk Management and
Control&#148; chapter in the
Handbook 2002/2003, we have in
place a system of controls and
procedures to mitigate this
risk. However, if these
controls fail to properly
identify and appropriately
respond to country risk, we
may suffer large losses
resulting in a negative impact
on our results of operations
and financial condition.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 17
</B></FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link1 "Group Financial Review " -->
<DIV align="left"><A NAME="030"></A></DIV>
<P align="center"><FONT size="2"><IMG src="y84349y8434900.gif" alt="(Background Graphic)">
</FONT>


<P align="left"><FONT size="2"><B>
 18
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<!-- link1 "Group Results" -->
<DIV align="left"><A NAME="031"></A></DIV>
<P align="center"><FONT size="2"><IMG src="y84349y8434901.gif" alt="(Background Graphic)">
</FONT>


<P align="right"><FONT size="2"><B>
 19
</B></FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
 <TR valign="bottom">
    <TD width="32%">&nbsp;</TD>
    <TD width="68%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><FONT size="2"><B>Group Financial Review</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><FONT size="2"><B>Group Results</B></FONT></TD>
</TR>

<TR valign="top">
 <TD><FONT size="5"><b>Group Results</b>
 </FONT></TD>
<TD>&nbsp;</TD>
</TR>
</TABLE>
<DIV style="float: right; width: 68%">

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="70%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>UBS Group Performance Against Targets</B><BR>
</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
 <TR><TD>&nbsp;</td></tr>
<TR>

    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">For the year ended</FONT></DIV></TD>

    <TD><FONT size="2">&nbsp;</FONT> </TD>

 <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT></TD>

    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT> </TD>
    <TD><FONT size="2">&nbsp;</FONT> </TD>
    <TD><FONT size="2">&nbsp;</FONT> </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT> </TD>
    <TD><FONT size="2">&nbsp;</FONT> </TD>
    <TD><FONT size="2">&nbsp;</FONT> </TD>
    <TD align="right"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT> </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><FONT size="2"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>RoE (%)</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">as reported</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>8.9</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">11.7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">21.5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">before goodwill and adjusted for significant financial events<SUP>1</SUP></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>13.9</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">14.8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">24.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><FONT size="2"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Basic EPS (CHF)</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">as reported</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>2.92</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">3.93</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">6.44</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">before goodwill and adjusted for significant financial events<SUP>1</SUP></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>4.57</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">4.97</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">7.28</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><FONT size="2"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Cost/income ratio (%)</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">as reported</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>86.2</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">80.8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">72.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">before goodwill and adjusted for significant financial events<SUP>1</SUP></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>79.5</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">77.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">69.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><FONT size="2"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net new money, private client units (CHF billion)</B><SUP><B>2, 3</B></SUP></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Private Banking</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>16.6</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">24.6</FONT></TD>
    <TD><FONT size="2"><SUP>4</SUP></FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1.2</FONT></TD>
    <TD nowrap><FONT size="2"><SUP>4</SUP></FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">UBS PaineWebber</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>18.5</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">33.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">14.5</FONT></TD>
    <TD nowrap><FONT size="2"><SUP>5</SUP></FONT></TD>
</TR>
<TR>
    <TD colspan="13" align="left"><FONT size="2"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>35.1</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">57.8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">15.7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><FONT size="2"><B><HR size="4" color="#000000" noshade></B></FONT></TD>
</TR>
 </TABLE>
</DIV>

</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">


<TABLE width="100%" border="00" cellpadding="0" cellspacing="0">

<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup>&nbsp;
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">&nbsp;
</FONT></TD>
</TR>
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup>&nbsp;
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">&nbsp;
</FONT></TD>
</TR>
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup>&nbsp;
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">&nbsp;
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup>&nbsp;
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">&nbsp;
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup>&nbsp;
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">&nbsp;
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup>&nbsp;
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">&nbsp;
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup>&nbsp;
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">&nbsp;
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR>
      <TD width="3%" nowrap align="right" valign="top"><FONT size="1"><sup>1</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1"><BR>Excludes the
amortization of
goodwill and
other
intangible
assets and
adjusted for
significant
financial
events.
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup>2
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1"><BR>Private Banking and UBS PaineWebber.
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup>3
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1"><BR>Excludes interest and dividend income.
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup>4
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1"><BR>Calculated
using the
former
definition of
assets under
management up
to and
including
second quarter
2001.
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup>5
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1"><BR>Calculated
using the
former
definition of
assets under
management in
2000.
</FONT></TD>
</TR>
</TABLE>

</DIV><DIV style="float: right; width: 68%">

<P align="center"><FONT size="2"><IMG src="y84349y8434902.gif" alt="(Background Graphic)">
</FONT>

</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">



<P align="left"><FONT size="2"><B>
 20
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><DIV style="float: left; width:32%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P><FONT size="2"><B>Invested Assets and Net New Money</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="12"><FONT size="1">Invested assets</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="8"><FONT size="1">Net new
money<SUP>1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="10"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="10"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><I>CHF billion</I></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2002</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2001</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>UBS Group</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2,037</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,448</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,445</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>36.9</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">102.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(49.5</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="25" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>UBS Wealth Management &#038; Business Banking<SUP>2</SUP></B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Private Banking</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>688</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">791</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">798</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>16.6</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">24.6</FONT></TD>
    <TD><FONT size="1"><SUP>3</SUP></FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.2</FONT></TD>
    <TD><FONT size="1"><SUP>3</SUP></FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Business Banking Switzerland</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>205</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">215</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">239</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3.7</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">9.2</FONT></TD>
    <TD><FONT size="1"><SUP>3</SUP></FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2.7</FONT></TD>
    <TD><FONT size="1"><SUP>3</SUP></FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>UBS Global Asset Management</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Institutional</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>279</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">328</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">323</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(0.6</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(70.8</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Wholesale Intermediary</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>278</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">344</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">319</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(1.8</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">28.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2.9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>UBS Warburg</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0.5</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>UBS PaineWebber</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>584</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">769</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">765</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>18.5</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">33.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">14.5</FONT></TD>
    <TD><FONT size="1"><SUP>4</SUP></FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><FONT size="1"><B><HR size="4" color="#000000" noshade></B></FONT></TD>
</TR>
 </TABLE>
</DIV>

<DIV align="left"><FONT size="1"><SUP>1</SUP>&nbsp;Excludes interest and
dividend income. &nbsp;&nbsp;<SUP>2</SUP>&nbsp;Calculated based on the new
structure for UBS Wealth Management &#038; Business Banking effective
1&nbsp;July
2002. Prior-period figures have been restated
accordingly. &nbsp;&nbsp;<SUP>3</SUP>&nbsp;Calculated using the former definition of assets under
management up to and including second quarter 2001.
&nbsp;&nbsp;<SUP>4</SUP>&nbsp;Calculated using
the former definition of assets under management in 2000.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="4" color="#7F7F7F">2002
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">UBS made significant progress in
2002. After the successful
integration of PaineWebber in
2001, we continued to expand our
investment banking capabilities,
especially in the US, and to
build up our European wealth
management business. Our
achievements should be viewed in
the context of last year&#146;s
environment, which was one of the
most challenging seen in the
financial industry during the
post-war era. Extensive
corrections in major global
equity markets, depressed market
levels, low corporate activity,
and broadly subdued investor
optimism reflected uncertainty
about economic and political
developments. However, our
businesses were remarkably
resilient and competitive in view
of the general conditions they
faced in 2002. Strict cost
discipline and focus on growth
across the firm helped us expand
our market position in a period
where many in the financial
industry were forced to re-assess
the basic assumptions about their
business. Our clients made
substantial new investments into
our private client businesses,
and we significantly improved our
investment banking market share.
Despite market developments, the
relative operational performance
in our core businesses remained
strong and we benefited from our
prudent attitude to risk and our
tight management of costs.
</FONT>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#0865AB"><B>Net profit</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">UBS&#146;s 2002 net profit was CHF
3,535&nbsp;million, down 29% from CHF
4,973&nbsp;million in 2001.
</FONT>

</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">This full-year profit was impacted
by several items which we call
significant financial events
(SFEs): the non-cash after-tax
writedown of the value of the
PaineWebber brand, which reduced
profit by 21%, and the impact of
sales of subsidiaries, which added
6% to profit. Excluding these
effects, and before goodwill
amortization, net profit fell by
12% between 2001 and 2002.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return on equity, also
affected by the brand writedown,
was 8.9% in 2002, down from 11.7%
a year earlier. In the same
timeframe, basic earnings per
share were CHF 2.92, 26% lower
than a year earlier while the
cost/income ratio was 86.2%, an
increase of 5.4&nbsp;percentage points
from 2001.
</FONT></DIV>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#0865AB"><B>Group targets</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">We focus on four key performance
targets, designed to ensure that
UBS delivers continually
improving returns to its
shareholders.
</FONT>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">We seek to increase the
value of UBS by achieving a
sustainable, after-tax
return on equity of 15-20%,
across periods of varying
market conditions.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">We aim to increase
shareholder value through
double-digit average annual
percentage growth of basic
earnings per share (EPS),
across periods of varying
market conditions.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Through cost reduction and
earnings enhancement
initiatives, we aim to
reduce UBS&#146;s cost/ income
ratio to a level that
compares positively with
best-in-class competitors.
</FONT></TD>
</TR>
</TABLE>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 21
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
2

<DIV align="center">
<DIV style="float: right; width: 74%">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2"><B>Group Financial Review<BR>
Group Results</B></FONT></TD>
</TR>
 </TABLE>
</DIV>
</DIV>

<P><DIV style="float: left; width:32%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P><FONT size="2"><B>Net Interest and Trading Income</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="51%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1"><I>CHF million</I></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="center"><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">For the year ended</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>
31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" nowrap><FONT size="1">% change from<BR>
31.12.01</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><FONT size="2"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net interest income</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>10,546</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">8,041</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">8,130</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">31</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net trading income</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>5,572</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">8,802</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">9,953</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(37</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><FONT size="2"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total net interest and trading income</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>16,118</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">16,843</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">18,083</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(4</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><FONT size="2"><B><HR size="4" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Breakdown by business activity:</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><FONT size="2"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net income from interest margin products</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>5,275</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">5,694</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">5,430</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(7</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net income from trading activities</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>10,605</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">11,529</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">12,642</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(8</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net income from treasury activities</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>1,667</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,424</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">762</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">17</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other<SUP>1</SUP></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>(1,429</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(1,804</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(751</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">21</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><FONT size="2"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total net interest and trading income</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>16,118</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">16,843</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">18,083</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(4</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><FONT size="2"><B><HR size="4" color="#000000" noshade></B></FONT></TD>
</TR>
 </TABLE>
</DIV>

<DIV align="left"><FONT size="1"><SUP>1</SUP> Principally external funding costs of the Paine Webber
Group, Inc. acquisition.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">We aim to achieve a clear
growth trend in net new money in
the private client businesses
(Private Banking and UBS
PaineWebber).
</FONT></TD>
</TR>
</TABLE>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The first three
targets are all measured
pre-goodwill amortization, and
adjusted for significant
financial events.
</FONT></DIV>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our performance against
these targets in 2002 reflects
the extremely difficult market
conditions. Before goodwill and
adjusted for significant
financial events:
</FONT></DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Our return on equity for
2002 was 13.9%, down from
14.8% a year ago and
slightly below our target
range of 15-20%. The lower
average level of equity,
which was 6% lower because
of our ongoing share buyback
programs, partially offset
the market-related decline
in earnings of 12%.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Basic earnings per share
for 2002 were CHF 4.57, a
decline of 8% from 2001. The
12% decline in profit was
partially offset by the
reduced average number of
shares outstanding. Without
the buyback programs, our
earnings per share in 2002
would have been 9% lower.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">The cost/income ratio
increased to 79.5% from
77.3%. Ongoing cost
initiatives across all our
businesses could not fully
counteract the drop in
revenues due to the
declining market activity
levels and subdued levels of
transactional and corporate
activity as well as ongoing
private equity writedowns.
</FONT></TD>
</TR>
</TABLE>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net new money in the private
client units (Private Banking and
UBS PaineWebber) dropped from CHF
57.8&nbsp;billion in 2001 to CHF 35.1
billion in 2002. The drop was
mainly due to difficult market
conditions, which were
accentuated by the Italian tax
amnesty.
</FONT></DIV>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#0865AB"><B>Results</B>
</FONT></TD>
    </TR>
</TABLE>


<P><FONT size="2"><B>Operating income</B>
</FONT>

<DIV align="left"><FONT size="2">Total operating income fell to
CHF 34,121&nbsp;million in 2002 from
CHF 37,114&nbsp;million in 2001.
Adjusted for the divestment of
Hyposwiss and
Klinik Hirslanden, total
operating income in 2002 was CHF
33,894&nbsp;million, a drop of 9% from
2001. The decline was mainly due
to the difficult market
environment, less favorable
trading conditions and a
weakening of investor sentiment.
Falling market levels affected
asset-based revenues while our
private equity business continued
to record losses due to ongoing
poor valuation and exit
conditions.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Net interest income and net
trading income. Net interest
income </I>of CHF 10,546&nbsp;million in
2002 was 31% higher than in 2001.
<I>Net trading income </I>declined 37%
from CHF 8,802&nbsp;million in 2001 to
CHF 5,572&nbsp;million in 2002.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to income from
interest margin-based activities
(loans and deposits), net interest
income includes income earned as a
result of trading activities (for
example, coupon and dividend
income). This component is
volatile from period to period,
depending on the composition of
the trading portfolio. In order to
provide a better explanation of
the movements in net interest
income and net trading income, we
analyze the total according to the
business activities that give rise
to the income, rather than by the
type of income generated.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Net income from interest
margin products </I>was CHF 5,275
million in 2002, down 7% from CHF
5,694&nbsp;million a year earlier,
mostly reflecting lower interest
margins on savings and cash
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 22
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: right; width:74%">

<P><FONT size="2"><B>IFRS Actual Credit Loss Expense/(Recovery)</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="51%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1"><I>CHF million</I></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="center" nowrap><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">For the year ended</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" nowrap><FONT size="1">% change from<BR>
31.12.01</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><FONT size="2"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">UBS Wealth Management &#038; Business Banking</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>241</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">123</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(695</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">96</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">UBS Warburg</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>(35</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">360</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">562</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">UBS PaineWebber</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>15</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">15</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Corporate Center</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>(15</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><FONT size="2"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>206</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">498</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(130</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(59</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><FONT size="2"><B><HR size="4" color="#000000" noshade></B></FONT></TD>
</TR>
 </TABLE>
</DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">accounts, as well as mortgages
because of the extremely low
interest rate environment. This
was accentuated by the decline of
the US dollar and euro, which
caused the Swiss franc equivalent
of US dollar interest rate
revenues to drop.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Over the full year, <I>net
income from trading activities</I>
fell by 8% from CHF 11,529
million in 2001 to CHF 10,605
million in 2002. <I>Equities</I>
revenues, at CHF 2,794&nbsp;million in
2002, dropped from the year
earlier, reflecting worsening
market conditions and lower
client activity, although we
recorded better results in our US
equity business, where we
continue to gain market share. At
CHF 6,041&nbsp;million in 2002, <I>fixed
income </I>trading revenues were
lower than a year earlier, when
they benefited from a buoyant
trading environment due to the
coordinated interest rate cuts by
major central banks during the
second half of 2001. This change
in environment and lower revenues
from our Investment Grade Credit
and High Yield businesses were
partially offset by better
results in our Principal Finance
and Emerging Market businesses.
Additionally, the full-year
trading result of our fixed
income business profited from
unrealized gains of CHF 226
million relating to credit
default swaps (CDS)&nbsp;hedging
existing credit exposures in the
loan book. Our use of CDSs as
hedging instruments for our loan
book is only one part of our
overall
management approach to
trading credit risk. The
&#147;Critical accounting policies&#148;
section on page 9 in this report
and the &#147;Capital and Risk
Management&#148; section of our
Handbook 2002/2003 contain
further information on how we use
CDSs to hedge our credit
exposure. Over the full year, our
<I>foreign exchange </I>trading
revenues, at CHF 1,500&nbsp;million,
increased slightly, due to
increased volumes and spreads.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Net income from treasury
activities </I>was CHF 1,667&nbsp;million
in 2002, an increase of 17% over
2001, reflecting higher income
from our invested equity, a drop
in funding costs as well as
higher
</FONT></DIV>

</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">unrealized gains on
derivatives used to economically
hedge interest rate risk related
to structured notes issued.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Other net trading and
interest income </I>showed a loss of
CHF 1,429&nbsp;million compared to a
loss of CHF 1,804&nbsp;million in
2001. This drop was mainly due to
lower goodwill funding costs,
which reflected the weakening of
the US dollar against the Swiss
franc, lower funding costs for
our private equity portfolio as
well as the reclassification of
some revenues previously reported
as income from trading
activities.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Credit loss expense. </I>In 2002
credit loss expenses amounted to
CHF 206&nbsp;million, compared to CHF
498&nbsp;million in 2001.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Throughout 2002, the global
credit environment continued the
downward trend observed in 2001.
Concerns regarding the
sustainability of the global
economic recovery have increased.
Combined with rising geopolitical
tensions, the outlook for
corporate profits has weakened.
Financial market development
during the year was characterized
by heightened investor risk
aversion, with pronounced tiering
by credit quality, resulting in
higher-risk corporate and
sovereign borrowers facing
increasingly difficult financing
conditions.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against this background, and
in stark contrast to the very
challenging credit environment,
UBS Warburg achieved a strong
credit performance with net
credit loss recoveries of CHF 35
million, compared to credit loss
expense of CHF 360&nbsp;million in
2001 and CHF 562&nbsp;million in 2000.
This excellent performance was
the result of minimal exposures
to new defaults plus the recovery
of country provisions for
emerging markets exposures which
were repaid or sold during 2002.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate bankruptcies in
Switzerland have reversed a
five-year falling trend and
climbed by 10.8% during the year.
In our case, this negative
development did not come as a
surprise and has largely been
compensated by the measures we
have
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 23
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="float: right; width:74%">
<P><FONT size="2"><B>Group Financial Review<BR>
Group Results</B></FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">


<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>

<DIV style="float: right; width:74%">

<P><FONT size="2">&nbsp;</FONT>


<P><FONT size="2"><B>Net Fee and Commission Income</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="57%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1"><I>CHF million</I></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="center" nowrap><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">For the year ended</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" nowrap><FONT size="1">% change from<BR>
31.12.01</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><FONT size="2"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Underwriting fees</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>2,134</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2,158</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,434</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(1</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Corporate finance fees</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>848</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,339</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,772</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(37</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Brokerage fees</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>5,987</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">6,445</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">5,742</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(7</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Investment fund fees</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>4,033</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">4,276</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2,821</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(6</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Fiduciary fees</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>300</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">355</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">351</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(15</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Custodian fees</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>1,302</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,356</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,439</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(4</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Portfolio and other management and advisory fees</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>4,065</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">4,650</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">3,666</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(13</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Insurance-related and other fees</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>417</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">538</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">111</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(22</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><FONT size="2"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total securities trading and investment activity fees</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>19,086</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">21,117</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">17,336</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(10</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><FONT size="2"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Credit-related fees and commissions</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>275</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">307</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">310</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(10</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Commission income from other services</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>1,006</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">946</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">802</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><FONT size="2"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total fee and commission income</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>20,367</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">22,370</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">18,448</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(9</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><FONT size="2"><B><HR size="4" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Brokerage fees paid</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>1,349</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,281</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,084</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>797</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">878</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">661</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(9</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><FONT size="2"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total fee and commission expense</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>2,146</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2,159</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,745</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(1</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><FONT size="2"><B><HR size="4" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net fee and commission income</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>18,221</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">20,211</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">16,703</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(10</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><FONT size="2"><B><HR size="4" color="#000000" noshade></B></FONT></TD>
</TR>
 </TABLE>
</DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">undertaken to improve the asset
quality of our domestic credit
portfolio. The gradual slowdown
of the Swiss economy and our
success in substantially reducing
our impaired portfolio have,
however, resulted in a lower
level of recoveries compared to
previous years. This largely
explains the increase of our
credit loss expense in UBS Wealth
Management &#038; Business Banking to
CHF 241&nbsp;million, compared to CHF
123&nbsp;million in 2001.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Group credit loss expense in
2002 amounted to CHF 206&nbsp;million,
compared to CHF 498&nbsp;million in
2001 and to a net recovery of CHF
130&nbsp;million in 2000. The
exceptional result in 2000 was
helped by favorable economic
conditions in Switzerland which,
for UBS Wealth Management
&#038; Business Banking, resulted in
substantial write-back of credit
loss provisions taken in earlier
periods.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For further details on our
risk management approach, how we
measure credit risk and the
development of our credit risk
exposures, please see the
&#147;Capital and Risk Management&#148;
chapter of our Handbook
2002/2003.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Net fee and commission
income </I>for full-year 2002 was CHF
18,221&nbsp;million, a decline of 10%
compared to a year earlier, due
to a drop in most revenue
categories.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Underwriting fees, at CHF
2,134&nbsp;million, dropped only 1%
from 2001, reflecting the strong
revenues from our fixed income
business,
</FONT></DIV>

</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">which increased by 67%
compared to a year earlier.
However, this was offset by a
much lower result in our equity
underwriting business due to the
markedly lower market activity.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Finance fees fell
by 37% to CHF 848&nbsp;million,
reflecting lower market activity
and a significant drop in the
global fee pool compared to 2001.
Despite that, we were again able
to improve our market position,
increasing our full-year share of
the market from 4.4 % in 2001 to
5.0% in 2002.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net brokerage fees dropped
by 10% to CHF 4,638&nbsp;million in
the period due to much lower
client activity in 2002,
reflecting the more difficult
market environment. However, we
increased our market share as
overall market volumes decreased
at a sharper rate.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment fund fees
remained resilient and dropped
just 6% to CHF 4,033&nbsp;million. The
drop was partially due to the
lower asset base due to much
lower markets, and because of
falling sales-based commissions with
investors reluctant to commit to
new investments.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custodian fees, at CHF 1,302
million in 2002, were down 4%
from CHF 1,356&nbsp;million,
principally due to lower market
values and, consequently, average
asset levels.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The drop in portfolio and
other management and advisory
fees from CHF 4,650&nbsp;million in
2001 to CHF 4,065&nbsp;million
reflects lower aver-
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">



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


<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD colspan="2" align="left"><FONT size="2"><B>Headcount<SUP>1</SUP></B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR  valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">Change in %</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><I>(full-time equivalents)</I></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">31.12.01</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">31.12.00</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">31.12.01</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><FONT size="2"><B><HR size="2" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>UBS Wealth Management &#038; Business Banking</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>28,930</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">29,469</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">30,272</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(2</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Private Banking</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>10,488</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">10,249</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">9,835</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Business Banking Switzerland</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>18,442</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">19,220</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">20,437</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(4</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>UBS Global Asset Management</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>3,346</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">3,281</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2,860</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>UBS Warburg</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>16,037</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">15,690</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">15,391</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Corporate and Institutional Clients</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>15,964</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">15,562</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">15,262</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">UBS Capital</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>73</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">128</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">129</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(43</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>UBS PaineWebber</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>19,563</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">20,413</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">21,567</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(4</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Corporate Center</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>1,185</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,132</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">986</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><FONT size="2"><B><HR size="2" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Group total</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>69,061</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">69,985</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">71,076</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(1</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><I>thereof: Switzerland</I></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B><I>27,972</I></B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><I>29,163</I></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><I>30,095</I></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><I>(4</I></FONT></TD>
    <TD nowrap><FONT size="2"><I>)</I></FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><FONT size="2"><B><HR size="2" color="#000000" noshade></B></FONT></TD>
</TR>
</TABLE>
</CENTER>

<DIV align="left"><FONT size="1"><SUP>1</SUP> Klinik Hirslanden was sold on 5 December&nbsp;2002. The Group headcount
does not include the Klinik Hirslanden headcount of 2,450 and 1,839
for 31 December&nbsp;2001 and 31 December&nbsp;2000, respectively.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">age asset levels and third-party
fees due to the difficult market
environment.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At CHF 417&nbsp;million in 2002,
insurance-related and other fees
decreased by 22% from a year
earlier. This drop was mainly due
to a decrease in insurance sales
volumes in UBS PaineWebber
mirroring the more difficult
market environment.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit-related fees and
commissions dropped by 10% from
CHF 307&nbsp;million to CHF 275
million reflecting lower revenues
from guarantees as well as a drop
in revenues from documentary
credits.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Other income </I>showed a loss
of CHF 12&nbsp;million compared to a
gain of CHF 558&nbsp;million a year
earlier. Higher impairment
charges for UBS Capital&#146;s private
equity investments and other
financial investments were only
partially offset by gains from
disposals of financial
investments and of the Klinik
Hirslanden and Hyposwiss
subsidiaries.
</FONT></DIV>

<P><FONT size="2"><B>Operating expenses</B>
</FONT>

<DIV align="left"><FONT size="2">In full-year 2002, total
operating expenses, at CHF 29,577
million, decreased by 3% from CHF
30,396&nbsp;million in 2001 because of
lower personnel expenses as well
as falling general and
administrative expenses,
reflecting our ability to adjust
our costs in line with revenue
developments. The decline was
accentuated by the fall of the US
dollar, UK sterling and euro
against the Swiss franc. This
drop was partially offset by the
CHF 1,234&nbsp;million charge for the
writedown of the PaineWebber
brand. Without the writedown, the
drop in total operating expenses
would have been 7%.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Full-year <I>personnel expenses</I>
dropped by 7% to CHF 18,524
million in 2002 due to much
</FONT></DIV>

</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<DIV align="left"><FONT size="2">lower
performance-related compensation
expenses and lower salaries, and
a reduction in head-count,
especially in UBS PaineWebber and
Business Banking Switzerland. The
drop was further
accentuated by lower
recruitment, training and
contractor costs across the firm,
reflecting our continued cost
control initiatives. Finally, the
result was helped by a weaker US
dollar against the Swiss franc.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personnel expenses are
managed on a full-year basis with
final fixing of annual
performance-related payments in
the fourth quarter. Over the full
year, approximately 42% of this
year&#146;s personnel expenses were
bonus or other variable
compensation, down from 43% last
year. Average variable
compensation per head in 2002 was
8% lower than in 2001.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We did not build up any
significant overcapacity during
the peak of the last business
cycle, and have therefore been
able to reduce headcount
gradually as economic conditions
weakened &#151; without resorting to
drastic cuts. UBS Group headcount
dropped by 924 from 69,985 to
69,061, as we streamlined
processes and structures at the
same time as we expanded our
capabilities in areas with
positive growth potential.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In full-year 2002, <I>general
and administrative expenses</I>, at
CHF 7,072&nbsp;million, were down from
CHF 7,631&nbsp;million a year earlier.
Strict cost control in all our
businesses led to a drop in
nearly all cost categories. The
biggest declines were in
telecommunication, IT,
outsourcing and branding
expenses. This was partially
offset by higher legal and
security provisions including a
global settlement charge of CHF
111&nbsp;million (USD 80&nbsp;million)
regarding equity research in the
US.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 25
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="16%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="74%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
<B>Group Financial Review<BR>
Group Results</B></FONT></TD>
</TR>
 </TABLE>
</DIV>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At CHF 1,614&nbsp;million in
2001, <I>depreciation </I>fell by 6% to
CHF 1,521&nbsp;million in 2002 mainly
due to lower depreciation charges
for machines and equipment.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Amortization of goodwill and
other intangible assets </I>increased
from CHF 1,323&nbsp;million in 2001 to
CHF 2,460&nbsp;million in 2002, due to
the write-down of the PaineWebber
brand name following our decision
made in fourth quarter 2002 to
move to a single brand.
</FONT></DIV>

<P><FONT size="2"><B>Tax</B>
</FONT>

<DIV align="left"><FONT size="2">We incurred a tax expense of CHF
678&nbsp;million in 2002, down from
CHF 1,401&nbsp;million in 2001. This
corresponds to an effective tax
rate of 15% in 2002. Adjusted for
significant financial events, our
2002 tax expense of CHF 917
million reflects an effective tax
rate of 16.5%, well below 2001&#146;s
rate of 21%. The decline is
mainly driven by significantly
lower progressive tax rates in
Switzerland, the ability to
benefit from tax loss
carry-forwards in the US and UK
and a higher proportion of
earnings generated in lower tax
jurisdictions.
</FONT></DIV>

<P><FONT size="2"><B>PaineWebber merger-related costs</B>
</FONT>

<DIV align="left"><FONT size="2">In 2002, UBS incurred
amortization expenses of CHF
2,005&nbsp;million on goodwill and
intangible assets resulting from
the acquisition of UBS
PaineWebber, while funding costs
amounted to CHF 988&nbsp;million. The
amortization includes a non-cash
writedown of CHF 1,234&nbsp;million
for the PaineWebber brand name
that had been held as
an intangible asset on our
balance sheet. The writedown was
due to a strategic decision
announced in November&nbsp;2002, to
move all our businesses to the
single UBS brand in June&nbsp;2003.
After the writedown, the
remaining Paine-Webber-related
intangible assets on our balance
sheet amount to CHF 2,334
million. These intangibles
continue to be carried net of
tax.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As part of the merger, UBS
agreed to make retention payments
to PaineWebber financial
advisors, senior executives and
other staff, subject to these
employees&#146; continued employment
and other restrictions. The
payments vest over periods of up
to four years from the merger in
November&nbsp;2000 and the vast
majority of them are paid in the
form of UBS shares. Because these
payments are a regular and
continuing cost of the business,
they are not treated as
significant financial events.
Personnel expenses in 2002
include
</FONT></DIV>

</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<DIV align="left"><FONT size="2">retention payments for
key PaineWebber staff of USD 261
million (CHF 405&nbsp;million).
</FONT></DIV>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#0865AB"><B>Dividend</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">For 2002, we plan to pay a normal
dividend to our shareholders
after having made use of the
possibility to make a tax
efficient distribution in 2000
(for the fourth quarter only) and
2001 in the form of par value
reductions.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors will
recommend at the Annual General
Meeting on 16 April&nbsp;2003 that UBS
should pay a dividend of CHF 2.00
per share for the 2002 financial
year, a level on par with last
year&#146;s CHF 2.00 distribution.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the dividend is approved,
the ex-dividend date will be 17
April&nbsp;2003, with payment on
23 April&nbsp;2003 for shareholders of
record on 16 April&nbsp;2003.
</FONT></DIV>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#0865AB"><B>Balance sheet</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">Total assets were CHF 1,181
billion on 31 December&nbsp;2002, down
CHF 72&nbsp;billion, or 6%, from CHF
1,253&nbsp;billion on 31 December
2001. The balance sheet shrank
because of the weakening of the
US dollar and UK sterling against
the Swiss franc, falling by 17%
and 8% in the period
respectively.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and balances with
central banks were CHF 4&nbsp;billion
on 31 December&nbsp;2002, down from
CHF 21&nbsp;billion on 31 December
2001. Most of the decline was due
to a drop in the deposits held
with the Bank of Japan. The
strong increase seen in 2001 in
our cash and balance levels held
with central banks was related to
a change in the structure of our
Japanese financial assets
triggered by the negative
short-term interest rates in that
country. In 2002, however, the
level of cash and cash balances
returned to a normal level.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets due from banks
increased to CHF 32&nbsp;billion on 31
December&nbsp;2002 from CHF 28&nbsp;billion
at 31 December&nbsp;2001, reflecting
higher time deposits.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trading-related assets (cash
collateral on securities borrowed,
trading portfolio assets and
reverse repurchase agreements),
dropped by CHF 26&nbsp;billion from 31
December&nbsp;2001 to 31 December&nbsp;2002.
A significant part of this change
reflects the
weakening of the US dollar
against the Swiss franc and lower
volumes in trading portfolio
assets due to the more difficult
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 26
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">market environment. The drop was
partially offset by an increase in
reverse repurchase agreements, due
to higher volumes in our
mortgage-backed securities
business in the US, which
benefited from the low interest
rate levels for home mortgages.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans, net of allowances for
credit losses, declined from CHF
227&nbsp;billion on 31 December&nbsp;2001
to CHF 212&nbsp;billion on 31 December
2002. Business Banking
Switzerland as well as UBS
Warburg&#146;s Corporate and
Institutional Clients business
unit continued to reduce their
recovery portfolios. The drops
were accentuated by the declining
value of the US dollar against
the Swiss franc.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial investments
decreased from CHF 29&nbsp;billion on
31 December&nbsp;2001 to CHF 8&nbsp;billion
on 31 December&nbsp;2002, reflecting a
decrease in debt instruments of
public authorities and money
market papers, and reduced
positions in private equity
investments, mainly due to
impairment losses.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On 31 December&nbsp;2002,
goodwill and other intangible
assets were CHF 14&nbsp;billion, CHF 5
billion lower than on 31 December
2001. The drop was mainly due to
the writedown of the PaineWebber
brand and the fall of the US
dollar against the Swiss franc.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities decreased
6%, from CHF 1,206&nbsp;billion on 31
December&nbsp;2001 to CHF 1,139&nbsp;billion
on 31 December&nbsp;2002. Liabilities
due to banks dropped 22% to CHF 83
billion, reflecting a decrease in
funding required for related
business activity. Amounts due to
customers decreased by CHF 27
billion to CHF 307&nbsp;billion,
because of the devaluation of the
US dollar and UK sterling against
the Swiss franc. The drop was
somewhat offset by an expansion of
trading-related liabilities (cash
collateral on securities lent,
repurchase agreements and trading
portfolio liabilities) which
together increased by CHF 5
billion during 2002. Debt issued
decreased CHF 27&nbsp;billion to CHF
129&nbsp;billion on
31 December&nbsp;2002, largely due to
decreased issuance of money
market paper that reflected lower
funding needs.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS&#146;s long-term debt
portfolio remained unchanged at
CHF 57&nbsp;billion on 31 December
2002. During 2002, CHF 17&nbsp;billion
in long-term debt was issued
while CHF 15&nbsp;billion reached
maturity or were redeemed early.
The remaining change was due to
foreign currency impacts,
</FONT></DIV>

</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">mainly
the strengthening of the Swiss
franc against the US dollar. We
believe the maturity profile of
our long-term debt portfolio is
well balanced to match the
maturity profile of our assets.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders&#146; equity
decreased CHF 5&nbsp;billion, or 10%,
from 31 December&nbsp;2001 to 31
December&nbsp;2002. The increase in
retained earnings was more than
offset by the effect of the par
value reduction and the
repurchase of own shares in 2002.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS maintains a significant
percentage of liquid assets that
can be converted into cash on
relatively short notice in order
to meet short-term
funding needs without
adversely affecting UBS&#146;s ability
to conduct its ongoing
businesses. These liquid assets
include reverse repurchase
agreements and cash collateral on
securities borrowed, marketable
corporate debt and equity
securities and a portion of UBS&#146;s
loans secured primarily with real
estate. The value of UBS&#146;s
collateralized receivables and
trading portfolio will fluctuate
depending on market conditions.
The individual components of
UBS&#146;s total assets, including the
proportion of liquid assets, may
vary significantly from period to
period due to changing client
needs, economic and market
conditions and trading
strategies.
</FONT></DIV>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#0865AB"><B>Cash flows</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">In the twelve-month period to
December&nbsp;2002, cash equivalents
decreased by CHF 33,915&nbsp;million,
principally as a result of
financing activities, which
generated negative cash flow of
CHF 32,470&nbsp;million. A cash outflow
of CHF 26,206&nbsp;million resulted
from the repayment of money market
paper, CHF 5,605&nbsp;million from
movements in treasury shares and
derivative activity in own equity,
with CHF 2,509&nbsp;million resulting
from a capital repayment by par
value reduction. The issuance of
long-term debt of CHF 17,132
million and repayments of CHF
14,911&nbsp;million brought a net cash
inflow of CHF 2,221&nbsp;million.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating cash inflows
(before changes in operating
assets and liabilities and income
taxes paid) amounted to CHF 8,192
million. Cash of CHF 10,021
million was used to fund the net
increase in operating assets,
while a net increase in operating
liabilities generated cash
inflows of CHF 37&nbsp;million.
Payments to tax authorities were
CHF 572&nbsp;million.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 27
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="16%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="74%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
<B>Group Financial Review <BR>
Group Results</B></FONT></TD>
</TR>
 </TABLE>
</DIV>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investing activities
generated cash inflow of CHF
1,381&nbsp;million. Divestments of
financial investments contributed
CHF 2,153&nbsp;million while the sale
of Hyposwiss and Klinik
Hirslanden brought in CHF 984
million, both partially offset
the CHF 1,763&nbsp;million of cash
outflow for the purchase of
property and equipment.
</FONT>
<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#0865AB"><B>Outlook 2003</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">As 2003 begins, the environment
continues to be a challenging one.
Uncertainty over economic
developments and market direction,
and rising geopolitical concerns
are affecting investor sentiment
and therefore transaction levels,
and are holding back a significant
recovery in corporate activity.
Therefore, we do not expect to see
an immediate pick-up in our
financial performance, as
depressed asset levels, low levels
of investor activity and possible
deterioration of the credit
environment weigh on our revenues.
Any recovery in the latter part of
this year remains simply
unpredictable.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because of this, we will
continue to monitor our cost base
carefully, investing selectively
in our strategic priorities. Our
prudent management of resources
over the last several years
leaves us excellently positioned for
further competitive gains.
</FONT></DIV>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="4" color="#7F7F7F">2001
</FONT></TD>
    </TR>
</TABLE>


<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#0865AB"><B>Net profit</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">Our net profit for the year 2001
was CHF 4,973&nbsp;million, 36% less
than the CHF 7,792&nbsp;million
achieved in 2000, reflecting the
much more difficult market
environment in 2001.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The merger with PaineWebber
resulted in much higher goodwill
amortization expense in 2001 than
in 2000. Pre-goodwill, net profit
for the year was CHF 6,296
million, 26% lower than achieved
in the much stronger markets of
2000 and 28% lower if adjusted
for significant financial events.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return on equity in 2001 was
11.7%, compared to 21.5% a year
earlier. In 2001, basic earnings
per share were CHF 3.93, against
CHF 6.44 a year earlier. The
cost/income ratio was 80.8% in
2001, up from 72.2% in 2000.
</FONT></DIV>

</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#0865AB"><B>Group targets</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">Before goodwill and adjusted for
significant financial events:
</FONT>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Our return on equity for
2001 was 14.8%, only just
below our target range of
15-20%. Although this is
lower than the 24.3% that we
achieved in 2000, it
represented a solid
performance when set in the
context of the trading
environment. Our return on
equity in 2000 was boosted by
extremely high returns in the
exuberant markets of the
first half-year, while 2001
saw much weaker economic and
stock market performance
combined with higher average
equity resulting from the
acquisition of PaineWebber in
fourth quarter 2000.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Basic earnings per share
fell 32% to CHF 4.97 in 2001
from 2000. Despite the
decline, 2001&#146;s result was
still 21% higher than that
achieved in 1999. The number
of outstanding shares at the
outset of 2001 was higher
than during most of 2000
because of share issuance to
fund the merger with
PaineWebber. An ongoing share
buyback program, however,
caused the number of
outstanding shares to fall to
below their pre-merger level
by 31 December&nbsp;2001.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">The cost/income ratio rose
from 69.2% to 77.3%,
reflecting lower revenues,
the poor performance of our
private equity portfolio in
2001 and the influence of
the relatively high
cost/income ratio typical of
UBS Paine-Webber&#146;s business.
Despite this rise, operating
expenses remained under
tight control, with
decreases from 2000 levels
in UBS Wealth Management&#146;s
Business Banking Switzerland
business unit and UBS
Warburg&#146;s Corporate and
Institutional Clients
business unit, as well as a
clear reduction throughout
the year of costs at UBS
PaineWebber.
</FONT></TD>
</TR>
</TABLE>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our disciplined approach to
both compensation and
non-personnel expenses allowed us
to continue investing in the
future growth of our key
businesses. The percentage of
revenue that we
devoted to rewarding our
staff remained almost unchanged
since 2000 in our most important
businesses, reflecting a
substantial decrease in bonus
payments.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our asset-gathering
activities have delivered very
strong results in 2001, with
inflows in the private client
units (Private Banking and UBS
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 28
</B></FONT>
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<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<DIV align="left"><FONT size="2">PaineWebber) of CHF 57.8&nbsp;billion,
compared to CHF 15.7&nbsp;billion in
2000. Across the whole Group, we
attracted a total of CHF 102.0
billion in net new money, as
clients increasingly value the
quality of our advice and the
breadth and depth of our wealth
management capabilities.
</FONT></DIV>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#0865AB"><B>Results</B>
</FONT></TD>
    </TR>
</TABLE>


<P><FONT size="2"><B>Operating income</B>
</FONT>

<DIV align="left"><FONT size="2">Operating income was 2% higher in
2001 than in 2000, at CHF 37,114
million, with the effect of much
more difficult market conditions
offset by the addition of UBS
PaineWebber&#146;s businesses.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There were no significant
financial events that affected
operating income in either 2001 or
2000.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Net interest income </I>was 1%
lower than in 2000, at CHF 8,041
million, compared to CHF 8,130
million in 2000, and <I>net trading
income </I>was 12% lower than in 2000
at CHF 8,802&nbsp;million, compared to
CHF 9,953&nbsp;million in 2000.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Various factors can alter
the mix between net interest
income and net trading income
between periods.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As well as income from
interest margin based activities
(for example loans and deposits),
net interest income includes some
income earned as a result of
trading activities (such as
coupon and dividend income). This
component is volatile from period
to period, depending on the
composition of the trading
portfolio.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Furthermore, the
classification of income arising
from positions and their
offsetting economic hedging
transactions may be different. In
fourth quarter 2001, this effect
was particularly pronounced, as a
result of the significant fall in
short-term USD interest rates
which substantially reduced our
borrowing costs, while improving
net interest income for the
quarter. Our overall interest
rate exposures were limited by
hedging transactions using
derivative instruments. As the
USD rates fell, these economic
hedges generated mark-to-market
losses recorded in fixed income
net trading income, offsetting a
portion of the gains in net
interest income.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to provide a better
explanation of the movements in
net interest income and net
trading income, we produce the
disclosure shown on page 22 which
sums net interest income and net
trading income, and then analyzes
the total according to the
business activities which gave
</FONT></DIV>

</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">rise to the income, rather than
by the type of income generated.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Net income from interest
margin products </I>increased 5% from
CHF 5,430&nbsp;million in 2000 to CHF
5,694&nbsp;million in 2001, driven by
the inclusion of UBS PaineWebber.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Net income from trading
activities </I>was CHF 11,529&nbsp;million
in 2001, 9% lower than the CHF
12,642&nbsp;million achieved in 2000.
Falling interest
rates and increased
volatility in debt markets in
2001 led to a very strong year
for fixed income and foreign
exchange trading, but equity
trading revenues suffered from
much lower market volumes,
increased volatility and reduced
arbitrage opportunities.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Net income from treasury
activities </I>was 87% higher than in
2000, at CHF 1,424&nbsp;million,
reflecting two main factors:
</FONT></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">increased income from our invested
equity, as a result of the
expansion of our capital base
since the PaineWebber merger, and
changes in the investment
portfolio&#146;s maturity structure
leading to an increase in average
interest rates;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">improved currency management results due to
introduction of a new economic
hedging strategy and some one-off
gains.
</FONT></TD>
</TR>
</TABLE>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Other net trading and
interest income </I>principally
reflects the costs of goodwill
funding, with the CHF 1,053
million increase in cost from CHF
751&nbsp;million in 2000 to CHF 1,804
million in 2001 mainly due to
goodwill funding costs arising
from the acquisition of
PaineWebber.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Credit loss expense. </I>In 2001
credit loss expenses amounted to
CHF 498&nbsp;million, compared to a
net recovery of CHF 130&nbsp;million
in 2000.
</FONT></DIV>

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

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In UBS Warburg, the ongoing
strategy of actively hedging
credit exposure kept new provi-
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 29
</B></FONT>
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<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="16%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="74%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
<B>Group Financial Review <BR>
Group Results</B></FONT></TD>
</TR>
 </TABLE>
</DIV>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">sions to a
relatively low
level, resulting in
an actual credit
loss expense of CHF
360&nbsp;million in
2001, compared to
CHF 562&nbsp;million in
2000.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate bankruptcies in
Switzerland reached their lowest
level since the early 1990s, and
we successfully improved the
credit quality of our domestic
portfolio in recent years. The
level of recoveries of previously
existing provisions, however,
declined compared to the somewhat
exceptional levels of 2000,
reflecting less robust growth in
the Swiss economy towards the end
of 2001, following the global
economic slowdown. As a result,
the trend of net recoveries of
loan loss provisions observed in
the previous year was reversed
and credit loss expenses
increased accordingly during
2001, although remaining below
the long-term trend. Credit loss
expense in UBS Wealth Management
&#038; Business Banking in 2001 was
CHF 123&nbsp;million, compared to a
net recovery of CHF 695&nbsp;million
in 2000.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Net fee and commission
income </I>was CHF 20,211&nbsp;million in
2001, up 21% from 2000 and at a
record level, reflecting the
inclusion of UBS PaineWebber and
the introduction of higher fees
for investment funds. Without UBS
PaineWebber, net fee and
commission income would have
dropped 7%, driven by much lower
brokerage fees and a reduction in
corporate finance fees, with
increases in market share during
the year achieved against a
background of much reduced market
activity.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Underwriting fees increased
50%, from CHF 1,434&nbsp;million in
2000 to CHF 2,158&nbsp;million in
2001. The majority of this
increase was due to UBS
PaineWebber, whose extensive
retail network in the US provides
a strong platform for
distribution of both bonds and
equities.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS PaineWebber has a
significant US municipal
securities business. It completed
the largest deal in its history
in fourth quarter 2001, raising
USD 1.9&nbsp;billion for the New
Jersey Transit Trust Fund
Authority, and helping to push it
into first place in the league
table rankings for fourth quarter
2001, and second place for the
whole of 2001. The
mortgage-backed securities
business in the US also benefited
from the combination of UBS&#146;s
franchise and capital strength
with existing PaineWebber
expertise. UBS Warburg ranked
first in US residential
mortgage-backed securities in
2001, according to Thomson
Financial Data.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity underwriting was
depressed in 2001, as volatile
and uncertain markets reduced
is-
</FONT></DIV>

</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">suance. However, UBS&#146;s league
table rankings improved, from
seventh in international equity
new issues in 2000 to second in
2001, according to Dealogic
EquitywarePlus. Even excluding
the contribution from UBS
PaineWebber, equity underwriting
revenues increased by CHF 77
million, or 7%, from 2000.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although our corporate
finance league table rankings
were disappointing, down from
sixth in 2000 for completed
global mergers and acquisitions,
to eighth in 2001, we
outperformed 2000 in terms of
market share, with full-year
analysis showing us with a 4.4%
share of fees, compared to 3.6%
in 2000. Despite this, Corporate
Finance fees were down 24%, from
CHF 1,772&nbsp;million in 2000 to CHF
1,339&nbsp;million in 2001, reflecting
the much more difficult market
environment this year.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net brokerage fees rose 11%
from CHF 4,658&nbsp;million in 2000 to
CHF 5,164&nbsp;million in 2001, driven
by the inclusion of UBS
Paine-Webber. Without the
contribution from UBS PaineWebber,
net brokerage fees would have
fallen by about 17% compared to
2000, reflecting the much lower
trading volumes experienced in
almost all major markets worldwide
in 2001.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment fund fees rose
52% from CHF 2,821&nbsp;million in 2000
to CHF 4,276&nbsp;million in 2001,
driven by the inclusion of UBS
Paine-Webber. Excluding UBS
PaineWebber, investment fund fees
would have increased by CHF 268
million, mainly reflecting a
change in the pricing structure
for UBS Investment Funds,
introduced in January&nbsp;2001, which
brought charges up to market
levels.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custodian fees, at CHF 1,356
million in 2001 were down 6% from
2000&#146;s level of CHF 1,439&nbsp;million,
principally reflecting lower
average assets in Private Banking
in Switzerland.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio and other
management and advisory fees
increased 27% from CHF 3,666
million in 2000 to CHF 4,650
million in 2001, due to the
addition of UBS PaineWebber.
Excluding UBS PaineWebber, there
would have been a slight decline
from 2000, as a full-year&#146;s
contribution from the O&#146;Connor
business in UBS Asset Management
(created in June&nbsp;2000) was more
than offset by the effect of
lower average assets on managed
account fees.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance related and other
fees increased substantially from
CHF 111&nbsp;million in 2000 to CHF
538&nbsp;million in 2001, with almost
all this increase due to UBS
PaineWebber, where the
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 30
</B></FONT>
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<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">biggest
contribution came from the
deferred annuities business.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Other income fell </I>62% from
CHF 1,486&nbsp;million in 2000 to CHF
558&nbsp;million in 2001, reflecting
the very difficult conditions in
the private equity market in
2001, which led to minimal
opportunities for divestment and
much greater levels of writedowns
than last year.
</FONT></DIV>

<P><FONT size="2"><B>Operating expenses</B>
</FONT>

<DIV align="left"><FONT size="2">In light of lower revenues in
2001, cost control was a key
focus of all our management
teams, as we maintained strong
discipline on both personnel and
non-personnel costs, particularly
in the Corporate and
Institutional Clients and
Business Banking Switzerland
business units, bringing their
operating expenses to record low
levels.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Total operating expense</I>s
increased 16% from CHF 26,203
million in 2000 to CHF 30,396
million in 2001, driven by the
inclusion of UBS PaineWebber.
Excluding significant financial
events in 2000 and UBS
PaineWebber, costs fell 7%, as
performance-related compensation
declined, and non-personnel costs
were tightly managed.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The principal significant
financial events affecting the
comparison of operating expenses
are the CHF 150&nbsp;million additional
provision for the US Global
Settlement of World War II-related
claims, recorded in 2000 in
General and administrative
expenses, and CHF 290&nbsp;million of
costs from the integration of
PaineWebber, also recorded in
2000. Of this CHF 290&nbsp;million, CHF
118&nbsp;million was charged to
Personnel expenses, CHF 93&nbsp;million
to General and administrative
expenses and CHF 79&nbsp;million to
Depreciation.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Personnel expenses </I>in 2001
reflect considerable reductions
in bonus and performance-related
compensation, with average
variable compensation per head
down 23%, ensuring that overall
compensation ratios for 2001 were
kept in line with 2000&#146;s ratio in
our core businesses. However, the
inclusion of CHF 5,178&nbsp;million of
UBS PaineWebber personnel
expenses more than offset the
reduction in performance-related
pay, bringing the total to CHF
19,828&nbsp;million, 16% up from 2000.
Approximately 43% of personnel
expenses were bonus or other
variable compensation, down from
48% last year.</FONT></DIV>

<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS Group <I>headcount </I>fell by
2% from 71,076 at 31 December&nbsp;2000
to 69,985 at
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">31 December&nbsp;2001, principally
reflecting the effect of
successful cost control efforts
at UBS Wealth Management &#038;
Business Banking&#146;s Business
Banking Switzerland business unit
and UBS PaineWebber, although
that was slightly offset by the
effect of acquisitions in UBS
Global Asset Management and
further hiring for the European
wealth management initiative.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>General and administrative
expenses </I>increased by 13% from
CHF 6,765&nbsp;million in 2000 to CHF
7,631&nbsp;million in 2001 reflecting
a full-year&#146;s costs for UBS
PaineWebber, which more than
offset the absence of the one-off
charges and provisions recorded
in 2000.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative
expenses in 2000 included a final
provision of CHF 150&nbsp;million
related to the US Global
Settlement of World War II-related
claims, and CHF 93&nbsp;million of
PaineWebber integration costs,
which were both treated as
significant financial events.
Excluding these provisions and the
extra costs in 2001 due to the
inclusion of UBS PaineWebber,
general and administrative
expenses would have been almost
unchanged in 2001 compared to
2000.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Depreciation and
amortization </I>increased 29% from
CHF 2,275&nbsp;million in 2000 to CHF
2,937&nbsp;million in 2001, driven
primarily by the goodwill
amortization resulting from the
merger with PaineWebber.
</FONT></DIV>

<P><FONT size="2"><B>Tax</B>
</FONT>

<DIV align="left"><FONT size="2">UBS Group incurred a <I>tax expense</I>
of CHF 1,401&nbsp;million in 2001,
down from CHF 2,320&nbsp;million in
2000. This corresponds to an
effective tax rate of 21% in
2001, compared to 23% in 2000.
This relatively low rate results
from significantly lower tax in
Switzerland, reflecting the
effect of lower profits
triggering lower progressive tax
rates, and a change in the
geographical earnings mix of the
Group.
</FONT></DIV>

<P><FONT size="2"><B>PaineWebber merger-related costs</B>
</FONT>

<DIV align="left"><FONT size="2">In 2001, UBS incurred
amortization costs of CHF 846
million on goodwill and
intangible assets resulting from
the acquisition of UBS
PaineWebber, while goodwill
funding costs amounted to CHF 763
million.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As part of the merger, UBS
agreed to make retention payments
to PaineWebber financial
advisors, senior executives and
other staff, subject to these
employees&#146; continued employment
and other restrictions. The
payments vest over
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 31
</B></FONT>
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<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="16%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="74%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
<B>Group Financial Review<BR>
Group Results</B></FONT></TD>
</TR>
 </TABLE>
</DIV>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">periods of
up to four years
from the merger and
the vast majority
of them will be
paid in the form of
UBS shares. Because
these payments are
a regular and
continuing cost of
the business, they
are not treated as
significant
financial events.
Personnel expenses
in
2001 include
retention payments
for key PaineWebber
staff of USD 284
million (CHF 482
million) for the
full year.
</FONT>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#0865AB"><B>Dividend</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">For 2001, we again made a
tax-efficient distribution of
capital to our shareholders
rather than paying a dividend. On
10 July&nbsp;2002, we made a
distribution of CHF 2.00 to
shareholders for the financial
year 2001 which reduced the par
value from CHF 2.80 to CHF 0.80.
This is consistent with the total
per share distribution to
shareholders of CHF 2.03 in 2000.
</FONT>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#0865AB"><B>Cash flows</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">In the twelve-month period to
December&nbsp;2001, cash equivalents
increased by CHF 22,889&nbsp;mil-
</FONT>

</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">lion, principally as a result of
financing activities, which
generated positive cash flow of
CHF 18,103&nbsp;million. CHF 24,226
million from the issuance of
money market paper was offset by
CHF 6,038&nbsp;million for treasury
shares and treasury share
contract activity as well as CHF
683&nbsp;million for capital
repayments.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating activities
generated positive cash flow of
CHF 12,873&nbsp;million. Of this
amount, CHF 4,973&nbsp;million
resulted from net profit, CHF
27,306&nbsp;million from a net
increase in amounts due to and
from banks, a net increase in
amounts due to customers and
loans of CHF 42,813&nbsp;million and a
net cash inflow of CHF 19,470
million from repurchase and
reverse repurchase agreements and
cash collateral on securities
borrowed and lent. These were
offset by CHF 78,456&nbsp;million from
an increase in the size of the
trading portfolio.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investing activities
generated negative cash flow of
CHF 7,783&nbsp;million, CHF 5,770
million of which were from the
purchase of financial investments
and CHF 2,021&nbsp;million from the
purchase of property and
equipment.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 32
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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="right"><FONT size="2"><B>
 33
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<P align="center"><FONT size="2"><IMG src="y84349y8434903.gif" alt="(Background Graphic)">
</FONT>

<P align="left"><FONT size="2"><B>
 34
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<!-- link1 "Review of Business Group Performance" -->
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<P align="center"><FONT size="2"><IMG src="y84349y8434904.gif" alt="(Review of Business Group Performance)">
</FONT>

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

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="16%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="74%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
<B>Review of Business Group Performance<br>
Introduction</B></FONT></TD>
</TR>
 </TABLE>
</DIV>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<!-- link1 "Introduction" -->
<DIV align="left"><A NAME="033"></A></DIV>
<P><FONT size="5">Introduction
</FONT>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P><FONT size="2"><B>Reporting by Business Unit<SUP>1</SUP></B>
</FONT>

</DIV><DIV style="float: right; width: 34%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup>1
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">All figures
have been
adjusted for<SUP>&nbsp;</SUP>
significant
financial
events.
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup>2
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">In management
accounts,
statistically<SUP>&nbsp;</SUP>
derived
actuarial
expected loss
adjusted by
deferred
releases rather
than the net
IFRS actual
credit loss is
reported for
each business
unit (see Note
2 to the
Financial
Statements).
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup>3
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">Excludes the
amortization
of goodwill<SUP>&nbsp;</SUP>
and other
intangible
assets.
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup>4
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">Operating
expenses/operating income<SUP>&nbsp;</SUP>
before credit
loss expense.
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup>5
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">Excludes interest and dividend income.<SUP>&nbsp;</SUP>
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup>6
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">Calculated
using the
former
definition<SUP>&nbsp;</SUP> of
assets under
management up
to and
including
second quarter
2001.
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup>7
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">For
informational
purposes only.<SUP>&nbsp;</SUP>
These pre-tax
amounts have not
been recorded in
the income
statement. For
details on the
fair value
calculation,
refer to Note
32e to the
Financial
Statements.
</FONT></TD>
</TR>
</TABLE>

</DIV><DIV style="float: right; width: 74%">

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="60%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="1">Business Banking</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="1">Private Banking</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="1">Switzerland</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1"><I>CHF million except where indicated</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="6"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="6"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">For the year ended</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Income</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>7,279</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7,696</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>5,494</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5,792</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Credit loss (expense)/recovery<SUP>2</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(28</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(37</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(286</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(567</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Total operating income</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>7,251</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7,659</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>5,208</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5,225</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Personnel expenses</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2,083</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,947</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2,727</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,878</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">General and administrative expenses</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2,158</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,038</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>159</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">396</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Depreciation</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>125</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">151</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>355</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">465</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Amortization of goodwill and other intangible assets</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>111</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">109</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Total operating expenses</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4,477</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,245</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3,241</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,739</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Business Group performance before tax</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2,774</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,414</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,967</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,486</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Business Group performance before tax and goodwill<SUP>3</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2,885</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,523</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,967</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,486</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<tr>
<td><FONT size="1">&nbsp;</FONT></td>
</tr>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Additional information</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Cost/income ratio before goodwill (%)<SUP>3,4</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>60</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">54</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>59</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">65</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Net new money (CHF billion)<SUP>5</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>16.6</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">24.6<sup>6</sup></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3.7</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">9.2<sup>6</sup></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Invested assets (CHF billion)</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>688</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">791</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>205</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">215</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Fair value of employee stock options granted<SUP>7</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>58</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>38</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Headcount (full-time equivalents)</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>10,488</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">10,249</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>18,442</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">19,220</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P><FONT size="2"><B>Management accounting</B>
</FONT>

<DIV align="left"><FONT size="2">The discussion in this chapter
reviews UBS&#146;s 2002, 2001 and 2000
results by Business Group and
business unit.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our management reporting
systems and policies determine
the revenues and expenses
directly attributable to each
business unit. Internal charges
and transfer pricing adjustments
are reflected in the performance
of each business unit.
</FONT>
</div>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Inter-business unit revenues and expenses.</I>
Revenue sharing agreements are
used to allocate external
customer revenues to Business
Groups on a reasonable basis.
Transactions between Business
Groups are conducted at arms
length. Inter-business unit
charges are recorded as a
reduction to expenses in the
business unit providing the
service. Corporate Center
expenses are allocated to the
operating business units, to the
extent that it is appropriate.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Net interest income </I>is
apportioned to business units
based on the opportunity costs of
funding their activities. Net
interest income
</FONT></DIV>

</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">relating to
balance sheet products is
calculated on a fully funded
basis. In a second step, business
units are
additionally credited with
the risk-free return achieved on
the average regulatory equity
used.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Commissions </I>are credited to
the business unit with the
corresponding customer
relationship, with revenue
sharing agreements for the
allocation of customer revenues
where several business units are
involved in value creation.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Regulatory equity </I>is
allocated to business units based
on their average regulatory
capital requirement during the
period. Only utilized equity is
taken into account, although we
add an additional financial
buffer of 10% above the
individually determined business
unit regulatory capital
requirement. The remaining
equity, which mainly covers real
estate, and any other unallocated
equity, remains at the Corporate
Center.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Headcount </I>includes trainees
and staff in management
development programs, but not
contractors.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 36
</B></FONT>

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

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
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    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="1">UBS Global</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="1">Corporate and</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="1">Asset Management</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="1">Institutional Clients</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="1">UBS Capital</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="1">UBS PaineWebber</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="1">Corporate Center</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="6"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="6"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="6"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="41" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,953</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,218</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>14,100</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">15,587</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(1,602</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(872</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>5,561</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6,391</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,315</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">800</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(128</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(112</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(13</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(18</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>249</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">236</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="41" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,953</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,218</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>13,972</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">15,475</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(1,602</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(872</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>5,548</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6,373</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,564</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,036</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="41" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>946</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,038</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>7,784</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8,258</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>94</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">96</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4,245</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5,019</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>645</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">592</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>513</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">569</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2,314</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,586</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>64</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">64</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,263</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,441</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>601</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">537</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>37</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">46</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>381</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">454</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>149</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">124</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>473</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">372</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>270</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">286</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>364</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">402</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>457</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">502</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>24</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">24</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="41" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,766</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,939</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>10,843</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">11,700</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>159</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">162</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>6,114</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7,086</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,743</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,525</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="41" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>187</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">279</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3,129</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,775</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(1,761</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(1,034</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(566</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(713</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(179</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(489</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="41" align="left"><FONT size="1"><B><HR size="4" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>457</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">565</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3,493</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,177</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(1,761</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(1,034</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(109</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(211</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(155</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(465</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>77</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">75</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>74</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">72</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>102</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">103</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(2.4</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">34.9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>18.5</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">33.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>557</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">672</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>584</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">769</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>44</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>567</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>15</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>73</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>32</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3,346</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,281</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>15,964</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">15,562</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>73</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">128</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>19,563</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">20,413</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,185</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,132</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="41" align="left"><FONT size="1"><B><HR size="4" color="#000000" noshade></B></FONT></TD>
</TR>
 </TABLE>
</DIV>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#0865AB"><B>Changes to disclosure since 2001</B>
</FONT></TD>
    </TR>
</TABLE>


<P><FONT size="2"><B>Business unit structure</B>
</FONT>

<DIV align="left"><FONT size="2">We implemented a new Business
Group structure at the start of
2002, under which <I>UBS PaineWebber</I>
became a separate Business Group.
In the previous structure, UBS
Paine-Webber was reported as one
of UBS Warburg&#146;s business units.
Accordingly, goodwill and other
intangible assets relating to the
merger of UBS and PaineWebber
were reported in the UBS Warburg
Business Group and not reflected
in the results of its individual
business units. On the separation
of UBS PaineWebber from UBS
Warburg, the goodwill and
intangible assets were assigned
to the different Business Groups
that have benefited from the
merger with PaineWebber. That
means that they have been
assigned to the new UBS
PaineWebber Business Group, to
UBS Warburg&#146;s Corporate and
Institutional Clients business
unit and to a lesser extent to
UBS Global Asset Management and
to the Private Banking business
unit. Associated
</FONT></DIV>

</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">amortization
expense and net funding charges
are now being charged to each
business unit in proportion to
the share of goodwill and
intangible assets assigned.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the same time, UBS
transferred UBS Paine-Webber&#146;s
non-US client business to Private
Banking. Finally, O&#146;Connor,
originally jointly launched by UBS
Global Asset Management and UBS
Warburg, became entirely part of
UBS Global Asset Management.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
reporting structure also reflects
the revised business portfolio of
the <I>UBS Wealth Management &#038;
Business Banking </I>Business Group,
formerly UBS Switzerland. As of 1
July&nbsp;2002, the business serving
high-end affluent clients was
transferred from the former
Private and Corporate Clients
(PCC)&nbsp;unit to Private Banking. The
Business Group now comprises the
following business units:
</FONT></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Private Banking, which
includes the full private
banking business and the
high-end affluent clients
segment that were previously
part of the PCC business
unit.
</FONT></TD>
</TR>
</TABLE>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 37
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="16%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="74%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
<B>Review of Business Group
Performance<BR>Introduction</B></FONT></TD>
</TR>
 </TABLE>
</DIV>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 68%">

<P align="left"><FONT size="2"><IMG src="y84349y8434905.gif" alt="(Reporting structure in 2002)">
</FONT>

</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Business Banking
Switzerland, consisting of
the individual and corporate
clients businesses of the
former PCC business unit.
</FONT></TD>
</TR>
</TABLE>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;New disclosure has been
added for the private banking
business, with separate income
data and key performance
indicators (KPIs) for the
International Clients (clients
domiciled outside of Switzerland)
and Swiss Clients (clients
domiciled in Switzerland)
businesses.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While none of this
restructuring had an impact on
the Group, we have restated prior
periods for all business units
affected to reflect these
changes.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the first half of
2003, we will create a new
holding company to incorporate
GAM, our specialist asset
management firm, as well as our
five independent private banks -
Cantrade (Zurich), Banco di
Lugano (Lugano), Ferrer Lullin
(Geneva), Bank Ehinger (Basel),
and Armand von Ernst (Bern). The
new company will be held at the
Corporate Center, with the
structure, effective from 1
January&nbsp;2003, to be reflected in
our financial reporting effective
from the first quarter 2003
onwards. We will release figures
for 2000, 2001, and 2002
reflecting these changes prior to
the publication of first quarter
2003 results.
</FONT></DIV>

<P><FONT size="2"><B>Other management accounting changes</B>
</FONT>

<DIV align="left"><FONT size="2">In 2002 we implemented additional
changes in our management
accounting that required us to
restate prior periods for the
business units affected:
</FONT></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">We simplified our allocation
of Corporate Center costs to
the Business Groups. In the
past certain central costs
were allocated proportionally
to UBS business units. Since
1 January&nbsp;2002, these charges
have been restricted to
services that are provided
directly under explicit Service
Level Agreements.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">On 1 January&nbsp;2002, we
changed the way in which we
calculate regulatory equity
allocated
</FONT></TD>
</TR>
</TABLE>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">to the business
units, adjusting the
leverage ratio (ratio of BIS
Tier 1 capital excluding
hybrid capital to BIS total
capital) for non-goodwill
items. This change in
allocation also affects the
interest earned on
regulatory equity.
</FONT>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">On 1 January&nbsp;2002, we
reclassified certain client
assets of the Business
Banking Switzerland business unit as
custody-only, which required a
restatement of the business
unit&#146;s invested assets.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">From 1 October&nbsp;2002,
recurring fees at UBS
PaineWebber were redefined
to include alternative
investment fees, fees from
UBS Global Asset Management
and other advisory fees that
were not formerly included
in the definition. These
changes align the UBS
Paine-Webber definition of
recurring fees with the
asset-based fee definition
applied to the Private
Banking business. We now
uniformly characterize this
type of revenue as
&#147;recurring fees&#148; -both in
Private Banking and UBS
PaineWebber.
</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#0865AB"><B>Additional disclosure in 2002</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">In our management accounting, the
expense for equity-based
compensation plans &#151; including
employee option plans &#151; is
recorded at the intrinsic value
of the instruments at grant date.
To enhance transparency, for
every business unit and Business
Group we now disclose the
additional compensation expense
we would have incurred in 2002
had we recognized the fair value
of stock option grants. On a
Group level, this additional
expense would have been CHF 827
million in 2002 (CHF 690&nbsp;million
after-tax).
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Further details on the
accounting treatment of
equity-based compensation can be
found in the section &#147;Critical
accounting policies&#148; on page 13
and in Note 32e to the UBS Group
Financial Statements.
</FONT></DIV>

</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 38
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#0865AB"><B>Seasonal characteristics</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">Our main businesses do not show
significant seasonal patterns -
except for UBS Warburg&#146;s
Corporate and Institutional
Clients business unit, where
revenues are impacted by the
seasonal characteristics of
general financial market activity
and deal flows in investment
banking.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When discussing quarterly
performance, we therefore compare
UBS Warburg&#146;s results of the
reported quarter with those
achieved in the same period of
the previous year. For all other
Business Groups, results are
compared with the previous
quarter. Considering the impact
of UBS Warburg&#146;s performance on
Group results, we discuss
quarterly performance at Group
level by comparing it with the
same quarter in the previous
year.
</FONT></DIV>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#0865AB"><B>Client/invested assets reporting</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">When reporting on client assets,
we show two assets metrics:
client assets and invested
assets:
</FONT>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><I>Client assets </I>represent all
client assets managed by or
deposited with UBS.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><I>Invested assets </I>is a more
restrictive term and includes
all client assets managed by
or deposited with UBS <I>for
investment purposes only.</I>
</FONT></TD>
</TR>
</TABLE>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invested assets are our
central measure and exclude all
assets held for purely
transactional purposes. It
includes, for example, managed
institutional assets, mutual
funds, discretionary
and advisory private client
portfolios, and private client
securities or brokerage accounts,
but excludes wholesale
custody-only assets,
correspondent banking assets and
transactional cash or current
accounts. Non-bankable assets (e.
g. art collections) and interbank
deposits are excluded from both
measures.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Net new money </I>is defined as
the sum of the acquisition of
invested assets from new clients,
the loss of invested assets due
to client defection and inflows
and outflows of invested assets
from existing clients. Interest
and dividend income as well as
the effects of market or currency
movements as well as acquisitions
and divestments are excluded from
net new money.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This definition was
introduced in 2001. Because of
that, invested assets on 31
December&nbsp;2000 were restated
according to the new definition.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Where products are created
in one Business Group, but sold
in another, they are counted in
</FONT></DIV>

</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">both the investment management
unit and the distribution unit,
and double counted in Group
totals. For example, a mutual
fund provided by UBS Global Asset
Management but sold by Private
Banking will be counted as
invested assets in both business
units, as they both provide an
independent service to their
respective client, add value and
generate revenues. This approach
is in line with our open
architecture strategy and allows
us to accurately reflect the
actual performance of our
individual businesses.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On a Group level,
approximately CHF 290&nbsp;billion in
invested assets were double
counted in 2002 out of total
invested assets of CHF 2,037
billion (in 2001, approximately
CHF 310&nbsp;billion were double
counted out of a total of CHF
2,448&nbsp;billion in invested assets).
The majority of assets that are
double counted represent
institutional funds managed by UBS
Global Asset Management and
distributed by UBS Wealth
Management &#038; Business Banking and
UBS PaineWebber.
</FONT></DIV>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#0865AB"><B>Credit loss expense</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">Credit loss expense represents
the charges to the profit and
loss account relating to amounts
due to UBS from loans and
advances, over-the-counter (OTC)
derivatives and off-balance sheet
products that are considered
impaired or uncollectable (for
more information, please refer to
Note 11 to the UBS Group
Financial Statements of this
report).
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We determine the amount of
credit loss expense in UBS&#146;s
financial accounts and in the
business unit reporting on
different bases. In the Group
income statement, we report UBS&#146;s
results according to IFRS. Under
these standards, credit loss
expense is the total of net new
allowances and direct writeoffs
less recoveries. These actual
losses are recognized and charged
to the income statement in the
period when they arise.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By contrast, in our segment
and business unit reporting, we
apply an approach to the
measurement of credit risk which
reflects the average annual cost
that management anticipates will
arise from transactions existing
today that may become impaired in
the future. The basis for
measuring these inherent
risks in the credit portfolios is
the concept of &#147;expected loss&#148;
(further information on page 60
in the &#147;Risk Analysis&#148; section of
the Handbook 2002/2003). Over the
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 39
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="21%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD  align="left" valign="top" width="74%"><FONT size="2">
<B>Review of Business Group
Performance<BR> Introduction</B></FONT></TD>
</TR>

 </TABLE>
</DIV>
<P>&nbsp;
<DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<FONT size="3"><B><BR>
Business Group Credit Loss Charge</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="56%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">UBS</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Wealth</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1"><I>CHF million</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Management &#038;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">UBS</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">UBS</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Corporate</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1">For the year ended 31.12.02</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Business Banking</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Warburg</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">PaineWebber</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Center</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1" color="#0865AB"><B>Total</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Actuarial expected loss</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">569</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">126</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">13</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>708</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Deferred releases</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(255</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(253</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Credit loss expense charged to
the Business Groups</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>314</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>128</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>13</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>455</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>IFRS actual credit loss expense</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>241</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>(35</B></FONT></TD>
    <TD nowrap><FONT size="1"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>15</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>(15</B></FONT></TD>
    <TD nowrap><FONT size="1"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>206</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Balancing item charged as Credit
loss expense in Corporate Center</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(249</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
 </TABLE>
</DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">longer term, the expected loss
should equal the actual credit
loss expense, although the latter
is more erratic, in both timing
and amount. Therefore, in
business unit reporting, in
addition to the expected loss, we
also charge or refund the
difference between actual credit
loss expense and expected loss,
amortized over a three-year
period. With this deferred
charging mechanism we not only
make Business Groups ultimately
accountable for any credit losses
they suffer but also give them
the incentive to align their
credit decisions and
risk-adjusted pricing with the
medium-term risk profile of their
credit transactions. The sum of
this &#147;deferral&#148; and the expected
loss makes up the Credit loss
expense charged in our segment
and business unit reporting.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We reconcile the difference
between the credit loss expense
in UBS&#146;s income statement (the
actual loss) and the credit loss
expense shown in business unit
reporting (expected loss plus
deferral), by recording a
balancing item in Corporate
Center. We also show the
allocation of actual credit loss
expense to the business units in
the footnotes to Note 2a of the
UBS Group Financial Statements.
</FONT></DIV>

</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#0865AB"><B>Key performance indicators</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">On Group level, we focus on a
consistent set of long-term
financial targets defined across
periods of varying market
conditions and designed to ensure
that UBS delivers continuously
improving returns to shareholders
(see pages 21 and 22 of this
report). At the Business Group or
business unit level, performance
is measured with carefully chosen
key performance indicators
(KPIs). These do not carry
explicit targets, but are
indicators of the business units&#146;
success in creating value for
shareholders. They reflect the
key drivers of each unit&#146;s core
business activities and include
both financial metrics, such as
the cost/income ratio, and
non-financial metrics, such as
invested assets or the number of
client advisors.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KPIs are an important part
of our business planning process.
They are used identically for
internal performance measurement
and external reporting. This
ensures that management have a
clear responsibility to lead
their businesses
towards achieving success in
the Group&#146;s key value drivers and
avoids any risk of managing to
purely internal performance
measures.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top"><FONT size="2">
<B>Reconciliation of Business Group Credit Loss Charge to<BR>
IFRS Actual Credit Loss Expense/(Recovery)</B></FONT></TD>
</TR>
 </TABLE>
</DIV>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="10"><FONT size="1">Credit loss charge</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="10"><FONT size="1">IFRS actual credit loss expense</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1"><I>CHF million</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="10"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="10"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">For the year ended</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">UBS Wealth Management &#038;
Business Banking</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>314</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">604</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">785</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>241</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">123</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(695</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">UBS Warburg</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>128</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">112</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">243</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(35</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">360</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">562</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">UBS PaineWebber</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>13</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">18</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>15</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">15</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Corporate Center</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(15</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Total</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>455</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">734</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,031</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>206</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">498</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(130</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Balancing item in Corporate Center</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(249</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(236</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(1,161</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

</DIV><!--  <B>nbsp</B> --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 40
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P><FONT size="2"><B>Indicative Tax Rates</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="92%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">Tax rate</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="2">For the year ended 31 December 2002</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">Pre-Goodwill</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="5" align="left"><FONT size="2"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>UBS Wealth Management &#038; Business Banking</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>19</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Private Banking</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>18</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Business Banking Switzerland</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>20</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="5" align="left"><FONT size="2"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>UBS Global Asset Management</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>22</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="5" align="left"><FONT size="2"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>UBS Warburg</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>38</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Corporate and Institutional Clients</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>31</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">UBS Capital</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>3</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="5" align="left"><FONT size="2"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>UBS PaineWebber</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>37</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="5" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#0865AB"><B>Business Group tax rates</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">Indicative Business Group and
business unit tax rates are
calculated on an annual basis
based on the results and
statutory tax rates of the
financial year. These rates are
approximate calculations, based
upon the application to the
year&#146;s adjusted earnings of
statutory tax rates for the
locations in which the Business
Groups operated. These tax rates
therefore give guidance on the
tax cost to each Business Group
of doing business during 2002 on
a stand-alone basis, without the
benefit of tax losses brought
forward from earlier years.
</FONT>

</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The indicative tax rates are
presented &#147;pre-goodwill&#148;. They
give an indication of what the
tax rate would have been if
goodwill were not charged for
accounting purposes. It is the
sum of the tax expense payable on
net profit before tax and
goodwill in each location,
divided by the total net profit
before tax and goodwill. However,
the tax rates post-goodwill are
higher than the pre-goodwill
rates, because in some
jurisdictions there are
limitations on the tax
deductibility of amortization
costs.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please note that these tax
rates are not necessarily
indicative of future tax rates
for the businesses or UBS Group
as a whole.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 41
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="16%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="74%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
<B>Review of Business Group Performance <BR>
UBS Wealth Management &#038; Business Banking</B></FONT></TD>
</TR>
 </TABLE>
</DIV>

<!-- link1 "UBS Wealth Management &#038; Business Banking" -->
<DIV align="left"><A NAME="034"></A></DIV>
<P><FONT size="5"><B>UBS Wealth Management &#038; Business Banking</B>
</FONT>

<P><DIV style="float: left; width:24%">

<P><FONT size="2"><IMG src="y84349y8434906.gif" alt="(Georges Gagnebin Picture)"><BR>
<B>Georges Gagnebin</B><BR>
Chairman UBS Wealth Management &#038;<BR>
Business Banking
</FONT>

<P><FONT size="2"><IMG src="y84349y8434907.gif" alt="(Marcel Rohner Picture)"><BR>
<B>Marcel Rohner</B><BR>
CEO UBS Wealth Management &#038; Business Banking
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup>1
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">In management
accounts,
statistically<SUP>&nbsp;</SUP>
derived
actuarial
expected loss
adjusted by
deferred
releases rather
than the net
IFRS actual
credit loss is
reported in the
Business Groups
(see Note 2 to
the Financial
Statements).
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup>2
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">Excludes the
amortization
of goodwill<SUP>&nbsp;</SUP>
and other
intangible
assets.
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup>3
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">Operating
expenses/operating income<SUP>&nbsp;</SUP>
before credit
loss expense.
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup>4
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">For
informational
purposes only.<SUP>&nbsp;</SUP>
These pre-tax
amounts have
not been
recorded in
the Income
statement. For
details on the fair
value calculation,
refer to Note 32e
to the Financial
Statements.
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup>5
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">Excludes
significant
financial
event:<SUP>&nbsp;</SUP> Income,
CHF 155
million (Gain
on disposal of
Hyposwiss).
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup>6
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">Excludes
significant
financial
events:<SUP>&nbsp;</SUP> General
and
administrative
expenses, CHF 80
million and
Depreciation,
CHF 72&nbsp;million
(PaineWebber
integration
costs).
</FONT></TD>
</TR>
</TABLE>

</DIV><DIV style="float: right; width: 74%">

<P align="left"><FONT size="2"><B><FONT color="#0865AB">In 2002, Private Banking&#146;s pre-tax profit adjusted for SFEs was CHF
2,774&nbsp;million, a 19% decline from 2001. Business Banking Switzerland&#146;s
profit before tax was CHF 1,967&nbsp;million, up 32% from the previous
year. Private Banking continues to attract net new money with further
strong inflows in our European wealth management initiative. In
Business Banking Switzerland, operating expenses fell 13%, and were at
their lowest level since 1999.</FONT></B>
</FONT>

<P align="center"><HR align="center" color="#000000" size="1" width="100%" noshade>

<P><FONT size="2"><B>Business Group reporting</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="60%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left"><FONT size="1"><I>CHF million, except where indicated</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">% change from</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">For the year ended</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Income</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>12,928</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">13,488</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">14,355</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(4</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Credit loss expense<SUP>1</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(314</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(604</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(785</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(48</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Total operating income</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>12,614</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">12,884</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">13,570</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(2</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Personnel expenses</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4,810</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,825</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5,151</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">General and administrative expenses</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2,317</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,434</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,478</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(5</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Depreciation</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>480</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">616</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">633</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(22</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Amortization of goodwill and other intangible assets</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>111</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">109</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">81</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Total operating expenses</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>7,718</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7,984</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8,343</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(3</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Business Group performance before tax</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4,896</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD align="right"><FONT size="1">4,900</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD align="right"><FONT size="1">5,227</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Business Group performance before tax and goodwill<SUP>2</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>5,007</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5,009</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5,308</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
<TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Additional information</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Regulatory equity allocated (average)</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>8,800</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">9,400</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">10,150</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(6</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Cost/income ratio (%)<SUP>3</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>60</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">59</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">58</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Cost/income ratio before goodwill (%)<SUP>2, 3</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>59</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">58</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">58</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Fair value of employee stock options granted</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>96</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B><SUP>4</SUP></B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<P><FONT size="2"><B>Business Group reporting adjusted for Significant Financial Events</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="60%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left"><FONT size="1"><I>CHF million, except where indicated</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">% change from</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">For the year ended</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Income</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>12,773</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B><SUP>5</SUP></B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">13,488</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">14,355</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(5</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Credit loss expense<SUP>1</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(314</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(604</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(785</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(48</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Total operating income</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>12,459</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">12,884</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">13,570</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(3</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Personnel expenses</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4,810</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,825</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5,151</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">General and administrative expenses</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2,317</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,434</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,398</FONT></TD>
    <TD nowrap><FONT size="1"><SUP>6</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(5</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Depreciation</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>480</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">616</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">561</FONT></TD>
    <TD nowrap><FONT size="1"><SUP>6</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(22</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Amortization of goodwill and other intangible assets</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>111</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">109</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">81</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Total operating expenses</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>7,718</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7,984</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8,191</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(3</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Business Group performance before tax</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4,741</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,900</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5,379</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(3</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Business Group performance before tax and goodwill<SUP>2</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4,852</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5,009</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5,460</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(3</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
<TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Additional information</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Cost/income ratio (%)<SUP>3</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>60</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">59</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">57</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Cost/income ratio before goodwill (%)<SUP>2,3</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>60</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">58</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">56</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 42
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
                <DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="16%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="74%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
<B>Review of Business Group Performance <BR>
UBS Wealth Management &#038; Business Banking</B></FONT></TD>
</TR>
 </TABLE>
</DIV>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="5" color="#7F7F7F">Private Banking
</FONT></TD>
    </TR>
</TABLE>


<P><DIV style="float: left; width:24%">


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup>&nbsp;
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">&nbsp;
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup>&nbsp;
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">&nbsp;
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup>&nbsp;
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">&nbsp;
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup>&nbsp;
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">&nbsp;
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup>&nbsp;
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">&nbsp;
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup>&nbsp;
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">&nbsp;
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup>&nbsp;
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">&nbsp;
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup>&nbsp;
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">&nbsp;
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup>&nbsp;
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">&nbsp;
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup>&nbsp;
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">&nbsp;
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup>&nbsp;
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">&nbsp;
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup>&nbsp;
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">&nbsp;
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup>&nbsp;
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">&nbsp;
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup>&nbsp;
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">&nbsp;
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup>&nbsp;
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">&nbsp;
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup>&nbsp;
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">&nbsp;
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup>&nbsp;
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">&nbsp;
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup>&nbsp;
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">&nbsp;
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup>&nbsp;
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">&nbsp;
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup>&nbsp;
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">&nbsp;
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup>&nbsp;
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">&nbsp;
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>

<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup>1
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">Excludes
significant
financial
event:<SUP>&nbsp;</SUP> Income,
CHF 155
million (Gain
on disposal of
Hyposwiss).
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup>2
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">Excludes
significant
financial
events:<SUP>&nbsp;</SUP> General
and
administrative
expenses, CHF
80&nbsp;million and
Depreciation,
CHF 72&nbsp;million
(PaineWebber
integration
costs).
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup>3
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">In management
accounts,
statistically<SUP>&nbsp;</SUP>
derived
actuarial
expected loss
adjusted by
deferred
releases rather
than the net
IFRS actual
credit loss is
reported in the
Business Groups
(see Note 2 to
the Financial
Statements).
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup>4</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">Excludes the
amortization of
goodwill<SUP>&nbsp;</SUP> and other intangible
assets.
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup>5
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">Excludes interest and dividend income.<SUP>&nbsp;</SUP>
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup>6
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">Calculated
using the
former
definition<SUP>&nbsp;</SUP> of
assets under
management up
to and
including
second quarter
2001.
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup>7
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">Income/average invested assets.<SUP>&nbsp;</SUP>
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup>8
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">Operating
expenses/operating income<SUP>&nbsp;</SUP>
before credit
loss expense.
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup>9
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">For
informational
purposes only.<SUP>&nbsp;</SUP>
These pre-tax
amounts have
not been
recorded in the
Income
statement. For
details on the
fair value
calculation,
refer to Note
32e to the
Financial
Statements.
</FONT></TD>
</TR>
</TABLE>

</DIV><DIV style="float: right; width: 74%">

<P><FONT size="2"><B>Business unit reporting</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="57%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1"><I>CHF million, except where indicated</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="6"><FONT size="1">% change from</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">For the year ended</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Income</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>7,279<sup>1</sup></B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7,696</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8,402</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(5</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Credit loss expense<SUP>3</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(28</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(37</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(35</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(24</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Total operating income</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>7,251</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7,659</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8,367</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(5</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Personnel expenses</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2,083</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,947</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,030</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">General and administrative expenses</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2,158</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,038</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,019<sup>2</sup></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Depreciation</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>125</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">151</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">145<sup>2</sup></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(17</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Amortization of goodwill and other intangible assets</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>111</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">109</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">55</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Total operating expenses</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4,477</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,245</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,249</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Business unit performance before tax</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2,774</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,414</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,118</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(19</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Business unit performance before tax and goodwill<SUP>4</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2,885</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,523</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,173</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(18</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>KPIs</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Invested assets (CHF billion)</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>688</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">791</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">798</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(13</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">

<TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Net
new money (CHF billion)<SUP>5,&nbsp;6</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>16.6</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">24.6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Gross margin on invested assets (bps)<SUP>7</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>98</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">97</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">105</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Cost/income ratio (%)<SUP>8</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>62</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">55</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">51</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">

<TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Cost/income ratio before goodwill (%)<SUP>4,&nbsp;8</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>60</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">54</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">50</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Cost/income ratio before goodwill and
excluding the European wealth management initiative
(%)<SUP>4,&nbsp;8</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>53</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">48</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Client advisors (full-time equivalents)</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3,291</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,043</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Private Banking &#151; International Clients</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Income</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>5,229<sup>1</sup></B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5,498</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5,890</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(5</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Invested assets (CHF billion)</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>493</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">555</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">550</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(11</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Net new money (CHF billion)<SUP>5</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>19.1</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">23.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7.5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Gross margin on invested assets (bps)<SUP>7</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>100</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">99</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">107</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>European wealth management initiative</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>(part of Private Banking &#151; International Clients)</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Income</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>186</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">140</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">33</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Invested assets (CHF billion)</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>28</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">16</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">75</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">

<TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Net new money (CHF billion)<SUP>5</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>7.6</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5.6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Client advisors (full-time equivalents)</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>551</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">370</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">49</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Private Banking &#151; Swiss Clients</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Income</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2,050</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,198</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,512</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(7</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Invested assets (CHF billion)</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>195</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">236</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">248</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(17</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">

<TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Net
new money (CHF billion)<SUP>5, 6</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(2.5</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(6.3</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>


<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Gross margin on invested assets (bps)<SUP>7</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>95</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">92</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1"><B>Additional information</B>
</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" nowrap align="right"><FONT size="1">% change from</FONT></TD>
        </TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">As at</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Client assets (CHF billion)</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>836</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">949</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(12</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Regulatory equity allocated (average)</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3,100</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,550</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,600</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(13</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Fair value of employee stock options granted</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>58<sup>9</sup></B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Headcount (full-time equivalents)</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>10,488</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">10,249</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">9,835</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 43
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="16%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="74%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
<B>Review of Business Group Performance<BR>
UBS Wealth Management &#038; Business Banking</B></FONT></TD>
</TR>
 </TABLE>
</DIV>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P>
<DIV style="width: 100%; border: 1px solid black; padding: 10px;">
<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="41%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="41%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left" colspan="3"><FONT size="2"><B>Components of Operating Income</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="5" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" align="left" valign="top"><FONT size="2">
Private Banking derives its operating <BR>
income principally from:
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top" rowspan="4"><FONT size="2">Private Banking&#146;s fees are based
on the market value of invested assets
and the level of transaction-related activity. As a result, Private Banking&#146;s
operating income is affected by
such factors as fluctuations in invested
assets, changes in market conditions, investment performance and outflows of client funds.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&#150;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
fees for financial
planning and wealth management
services;<br>
</FONT></TD>

</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&#150;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
fees for investment management services; and
</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&#150;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
transaction-related fees
</FONT></TD>
</TR>
 </TABLE>
</DIV>
</DIV>

</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P><FONT size="2"><B>Significant Financial Events</B>
</FONT>

<DIV align="left"><FONT size="2">In 2002, we decided to streamline
our private banking activities in
the region of Zurich and
therefore sold our Hyposwiss
subsidiary to the Cantonal Bank
of Saint Gall. The transaction
involved the transfer of 132
employees and CHF 6.4&nbsp;billion in
invested assets and generated a
pre-tax gain of CHF 155&nbsp;million
which we treated as a significant
financial event in 2002. This
gain does not appear in the 2002
adjusted business unit result
above.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following the merger with
PaineWebber in 2000, our strategy
for extending our wealth
management services in Europe was
re-assessed and focus shifted to
more affluent clients than those
originally targeted by the
so-called &#147;e-services&#148;
initiative. This change in
strategy resulted in a charge of
CHF 80&nbsp;million to general and
administrative expenses due to
the closure of the infrastructure
related to the initiative and a
charge of CHF 72&nbsp;million to
depreciation due to the writeoff
of the system used. Both amounts
form part of the PaineWebber
integration costs, which were
treated as significant financial
event in 2000, and as a result
these costs do not appear in the
adjusted business unit results
above.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There were no significant
financial events that affected
this business unit in 2001. The
results in the discussion below
exclude significant financial
events.
</FONT></DIV>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="4" color="#7F7F7F">2002
</FONT></TD>
    </TR>
</TABLE>


<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#0865AB"><B>Key performance indicators</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">For the full year, net new money
inflows totaled CHF 16.6&nbsp;billion,
down from the 2001 result of CHF
24.6&nbsp;billion. Excluding the net
outflow of over CHF 8&nbsp;billion
related to the Italian tax
amnesty, the net new money result
was essentially unchanged.
International clients invested
net new money of CHF 19.1&nbsp;billion
in 2002,
</FONT>

</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">down by only CHF 4.1
billion from a year earlier
despite the Italian tax amnesty.
This excellent underlying result
in these difficult markets was
due to the continued success of
our European wealth management
initiative as well as significant
inflows from clients in Asia and
the Americas.
</FONT>

<P align="center"><FONT size="2"><IMG src="y84349y8434908.gif" alt="(Net new money)">
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the year to 31 December
2002, invested assets fell 13% to
CHF 688&nbsp;billion, mainly due to
the steep drop in global equity
markets as well as the 17% drop
in the US dollar against the
Swiss franc. Some 38% of Private
Banking&#146;s invested assets are
denominated in US dollars.
</FONT>
<P align="center"><FONT size="2"><IMG src="y84349y8434909.gif" alt="(Invested assets)">
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross margin on invested
assets remained resilient and
rose by 1 basis point to 98 basis
</FONT>
</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 44
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">points. Assets as well as
revenues fell in 2002 from the
already depressed 2001 levels.
The split of the margin remained
unchanged from 2001 with 72% of
the margin stemming from
recurring revenue and 28% from
transactional fees.
</FONT>

<P align="center"><FONT size="2"><IMG src="y84349y8434910.gif" alt="(Gross Margin on invested assets)">
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Over the full year, the
pre-goodwill cost/ income ratio
increased from 54% in 2001 to 60%
in 2002, reflecting the ongoing
investment in our European
wealth management initiative
as well as the strong decline in
asset-based revenues. Excluding
the European wealth management
initiative, our cost/income ratio
increased from 48% in 2001 to 53%
in 2002.
</FONT>
<P><FONT size="2"><B>European wealth management</B>
</FONT>

<DIV align="left"><FONT size="2">Early in 2001 we launched the
European wealth management
initiative, designed to expand
our market share in the five
countries of France, Germany,
Italy, Spain and the UK, key
markets that cover about 80% of
Europe&#146;s investable assets. Our
strategy is focused on wealthy
clients, with services designed
primarily for those with more
than EUR 500,000 of investable
assets, developed with a clear
commitment to open architecture
and the provision of a full range
of &#147;best-of-breed&#148; investment
products.
</FONT></DIV>

</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Progress so far has been
promising with net new money
inflows into our domestic European
network for full-year 2002
totaling CHF 7.6&nbsp;billion, up 36%
from last year&#146;s intake of CHF 5.6
billion. The inflow in 2002
reflects an annual growth rate in
net new money of 48%. For
full-year 2002, income from our
European wealth management
initiative was CHF 186&nbsp;million,
33% or CHF 46&nbsp;million above the
2001 level, reflecting the success
of our business expansion program.
</FONT>
<P align="center"><FONT size="2"><IMG src="y84349y8434911.gif" alt="(Net new money)">
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We hired a total of 181
client advisors in 2002, bringing
the total at 31 December&nbsp;2002 to
551. We remain committed to
growing our presence in our
European target markets and will
continue to invest in qualified
advisory staff at a rate
determined by the market
environment and business
opportunities.
</FONT>
<P align="center"><FONT size="2"><IMG src="y84349y8434912.gif" alt="(Client adivsors)">
</FONT>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#0865AB"><B>Results</B>
</FONT></TD>
    </TR>
</TABLE>


<DIV align="left"><FONT size="2">Private Banking&#146;s full-year 2002
pre-tax profit, at CHF 2,774
million, fell 19% from 2001 due to
the steep decline in asset-based
revenues which could not be fully
compensated by cost reductions as
we continue to invest in our
European wealth management
initiative.
</FONT></DIV>

</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 45
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="16%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="74%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
<B>Review of Business Group Performance<br>
UBS Wealth Management &#038; Business Banking</B></FONT></TD>
</TR>
 </TABLE>
</DIV>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">Personnel as well as general and
administrative expenses increased
due to this strategic initiative.
</FONT>

<P align="center"><FONT size="2"><IMG src="y84349y8434913.gif" alt="(Performance before tax)">
</FONT>

<P><FONT size="2"><B>Operating income</B>
</FONT>

<DIV align="left"><FONT size="2">Full-year operating income was
CHF 7,251&nbsp;million, down 5% from
CHF 7,659&nbsp;million in 2001. Both
non-recurring transaction
revenues and recurring
asset-based revenues fell from
2001.
</FONT></DIV>

<P><FONT size="2"><B>Operating expenses</B>
</FONT>

<DIV align="left"><FONT size="2">At CHF 4,477&nbsp;million, full-year
operating expenses for 2002 rose
5% from 2001, reflecting
investments in our European
wealth management initiative.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Both personnel expenses,
which rose 7% to CHF 2,083
million, as well as general and
administrative expenses, up 6% at
CHF 2,158&nbsp;million, increased
chiefly because of the
investments in this initiative.
</FONT></DIV>


<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Full-year depreciation fell
in 2002 by 17% to CHF 125&nbsp;million
because of lower charges for
information technology equipment,
which is increasingly being
leased instead of bought, while
goodwill amortization was CHF 111
million, up 2% from 2001.
</FONT></DIV>

<P align="center"><FONT size="2"><IMG src="y84349y8434914.gif" alt="(Headcount)">
</FONT>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P><FONT size="2"><B>Headcount</B>
</FONT>

<DIV align="left"><FONT size="2">Headcount, at 10,488 on 31
December&nbsp;2002, increased by 239,
mainly due to the hiring of
experienced client advisors for
the buildup of European wealth
management activities. Overall,
the number of client advisors
increased by 8% to 3,291 at the
end of 2002 and represented 31%
of all Private Banking&#146;s staff.
</FONT></DIV>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="4" color="#7F7F7F">2001
</FONT></TD>
    </TR>
</TABLE>


<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#0865AB"><B>Key performance indicators</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">Net new money inflows in 2001, at
CHF 24.6&nbsp;billion, were CHF 23.4
billion higher than in 2000,
demonstrating our success in
re-energizing our asset-gathering
performance, as well as our
determined focus on growing our
wealth management franchise.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the year to 31 December
2001, invested assets fell a
modest 1% despite the poor
performance of securities
markets, reflecting strong net
new money growth and a relatively
conservative asset mix.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The gross margin fell from
105 basis points in 2000 to 97
basis points in 2001, clearly
reflecting reduced transaction
volumes, especially compared to
the exuberant market environment
in the early part of 2000.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The pre-goodwill cost/income
ratio increased by four
percentage points from 50% in
2000 to 54% in 2001, reflecting
the costs of our investments in
the European wealth management
initiative, and weaker
transaction volumes.
</FONT></DIV>

<P><FONT size="2"><B>European wealth management</B>
</FONT>

<DIV align="left"><FONT size="2">In 2001, our domestic European
network had net new money inflows
of CHF 5.6&nbsp;billion, despite the
relatively difficult market
conditions. Opening new offices
and hiring new staff is a key
component of the initiative.
Hiring plans progressed well in
2001, with the number of client
advisors in our five target
countries rising to 370 on 31
December&nbsp;2001, an increase of 208
for the year. A further 40 newly
hired advisors started on 1
January&nbsp;2002, bringing our total
hiring in 2001 to 248.
</FONT></DIV>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#0865AB"><B>Results</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">Weaker markets than in 2000 and
the costs of investing in the
European wealth management
initiative brought full-year
pre-tax profits in
</FONT>

</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 46
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">2001 down 17% from 2000 to CHF
3,414&nbsp;million, despite a
continued focus on controlling
operating costs.
</FONT>

<P><FONT size="2"><B>Operating income</B>
</FONT>

<DIV align="left"><FONT size="2">Full-year operating income was
CHF 7,659&nbsp;million, down 8% from
the record CHF 8,367&nbsp;million in
2000. This was driven by falling
transaction-based revenues,
reflecting the much less active
markets in 2001. Asset-based
revenues fell only very slightly
compared to 2000, despite lower
average assets, reflecting our
success in providing added value
services to our clients.
</FONT></DIV>

<P><FONT size="2"><B>Operating expenses</B>
</FONT>

<DIV align="left"><FONT size="2">At CHF 4,245&nbsp;million, operating
expenses in 2001 were nearly
unchanged from 2000. Personnel
expenses fell by 4% to CHF 1,947
million in 2001, reflecting lower
performance-related
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<DIV align="left"><FONT size="2">compensation despite a 4% increase in
head-count during the year.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative
expenses increased 1% from CHF
2,019&nbsp;million in 2000 to CHF
2,038&nbsp;million in 2001,
principally reflecting the cost
of investments in new product
development, premises and systems
in support of the European wealth
management initiative.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation increased from
CHF 145&nbsp;million in 2000 to CHF
151&nbsp;million in 2001, reflecting
increased investment in IT and
premises.
</FONT></DIV>

<P><FONT size="2"><B>Headcount</B>
</FONT>

<DIV align="left"><FONT size="2">At 31 December&nbsp;2001, Private
Banking employed 10,249
professionals, a 4% increase
compared with year-end 2000,
driven by recruitment of client
advisors and support personnel
for the European wealth
management initiative. At 31
December&nbsp;2001, client advisors
represented around 30% of Private
Banking&#146;s staff.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 47
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="16%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="74%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
<B>Review of Business Group Performance <BR>
UBS Wealth Management &#038; Business Banking</B></FONT></TD>
</TR>
 </TABLE>
</DIV>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="5" color="#7F7F7F">Business Banking Switzerland
</FONT></TD>
    </TR>
</TABLE>


<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P><FONT size="2"><B>Business unit reporting</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="57%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1"><I>CHF million, except where indicated</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">% change from</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">For the year ended</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Private clients</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3,014</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,185</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,520</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(5</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Corporate clients</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2,148</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,263</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,217</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(5</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Other areas</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>332</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">344</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">216</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(3</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Income</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>5,494</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5,792</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5,953</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(5</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Credit loss expense<SUP>1</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(286</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(567</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(750</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(50</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Total operating income</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>5,208</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5,225</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5,203</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Personnel expenses</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2,727</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,878</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,121</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(5</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">General and administrative expenses</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>159</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">396</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">379</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(60</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Depreciation</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>355</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">465</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">416</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(24</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Amortization of goodwill and other intangible assets</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">26</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Total operating expenses</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3,241</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,739</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,942</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(13</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Business unit performance before tax</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,967</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,486</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,261</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">32</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Business unit performance before tax and goodwill<SUP>2</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,967</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,486</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,287</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">32</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>KPIs</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Invested assets (CHF billion)</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>205</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">215</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">239</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(5</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">

<TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Net
new money (CHF billion)<SUP>3,&nbsp;4</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3.7</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">9.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Cost/income ratio (%)<SUP>5</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>59</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">65</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">66</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">

<TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Cost/income
ratio before goodwill (%)<SUP>2,&nbsp;5</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>59</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">65</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">66</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Non-performing loans/gross loans outstanding (%)</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3.6</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5.5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Impaired loans/gross loans outstanding (%)</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>6.0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">9.4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1"><B>Additional information</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="center"><FONT size="1">% change from</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">As at or for the year ended</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Deferred releases included in credit loss expense<SUP>1</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>240</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">115</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">109</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Client assets (CHF billion)</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>494</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">544</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(9</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Regulatory equity allocated (average)</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>5,700</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5,850</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7,550</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(3</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Fair value of employee stock options granted</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>38</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B><SUP>6</SUP></B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Headcount (full-time equivalents)</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>18,442</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">19,220</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">20,437</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(4</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<DIV align="left"><FONT size="1"><sup>1</sup> In management accounts, statistically derived actuarial expected
loss adjusted by deferred releases rather than the net IFRS actual
credit loss is reported in the Business Groups (see Note 2 to the
Financial Statements). Deferred releases represent amortization of
historical differences between actual credit losses and actuarial
expected loss (for more information, please refer to pages 39 and 40
of the UBS Financial Report 2002).&nbsp;&nbsp;&nbsp;<sup>2</sup>
Excludes the amortization of goodwill and other intangible
assets.&nbsp;&nbsp;&nbsp;<sup>3</sup>
Excludes interest and dividend
income.&nbsp;&nbsp;&nbsp;<sup>4</sup>&nbsp;Calculated using the former
definition of assets under management up to and including second
quarter 2001.&nbsp;&nbsp;&nbsp;<sup>5</sup> Operating expenses/operating income before credit loss
expense.&nbsp;&nbsp;&nbsp;<sup>6</sup> For informational purposes only. These pre-tax amounts have
not been recorded in the Income statement. For details on the fair
value calculation, refer to Note 32e to the Financial Statements.
</FONT></DIV>

<P>
<DIV style="width: 100%; border: 1px solid black; padding: 10px;">
<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="41%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="41%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left" colspan="3"><FONT size="2"><B>Components of Operating Income</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="5" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" align="left" valign="top"><FONT size="2">
Business Banking Switzerland derives its operating income principally from:
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" rowspan="4" valign="top"><FONT size="2">As a result, Business Banking Switzerland&#146;s
operating income is affected by movements in interest rates,
fluctuations in invested assets, client activity levels, investment
performance and changes in market conditions.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&#150;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
net interest income from its loan
portfolio and customer deposits;</FONT></TD>

</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&#150;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
fees for investment management
services;</FONT></TD>

</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&#150;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
transaction fees.</FONT></TD>

</TR>
 </TABLE>
</DIV>
</DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 48
</B></FONT>

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

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P><FONT size="2"><B>Significant financial events</B>
</FONT>

<DIV align="left"><FONT size="2">There were no significant
financial events that affected
this business unit in 2002, 2001
or 2000.
</FONT></DIV>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="4" color="#7F7F7F">2002
</FONT></TD>
    </TR>
</TABLE>


<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#0865AB"><B>Key performance indicators</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">Invested assets fell from CHF 215
billion in 2001 to CHF 205
billion in 2002 as negative
market developments and the
weakening of major currencies
against the Swiss franc were only
partially offset by positive net
new money inflows. In 2002,
Business Banking Switzerland
attracted net new money of CHF
3.7&nbsp;billion, down from CHF 9.2
billion in 2001. This drop was
due to smaller inflows from large
corporate client accounts &#151; a
business traditionally subject to
volatile inflows and outflows.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For full-year 2002, the
cost/income ratio was a record
low 59%, 6&nbsp;percentage points
below the previous year&#146;s ratio
of 65%, reflecting the drop in
total operating expenses to the
lowest level since 1999.
</FONT></DIV>

<P align="center"><FONT size="2"><IMG src="y84349y8434915.gif" alt="(Pre-goodwill cost-income ratio)">
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Business Banking
Switzerland&#146;s loan portfolio
decreased to CHF 139&nbsp;billion at
31 December&nbsp;2002 from CHF 146
billion at 31 December&nbsp;2001,
driven by lower volumes in the
corporate clients area and the
further reduction in the recovery
portfolio from CHF 12&nbsp;billion at
31 December&nbsp;2001 to CHF 8.6
billion at 31 December&nbsp;2002. This
positive development was also
reflected in the key credit
quality ratios: the
non-performing loan ratio
declined to 3.6% from 4.8%, while
the ratio of impaired loans to
gross loans saw a further
improvement, falling to 6.0% from
7.7%.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Full-year interest income in
2002 was below the previous year
mainly due to lower interest
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="center"><FONT size="2"><IMG src="y84349y8434916.gif" alt="(Impaired loans-gross loans)">
</FONT>

<P align="left"><FONT size="2">margins on savings and cash
accounts as well as the fall in
the US dollar, which caused the
Swiss franc equivalent of US
dollar interest rate revenues to
drop.
</FONT>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#0865AB"><B>Results</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">In 2002, full-year pre-tax profit
was a record CHF 1,967&nbsp;million,
up 32% from 2001, achieved
despite declining revenues in
difficult market conditions, due
to continued tight management of
our cost base and lower credit
loss expenses. Personnel expenses
dropped due to lower
performance-related compensation
as well as a drop in headcount
whereas general and
administrative expenses reached
their lowest level since 1999.
</FONT>

<P align="center"><FONT size="2"><IMG src="y84349y8434917.gif" alt="(Performance before tax)">
</FONT>

<P><FONT size="2"><B>Operating income</B>
</FONT>

<DIV align="left"><FONT size="2">Full-year operating income was
CHF 5,208&nbsp;million, almost
unchanged from 2001&#146;s level of
CHF 5,225&nbsp;million. Interest
income fell because of continued
pressure on margins of liability
products. Trading and
transactional income also
declined, reflecting the
difficult market environment,
although these developments were
mostly offset by lower credit
loss expenses, which fell to CHF
</FONT></DIV>

</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 49
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="16%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="74%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
<B>Review of Business Group Performance <BR>
UBS Wealth Management &#038; Business Banking</B></FONT></TD>
</TR>
 </TABLE>
</DIV>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">286&nbsp;million in 2002, down 50%
from CHF 567&nbsp;million in 2001.
This drop reflects the continued
success in improving the quality
of our loan portfolio through the
implementation of risk-adjusted
pricing and the deferred benefit
of the prior year&#146;s better than
expected credit performance.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income from <I>Private Clients</I>
declined from CHF 3,185&nbsp;million
in 2001 to CHF 3,014&nbsp;million in
2002, reflecting mainly a decline
in interest income due to lower
margins of liability products due
to lower market rates. In
addition, fee income decreased as
a result of a lower asset base
and weaker client activity.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income from <I>Corporate
Clients </I>declined 5% from CHF
2,263&nbsp;million in 2001 to CHF
2,148&nbsp;million in 2002 reflecting
lower interest, fee and trading
income due to the weak financial
markets.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income from <I>Other </I>areas
dropped by 3% to CHF 332&nbsp;million
in 2002 from CHF 344&nbsp;million in
2001 mainly due to a methodology
change regarding the treatment of
revenues from correspondent
banking clients.
</FONT></DIV>

<P><FONT size="2"><B>Operating expenses</B>
</FONT>

<DIV align="left"><FONT size="2">Full-year 2002 operating expenses
decreased 13% from CHF 3,739
million in 2001 to CHF 3,241
million and were at their lowest
level since 1999.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personnel expenses dropped
5% from CHF 2,878&nbsp;million in 2001
to CHF 2,727&nbsp;million in 2002, due
to lower headcount.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative
expenses, at CHF 159&nbsp;million,
continued to drop and were 60%
lower than the CHF 396&nbsp;million
recorded in 2001. This drop
reflects our continuous efforts
to control costs as well as
higher usage of services, mainly
IT, provided to other business
units. Overall, the very low
level of general and
administrative expenses is
explained by the integrated
business model of UBS through
which Business Banking
Switzerland provides a
significant number of services to
other business units of the
Group, mainly Private Banking. In
accounting terms, the costs for
these services are charged to the
receiving unit as general and
administrative
expenses, offset by lower
general and administrative
expenses in the provider unit.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation for full-year
2002 dropped to CHF 355&nbsp;million
from CHF 465&nbsp;million in 2001 as
information technology equipment
is increasingly being leased
instead of bought.
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P><FONT size="2"><B>Headcount</B>
</FONT>

<DIV align="left"><FONT size="2">Business Banking Switzerland&#146;s
headcount was 18,442 on 31
December&nbsp;2002, a decline of 778
or 4% from 31 December&nbsp;2001, as
we continued to streamline
processes and structures.
</FONT></DIV>

<P align="center"><FONT size="2"><IMG src="y84349y8434918.gif" alt="(Headcount)">
</FONT>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="4" color="#7F7F7F">2001
</FONT></TD>
    </TR>
</TABLE>


<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#0865AB"><B>Key performance indicators</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">In 2001, Business Banking
Switzerland attracted net new
money of CHF 9.2&nbsp;billion, a clear
improvement over 2000&#146;s CHF 2.7
billion, reflecting improved
flows from both private clients
and corporate clients, where
flows can be larger and more
volatile. Invested assets were
CHF 215&nbsp;billion as of 31 December
2001.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Business Banking Switzerland
continued to focus successfully
on stringent cost control
measures reflected in a one
percentage point decline in the
full year&#146;s pre-goodwill
cost/income ratio from 66% in
2000 to 65% in 2001. This
resulted from reductions in
headcount and in
performance-related compensation
expenses.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Business Banking
Switzerland&#146;s loan portfolio
decreased from CHF 150&nbsp;billion at
31 December&nbsp;2000 to CHF 146
billion at 31 December&nbsp;2001,
driven by reductions in the more
volatile business with banks and
the further reduction in the
recovery portfolio from CHF 15
billion to CHF 12&nbsp;billion.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The strength of the Swiss
economy in the early part of 2001
and our continued successful
recovery efforts were reflected
in an improvement in key asset
quality ratios since the end of
2000. The non-performing loans to
total loans ratio decreased from
5.5% to 4.8% while the ratio of
impaired loans to gross loans
further improved from 9.4% to
7.7%.
</FONT></DIV>

</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">



<P align="left"><FONT size="2"><B>
 50
</B></FONT>


<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#0865AB"><B>Results</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">Business Banking Switzerland
enjoyed a very strong year,
despite the much more difficult
market conditions, with profit
before tax in 2001 up 18%
compared to 2000, at CHF 1,486
million. The implementation of
risk-adjusted pricing and the
strength of the Swiss economy in
2000 and early 2001 led to a
significant increase in credit
quality, while operating expenses
have remained under tight
control, falling 5% compared to
2000.
</FONT>

<P><FONT size="2"><B>Operating income</B>
</FONT>

<DIV align="left"><FONT size="2">Operating income in 2001 was up
CHF 22&nbsp;million from 2000 at CHF
5,225&nbsp;million, principally
reflecting the reduction in
credit loss expense partially
offset by the effect of weaker
markets in 2001 on fee and
commission income.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Business Banking Switzerland
has improved the quality of its
loan portfolio considerably in
recent years, principally through
the introduction of risk-adjusted
pricing, leading to a lower
adjusted expected loss charge in
2001 compared to 2000. In
2001, we introduced a new
process for calculating the
adjusted expected loss charged to
the Business Groups, under which
the difference between the actual
IFRS credit losses and the
actuarial expected loss calculated
for management reporting purposes
is charged or credited back to the
business units over a three-year
period, so that the risks and
rewards over the cycle are better
reflected in their results. Since
actual credit losses in Business
Banking Switzerland have recently
been lower than the adjusted
expected loss charge, this
deferral process has also resulted
in a lower adjusted expected loss
charge (see pages 39 and 40 for
further details).
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Together these effects led
to a credit loss expense of CHF
567&nbsp;million in 2001, down 24%
from CHF 750&nbsp;million in 2000.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income from <I>Private Clients</I>
declined from CHF 3,520&nbsp;million
in 2000 to CHF 3,185&nbsp;million in
2001 due to lower fee income,
reflecting lower market activity
levels as well as lower interest
income because of liability
margin pressure.
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income from <I>Corporate
Clients </I>increased by 2% from CHF
2,217&nbsp;million in 2000 to CHF
2,263&nbsp;million in 2001, reflecting
higher income due to a change in
the treatment of interest on
impaired loans (previously
recorded as a reduction in credit
loss expense), which more than
offset lower interest and fee
income due to the weaker
financial markets.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income from <I>Other </I>areas
increased by 59% from CHF 216
million in 2000 to CHF 344
million in 2001 reflecting higher
disposal revenues (the sale of
TicketCorner) and higher one-off
revenues from minority holdings.
</FONT></DIV>

<P><FONT size="2"><B>Operating expenses</B>
</FONT>

<DIV align="left"><FONT size="2">Operating expenses remain under
strict control, totaling CHF
3,739&nbsp;million in 2001, CHF 203
million lower than in 2000.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative
expenses in 2001, at CHF 396
million, were 4% higher than in
2000, principally reflecting
higher liability risk provisions,
partially offset by lower IT
outsourcing costs and the
continued effect of our efforts
to control costs.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personnel expenses declined
by CHF 243&nbsp;million compared to
2000, to CHF 2,878&nbsp;million,
reflecting a fall in headcount of
1,217 since the end of 2000, and
lower performance-related pay.
Over the full year, the
compensation ratio in Business
Banking Switzerland was 50%, down
from 52% in 2000.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation increased 12%
from 2000, to CHF 465&nbsp;million,
principally reflecting
cancellation of previously
capitalized software projects as
a result of cost control
measures. Goodwill amortization
dropped from CHF 26&nbsp;million in
2000 to zero in 2001, reflecting
the writeoff of goodwill on a
credit card portfolio in 2000.
</FONT></DIV>

<P><FONT size="2"><B>Headcount</B>
</FONT>

<DIV align="left"><FONT size="2">Business Banking Switzerland&#146;s
headcount declined by a further
6% in 2001, from 20,437 on 31
December&nbsp;2000 to 19,220 on 31
December&nbsp;2001, as the cost
control effects from the
systematic implementation of the
strategic projects portfolio
and the benefits of the merger
between Union Bank of Switzerland
and Swiss Bank Corporation
continued to be realized.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">



<P align="right"><FONT size="2"><B>
 51
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
 <TR valign="bottom">
    <TD width="16%">&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>
    <TD width="68%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
<B>Review of Business Group Performance <br>
UBS Global Asset Management</B></FONT></TD>
</TR>
 </TABLE>
</DIV>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<!-- link1 "UBS Global Asset Management" -->
<DIV align="left"><A NAME="035"></A></DIV>
<P><FONT size="5">UBS Global Asset Management
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P><DIV style="float: left; width:24%">

<P><FONT size="2"><IMG src="y84349y8434919.gif" alt="(JOHN FRASER IMAGE)"><BR>
<B>John A. Fraser</B><BR>
Chairman and CEO<BR>
UBS Global Asset Management
</FONT>

</DIV><DIV style="float: right; width: 68%">

<P align="left"><FONT size="2"><B><FONT color="#0865AB">Pre-tax profit in 2002 was CHF 187&nbsp;million, down 33% from 2001. The
declines in equity markets throughout 2002 resulted in lower invested
asset levels and subsequently, lower asset-based revenues. This
decrease was partially offset by ongoing initiatives to control costs.</FONT></B>
</FONT>

<P align="center"><HR align="center" color="#000000" size="1" width="100%" noshade>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="57%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left"><FONT size="2"><B>Business Group reporting</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left"><FONT size="1"><I>CHF million, except where indicated</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">% change from</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">For the year ended</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Institutional fees</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>899</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,174</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,242</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(23</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Wholesale Intermediary fees</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,054</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,044</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">836</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Total operating income</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,953</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,218</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,078</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(12</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Personnel expenses</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>946</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,038</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">941</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(9</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">General and administrative expenses</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>513</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">569</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">434</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(10</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Depreciation</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>37</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">46</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">49</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(20</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Amortization of goodwill and other intangible assets</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>270</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">286</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">267</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(6</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Total operating expenses</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,766</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,939</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,691</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(9</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Business Group performance before tax</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>187</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">279</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">387</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(33</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Business Group performance before tax and goodwill<SUP>1</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>457</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">565</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">654</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(19</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>KPIs</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Cost/income ratio (%)<SUP>2</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>90</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">87</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">81</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Cost/income ratio before goodwill (%)<SUP>1, 2</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>77</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">75</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">69</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Institutional</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Invested assets (CHF billion)</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>279</B><SUP><B>3</B></SUP></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">328</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">323</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(15</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Net new money (CHF billion)<SUP>4</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(0.6</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(70.8</FONT></TD>
    <TD nowrap><FONT size="1">)<SUP>5</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Gross margin on invested assets (bps)<SUP>6</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>29</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">37</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">38</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(22</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Wholesale Intermediary</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Invested assets (CHF billion)</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>278</B><SUP><B>3</B></SUP></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">344</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">319</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(19</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Net new money (CHF billion)<SUP>4</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(1.8</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">28.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2.9</FONT></TD>
    <TD nowrap><FONT size="1"><SUP>5</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Gross margin on invested assets (bps)<SUP>6</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>34</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">32</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">36</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1"><B>Additional information</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">% change from</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">As at</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Client assets (CHF billion)</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>557</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">672</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(17</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Regulatory equity allocated (average)</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,750</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,850</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,550</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(5</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Fair value of employee stock options granted</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>44</B><SUP><B>7</B></SUP></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Headcount (full-time equivalents)</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3,346</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,281</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,860</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<DIV align="left"><FONT size="1"><SUP>1</SUP> Excludes the
amortization of goodwill and other intangible assets.&nbsp;&nbsp;<SUP>2</SUP>
Operating expenses/operating income.&nbsp;&nbsp;<SUP>3</SUP> In the second quarter 2002
invested assets of CHF 7.7&nbsp;billion were transferred from Mutual Funds
(now renamed Wholesale Intermediary). Prior years are shown according
to the old classification.&nbsp;&nbsp;<SUP>4</SUP> Excludes interest and
dividend income.&nbsp;&nbsp;<SUP>5</SUP>
Calculated using the former definition of assets under
management.&nbsp;&nbsp;<SUP>6</SUP> Income/average invested
assets.&nbsp;&nbsp;<SUP>7</SUP> For informational purposes only. These
pre-tax amounts have not been recorded in the Income statement.
For details on the fair value calculation, refer to Note 32e to the Financial
Statements.
</FONT></DIV>

</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">


<P align="left"><FONT size="2"><B>
 52
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<P><DIV style="float: left; width:22%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:76%">

<P>
<DIV style="width: 100%; border: 1px solid black; padding: 10px;">
<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="6%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2"><B>Components of Operating Income</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">UBS Global Asset Management
generates its revenue from the
asset management services it
provides to institutional and
wholesale intermediary clients. Fees
charged to institutional clients
and wholesale intermediary
clients are based on the market
value of invested assets and on</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
successful investment
performance. As a result, UBS
Global Asset Management&#146;s
revenues are affected by changes
in market and currency valuation
levels as well as flows of client
funds, and relative investment
performance.</FONT></TD>
</TR>
 </TABLE>
</DIV>
</DIV>

</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P><FONT size="2"><B>Significant financial events</B>
</FONT>

<DIV align="left"><FONT size="2">There were no significant
financial events that affected
this Business Group in 2002, 2001
or 2000.
</FONT></DIV>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="4" color="#7F7F7F">2002
</FONT></TD>
    </TR>
</TABLE>


<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#0865AB"><B>Key performance indicators</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">For 2002, the pre-goodwill
cost/income ratio was 77%, up 2
percentage points from a year
earlier. The increase was
primarily due to lower invested
asset values, which resulted in
lower asset-based revenues. Those
developments, however, were
partially offset by lower
operating expenses prompted by
ongoing initiatives to control
costs.
</FONT>

<P align="center"><FONT size="2"><IMG src="y84349y8434920.gif" alt="(PREGOODWILL COST-INCOME RATIO)">
</FONT>

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

<DIV align="left"><FONT size="2">Institutional invested assets, at
CHF 279&nbsp;billion on 31 December
2002, declined 15% from their
level on 31 December&nbsp;2001. The
decrease in assets was due to the
decline seen in financial markets
during the year as well as the
drop of the US dollar against the
Swiss franc over the year.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For full-year 2002, the
outflow of net new money was CHF
0.6&nbsp;billion. This is a
disappointing figure compared to
the net new money inflow of CHF
6.2&nbsp;billion recorded in 2001.
Strong inflows into equity
mandates were more than offset by
outflows from alternative asset
and fixed income mandates.
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="center"><FONT size="2"><IMG src="y84349y8434921.gif" alt="(NET NEW MONEY-INSTITUTIONAL)">
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Full-year gross margin was
29 basis points, a decrease of 8
basis points from 2001 due to
lower performance fees and a
lower proportion of assets in
alternative investments.
</FONT>
<P align="center"><FONT size="2"><IMG src="y84349y8434922.gif" alt="(GROSS MARGIN ON INVESTED ASSETS)">
</FONT>

<P><FONT size="2"><B>Wholesale Intermediary</B>
</FONT>

<DIV align="left"><FONT size="2">Invested assets stood at CHF 278
billion on 31 December&nbsp;2002, down
from CHF 344&nbsp;billion on 31
December&nbsp;2001. The decline was
primarily the result of negative
currency impacts and declining
markets as well as slightly
negative net new money.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For full-year 2002, the
outflow of net new money was CHF
1.8&nbsp;billion compared to an inflow
of CHF 28.7&nbsp;billion in 2001. The
outflow was largely due to CHF
7.0&nbsp;billion in money market
funds, primarily in the Americas.
Inflows of CHF 3.2&nbsp;billion into
equity and private market
mandates globally in all business
areas as well as an inflow of CHF
3.0&nbsp;billion into alter-
</FONT></DIV>

</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">


<P align="right"><FONT size="2"><B>
 53
</B></FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="16%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="74%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
<B>Review of Business Group Performance <br>
UBS Global Asset Management</B></FONT></TD>
</TR>
 </TABLE>
</DIV>

<P><DIV style="float: left; width:24%">

</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="center"><FONT size="2"><IMG src="y84349y8434923.gif" alt="(WHOLESALE INTERMDIARY)">
</FONT>

<P align="left"><FONT size="2">native investments, primarily
at GAM, largely offset the
outflow.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The gross margin rose to 34
basis points in 2002 from 32
basis points in 2001 as a result
of the asset mix improving
towards higher margin asset
classes.
</FONT></DIV>

<P align="center"><FONT size="2"><IMG src="y84349y8434924.gif" alt="(WHOLESALE INTERMDIARY-BPS)">
</FONT>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#0865AB"><B>Investment capabilities and performance</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">Global equity markets ended the
year in significantly negative
territory with the US market, as
measured by the S&#038;P 500, posting
its first consecutive three-year
decline since the Second World
War. Markets outside the US have
now fallen further from peak to
trough than in their most
significant previous contraction
in the mid-1970s. Contributing to
the erosion of equity values was
the investor realization that any
recovery would not be as robust as
hoped, both with regard to
economic fundamentals and
earnings.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The majority of UBS Global
Asset Management funds finished
the year strongly, well above
benchmark in the fourth quarter
2002. The Global Equity Composite
led the way, beating <I>MSCI World
Equity Free Index </I>benchmark
returns for the year, 3- and
5-year periods by
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">significant
margins. The UK Balanced Equity
portfolio continued to perform
well against the <I>FTSE All-Share
Index </I>for the same periods and
our US Equity Composite surpassed
the <I>Wilshire 5000 </I>benchmark by
more than 5&nbsp;percentage points in
2002. It also remains ahead of
the benchmark for 3-, and 5-year
periods. Emerging equities also
showed good results for the year
and have also outperformed their
benchmark, the <I>MSCI Emerging
Equity Markets Free Index</I>, for
each of the past 3- and 5-year
periods as well.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The deteriorating global
economy and a flight to quality by
equity investors provided the
backdrop for a rally in the global
sovereign bond market during the
year. UBS Global Asset
Management&#146;s Global Bond Composite
exceeded the <I>Salomon WGBI </I>index
for the year and the 3-year period
as well, but trailed the index for
5-year annualized returns. The US
Bond Composite also exceeded the
<I>Lehman US Aggregate Index </I>for the
3-, and 5-year periods. Credit
research has been strong, with the
Global Aggregate Composite
finishing well ahead of the <I>Lehman
Global Aggregate </I>in 2002, but
Emerging Markets Debt ended the
year poorly, albeit preserving its
3- and 5-year outperformance
against the <I>JP Morgan EMBI Global</I>
index.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balanced portfolios also
fared well this past year, as
exemplified by the Global
Multi-Asset Fund, which
outperformed the <I>Multiple Markets
Index </I>by 4.6&nbsp;percentage points.
Security selection within the
component asset classes and
currency strategies favoring the
euro at the expense of the US
dollar were primarily
responsible. In the 1-, 3-, and
5-year periods, returns continued
to be significantly ahead of the
benchmark.
</FONT></DIV>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#0865AB"><B>Results</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">UBS Global Asset Management
reported for full-year 2002 a
pre-tax profit of CHF 187
million, a decrease of 33% from
2001&#146;s pre-tax profit of CHF 279
million. The declines in equity
markets experienced throughout
2002 resulted in lower invested
asset levels and subsequently,
lower asset-based revenues. These
developments were partially
offset by ongoing initiatives to
control
costs. Over the year, personnel
expenses decreased due to a
decline in incentive compensation
while general and administrative
</FONT>

</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">


<P align="left"><FONT size="2"><B>
 54
</B></FONT>
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<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="center"><FONT size="2"><IMG src="y84349y8434925.gif" alt="(PERFORMANCE BEFORE TAX)">
</FONT>

<P align="left"><FONT size="2">expenses fell due to lower IT and
premises expenditures.
</FONT>

<P><FONT size="2"><B>Operating income</B>
</FONT>

<DIV align="left"><FONT size="2">In full-year 2002, operating
income declined CHF 265&nbsp;million,
or 12%, to CHF 1,953&nbsp;million,
primarily due to the declines in
financial markets during the year
feeding through to asset-based
revenues and the US dollar&#146;s
weakening against the Swiss
franc.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional revenues fell
to CHF 899&nbsp;million in full-year
2002 from CHF 1,174&nbsp;million a
year earlier due to the US
dollar&#146;s weakening against the
Swiss franc, lower performance
fees at O&#146;Connor, and the effect
of market declines on asset-based
revenues.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For full-year 2002,
Wholesale Intermediary revenues,
at CHF 1,054&nbsp;million, increased
slightly from CHF 1,044&nbsp;million a
year earlier due to an increase
in higher margin assets invested
with GAM.
</FONT></DIV>

<P><FONT size="2"><B>Operating expenses</B>
</FONT>

<DIV align="left"><FONT size="2">For full-year 2002, operating
expenses declined to CHF 1,766
million from CHF 1,939&nbsp;million a
year earlier, primarily due to
cost saving initiatives.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personnel expenses were CHF
946&nbsp;million in 2002, CHF 92
million lower than in 2001,
reflecting lower incentive-based
compensation partially offset by
higher severance expenses.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative
expenses fell to CHF 513&nbsp;million
from CHF 569&nbsp;million in the same
period, reflecting a weaker US
dollar, and lower project-related
expenses.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Over the year, depreciation
decreased from CHF 46&nbsp;million to
CHF 37&nbsp;million as some assets
became fully depreciated.
Amortization declined CHF 16
million to CHF 270&nbsp;million,
reflecting the drop in the US
dollar against the Swiss franc.
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P><FONT size="2"><B>Headcount</B>
</FONT>

<DIV align="left"><FONT size="2">Headcount, at 3,346 on 31
December&nbsp;2002, was up from 3,281
on 31 December&nbsp;2001. The increase
of 2% primarily reflects
additional headcount at GAM and a
reclassification from contractors
to employees at O&#146;Connor.
</FONT></DIV>

<P align="center"><FONT size="2"><IMG src="y84349y8434926.gif" alt="(HEADCOUNT)">
</FONT>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="4" color="#7F7F7F">2001
</FONT></TD>
    </TR>
</TABLE>


<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#0865AB"><B>Key performance indicators</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">Invested assets increased 5%
during the year from CHF 642
billion on 31 December&nbsp;2000 to
CHF 672&nbsp;billion on 31 December
2001. Net new money was CHF 34.9
billion for the year, reflecting
the recognition of strong
relative investment performance
and business development efforts.
The pre-goodwill cost/income
ratio rose from 69% in 2000 to
75% in 2001, principally
reflecting the higher cost/income
ratio of the Brinson Advisors
(now rebranded UBS Global Asset
Management) business transferred
from UBS PaineWebber at the start
of the year.
</FONT>

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

<DIV align="left"><FONT size="2">Institutional invested assets
increased from CHF 323&nbsp;billion on
31 December&nbsp;2000 to CHF 328
billion
on 31 December&nbsp;2001. This 2%
increase was due to CHF 6.2
billion in net new money and a CHF
34&nbsp;billion increase in invested
assets from the acquisition of RT
Capital (now rebranded UBS Global
Asset Management) which more than
offset negative market
performance.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net new money in 2001 was
CHF 6.2&nbsp;billion, a great
improvement from the net outflows
of CHF 70.8&nbsp;billion in 2000, as
clients start to recognize the
success of our integrated global
invest-
</FONT></DIV>

</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">


<P align="right"><FONT size="2"><B>
 55
</B></FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="16%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="74%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
<B>Review of Business Group Performance <br>
UBS Global Asset Management</B></FONT></TD>
</TR>
 </TABLE>
</DIV>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">ment management platform,
which delivered strong
relative investment
performance in both 2001 and
2000.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Full-year gross margin was 37
basis points, a decrease of 1
basis point from 2000, primarily
due to lower performance fees in
O&#146;Connor and the addition of the
lower margin Brinson Advisors
business.
</FONT></DIV>

<P><FONT size="2"><B>Wholesale Intermediary</B>
</FONT>

<DIV align="left"><FONT size="2">Wholesale Intermediary&#146;s invested
assets increased CHF 25&nbsp;billion,
from CHF 319&nbsp;billion at 31
December&nbsp;2000 to CHF 344&nbsp;billion
at 31 December&nbsp;2001, driven by net
new money. Market performance was
limited to a negative impact on
invested assets of less than 1%.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net new money of CHF 28.7
billion in 2001, compared to CHF
2.9&nbsp;billion in 2000, reflected
much better asset-gathering
performance in both Europe and
the Americas, particularly in
fixed income mandates.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The gross margin in 2001
decreased 4 basis points to 32
basis points due to the addition
of Brinson Advisors, which has a
high proportion of lower margin
money market funds, partially
offset by the introduction of a
new pricing structure for UBS
Investment Funds.
</FONT></DIV>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#0865AB"><B>Results</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">Pre-tax profit of CHF 279&nbsp;million
in 2001 was 28% lower than 2000.
Despite market declines and lower
performance fees in the O&#146;Connor
business, income increased as a
result of the new investment funds
pricing structure introduced in
2001, the acquisition of RT
Capital and the inclusion of
Brinson Advisors. This was more
than offset by higher personnel
expenses and general and
administrative expenses driven by
spending on growth initiatives,
the integration of Brinson
Advisors and the acquisition of RT
Capital in third quarter.
</FONT>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P><FONT size="2"><B>Operating income</B>
</FONT>

<DIV align="left"><FONT size="2">Operating income increased CHF
140&nbsp;million, or 7%, from 2000 to
CHF 2,218&nbsp;million in 2001, as a
result of the inclusion of
Brinson Advisors, the new pricing
structure introduced this year
for investment funds and the
acquisition of RT Capital. These
effects were partially offset by
lower performance fees at
O&#146;Connor, our alternative
investment business, and the
effect on asset-based revenues of
market declines in 2001 and
institutional asset outflows in
2000 which led to lower average
assets compared to 2000.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional income fell 5%
in 2001 compared to 2000, to CHF
1,174&nbsp;million, while Wholesale
Intermediary revenue increased
25% from 2000 to CHF 1,044
million in 2001.
</FONT></DIV>

<P><FONT size="2"><B>Operating expenses</B>
</FONT>

<DIV align="left"><FONT size="2">Operating expenses increased 15%
to CHF 1,939&nbsp;million in 2001,
driven by the addition of Brinson
Advisors and RT Capital.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative
expenses increased 31% from CHF
434&nbsp;million in 2000 to CHF 569
million in 2001, principally
reflecting the addition of
Brinson Advisors.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personnel expenses increased
10% from CHF 941&nbsp;million in 2000
to CHF 1,038&nbsp;million in 2001,
again mostly due to the addition
of Brinson Advisors, which more
than offset a considerable
decline in performance-related
compensation.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation decreased 6%
from CHF 49&nbsp;million in 2000 to
CHF 46&nbsp;million in 2001.
Amortization of goodwill and
other intangible assets increased
7% to CHF 286&nbsp;million in 2001,
reflecting the effect of the
acquisition RT Capital.
</FONT></DIV>

<P><FONT size="2"><B>Headcount</B>
</FONT>

<DIV align="left"><FONT size="2">Headcount increased by 421 in
2001, from 2,860 at 31 December
2000 to 3,281 at 31 December
2001, mostly due to the
integration of Brinson Advisors
and RT Capital.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">


<P align="left"><FONT size="2"><B>
 56
</B></FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="16%">&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>
    <TD width="68%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
<B>Review of Business Group Performance <br>
UBS Warburg</B></FONT></TD>
</TR>
 </TABLE>
</DIV>

<!-- link1 "UBS Warburg" -->
<DIV align="left"><A NAME="036"></A></DIV>

<P><FONT size="5">&nbsp;
</FONT>

<P><FONT size="5">UBS Warburg
</FONT>

<P><FONT size="5">&nbsp;
</FONT>

<P><DIV style="float: left; width:24%">

<P><FONT size="2"><IMG src="y84349y8434927.gif" alt="(JOHN P COSTAS)"><BR>
<B>John P. Costas</B><BR>
Chairman and CEO<BR>
UBS Warburg
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup><SUP>1</SUP>
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">In management
accounts,
statistically
derived
actuarial
expected loss
adjusted by
deferred
releases rather
than the net
IFRS actual
credit loss is
reported in the
Business Groups
(see Note 2 to
the Financial
Statements).
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup><SUP>2</SUP>
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">Excludes the
amortization of
goodwill and
other
intangible
assets.
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup><SUP>3</SUP>
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">Operating
expenses/operating
income before
credit loss
expense.
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup><SUP>4</SUP>
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">Excludes interest and dividend income.
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup><SUP>5</SUP>
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">For
informational
purposes only.
These pre-tax
amounts have not
been recorded in
the Income
statement. For
details on the
fair value
calculation,
refer to Note
32e to the
Financial
Statements.
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup><SUP>6</SUP>
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">Excludes
significant
financial
events:
Personnel
expenses, CHF
86&nbsp;million,
General and
administrative
expenses, CHF
13&nbsp;million and
Depreciation,
CHF 7&nbsp;million
(all
PaineWebber
integration
costs).
</FONT></TD>
</TR>
</TABLE>

</DIV><DIV style="float: right; width: 68%">

<P align="left"><FONT size="2"><B><FONT color="#0865AB">Corporate and Institutional Clients net profit before tax in 2002, at
CHF 3,129&nbsp;million, was 17% lower than in 2001. Market conditions
remained challenging, although our Fixed Income, Rates and Currencies
business held up well. UBS Capital recorded a pre-tax loss of CHF
1,761&nbsp;million, with challenging market conditions and a slowdown in
corporate activity leading to deteriorating valuations in all markets
and industries.</FONT></B>
</FONT>

<P align="center"><HR align="center" color="#000000" size="1" width="100%" noshade>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="57%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left"><FONT size="2"><B>Business Group reporting</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left"><FONT size="1"><I>CHF million, except where indicated</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">% change from</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">For the year ended</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Income</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>12,498</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">14,715</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">18,240</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(15</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Credit loss expense<SUP>1</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(128</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(112</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(243</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">14</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Total operating income</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>12,370</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">14,603</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">17,997</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(15</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Personnel expenses</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>7,878</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8,354</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">9,451</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(6</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">General and administrative expenses</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2,378</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,650</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,755</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(10</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Depreciation</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>382</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">456</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">564</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(16</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Amortization of goodwill and other intangible assets</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>364</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">402</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">192</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(9</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Total operating expenses</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>11,002</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">11,862</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">12,962</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(7</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Business Group performance before tax</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,368</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,741</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5,035</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(50</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Business Group performance before tax and goodwill<SUP>2</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,732</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,143</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5,227</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(45</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Additional information</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Cost/income ratio (%)<SUP>3</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>88</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">81</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">71</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Cost/income ratio before goodwill (%)<SUP>2, 3</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>85</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">78</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">70</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Net new money (CHF billion)<SUP>4</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0.5</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Invested assets (CHF billion)</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">200</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Client assets (CHF billion)</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>133</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">109</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">22</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Regulatory equity allocated (average)</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>13,100</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">14,300</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">10,800</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(8</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Fair value of employee stock options granted</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>582</B><SUP><B>5</B></SUP></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="17" align="left"><FONT size="1"><B>Business Group reporting adjusted for Significant Financial Events</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1"><I>CHF million, except where indicated</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">% change from</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">For the year ended</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Income</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>12,498</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">14,715</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">18,240</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(15</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Credit loss expense<SUP>1</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(128</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(112</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(243</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">14</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Total operating income</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>12,370</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">14,603</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">17,997</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(15</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Personnel expenses</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>7,878</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8,354</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">9,365</FONT></TD>
    <TD nowrap><FONT size="1"><SUP>6</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(6</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">General and administrative expenses</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2,378</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,650</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,742</FONT></TD>
    <TD nowrap><FONT size="1"><SUP>6</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(10</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Depreciation</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>382</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">456</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">557</FONT></TD>
    <TD nowrap><FONT size="1"><SUP>6</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(16</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Amortization of goodwill and other intangible assets</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>364</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">402</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">192</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(9</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Total operating expenses</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>11,002</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">11,862</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">12,856</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(7</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Business Group performance before tax</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,368</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,741</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5,141</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(50</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Business Group performance before tax and goodwill<SUP>2</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,732</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,143</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5,333</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(45</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Additional information</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Cost/income ratio (%)<SUP>3</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>88</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">81</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">70</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Cost/income ratio before goodwill (%)<SUP>2, 3</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>85</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">78</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">69</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 57
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="16%">&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>
    <TD width="68%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
<B>Review of Business Group Performance<BR>
UBS Warburg</B></FONT></TD>
</TR>
 </TABLE>
</DIV>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="5" color="#7F7F7F">Corporate and Institutional Clients
</FONT></TD>
    </TR>
</TABLE>


<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 68%">

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="57%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="2"><B>Business Unit reporting</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1"><I>CHF million, except where indicated</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">% change from</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">For the year ended</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Investment Banking<SUP>1</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,915</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,541</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,700</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(25</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Equities</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>5,625</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6,422</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">10,300</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(12</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Fixed Income, Rates and Currencies<SUP>2</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>6,490</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6,350</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,590</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Non-core business</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>70</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">274</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">280</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(74</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Income</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>14,100</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">15,587</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">17,870</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(10</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Credit loss expense<SUP>3</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(128</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(112</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(243</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">14</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Total operating income</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>13,972</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">15,475</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">17,627</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(10</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Personnel expenses<SUP>4</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>7,784</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8,258</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">9,223</FONT></TD>
    <TD nowrap><FONT size="1"><SUP>5</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(6</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">General and administrative expenses</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2,314</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,586</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,695</FONT></TD>
    <TD nowrap><FONT size="1"><SUP>5</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(11</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Depreciation</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>381</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">454</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">555</FONT></TD>
    <TD nowrap><FONT size="1"><SUP>5</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(16</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Amortization of goodwill and other intangible assets</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>364</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">402</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">190</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(9</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Total operating expenses</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>10,843</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">11,700</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">12,663</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(7</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Business unit performance before tax</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3,129</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,775</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,964</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(17</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Business unit performance before tax and goodwill<SUP>6</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3,493</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,177</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5,154</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(16</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>KPIs</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Compensation ratio (%)<SUP>7</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>55</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">53</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">52</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Cost/income ratio (%)<SUP>8</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>77</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">75</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">71</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Cost/income ratio before goodwill (%)<SUP>6, 8</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>74</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">72</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">70</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Non-performing loans/gross loans outstanding (%)</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1.6</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2.6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2.8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Impaired loans/gross loans outstanding (%)</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3.2</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5.4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5.6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Average VaR (10-day 99%)</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>275</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">252</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">242</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1"><B>Additional information</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">% change from</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">As at or for the year ended</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Deferred releases included in credit loss expense<SUP>3</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(2</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">38</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">36</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Regulatory equity allocated (average)</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>12,550</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">13,600</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">10,250</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(8</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Fair value of employee stock options granted</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>567</B><SUP><B>9</B></SUP></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Headcount (full-time equivalents)</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>15,964</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">15,562</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">15,262</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<DIV align="left"><FONT size="1"><SUP>1</SUP> Formerly Corporate
Finance. &nbsp;&nbsp;<SUP>2</SUP> Formerly Fixed Income and Foreign
Exchange. &nbsp;&nbsp;<SUP>3</SUP> In management accounts, statistically derived actuarial
expected loss adjusted by deferred releases rather than the net IFRS
actual credit loss is reported in the Business Groups (see Note 2 to
the Financial Statements). Deferred releases represent amortization of
historical differences between actual credit losses and actuarial
expected loss (for more information, please refer to pages 39 and 40
of the UBS Financial Report 2002). &nbsp;&nbsp;<SUP>4</SUP>&nbsp;Includes retention payments in
respect of the PaineWebber acquisition. 2002: CHF 54&nbsp;million, 2001:
CHF 46&nbsp;million, 2000: CHF 11&nbsp;million &nbsp;&nbsp;<SUP>5</SUP> Excludes significant financial
events: Personnel expenses, CHF 86&nbsp;million, General and administrative
expenses, CHF 13&nbsp;million and Depreciation, CHF 7&nbsp;million (all
PaineWebber integration costs). &nbsp;&nbsp;<SUP>6</SUP> Excludes the amortization of
goodwill and other intangible assets. &nbsp;&nbsp;<SUP>7</SUP> Personnel expenses/operating
income before credit loss expense. &nbsp;&nbsp;<SUP>8</SUP> Operating expenses/operating income before credit loss
expense. &nbsp;&nbsp;<SUP>9</SUP>&nbsp;For informational purposes only. These pre-tax amounts have not been
recorded in the Income statement. For details on the fair value
calculation, refer to Note 32e to the Financial Statements.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 58
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P>
<DIV style="width: 100%; border: 1px solid black; padding: 10px;">
<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left" colspan="3"><FONT size="2"><B>Components of Operating Income</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="7" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD align="left" colspan="3" valign="top"><FONT size="2">
The Corporate and Institutional
Clients unit generates operating
income from:
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&#150;
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">gains and losses on market
making, proprietary, and
arbitrage positions.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&#150;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
commissions on
agency transactions and spreads
or markups on principal
transactions;
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>
 </TD>
    <TD align="left" colspan="3" rowspan="3" valign="top"><FONT size="2">As a result, Corporate and
Institutional Clients&#146; operating
income is affected by movements in market conditions, interest rate swings, the level of
trading activity in primary and
secondary markets and the extent
of merger and acquisition
activity. These and other
factors have had, and may in the future have, a significant impact on results of operations
from year to year.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&#150;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
fees from debt
and equity capital markets
transactions, leveraged finance,
and the structuring of
derivatives and complex
transactions;
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&#150;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
mergers and
acquisitions and other advisory
fees;
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
   <TD align="left" valign="top"><FONT size="2"></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&#150;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
interest income on
principal transactions and from
the loan portfolio; and</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
 </TABLE>
</DIV>
</DIV>

</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P><FONT size="2"><B>Significant financial events</B>
</FONT>

<DIV align="left"><FONT size="2">PaineWebber integration costs
were treated as a significant
financial event in 2000, and are
not reflected in adjusted
business unit results on the
previous page. The amounts
involved were personnel expenses
of CHF 86&nbsp;million, general and
administrative expenses of CHF 13
million, and depreciation of CHF
7&nbsp;million.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There were no significant
financial events that affected
this business unit in 2002 or
2001. The results in the
discussion below exclude
significant financial events.
</FONT></DIV>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="4" color="#7F7F7F">2002
</FONT></TD>
    </TR>
</TABLE>


<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#0865AB"><B>Key performance indicators</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">Our performance in 2002 reflects
the worldwide downturn in market
conditions. However, as a result
of our strong client franchise
and continuing efforts to manage
costs, results have proven
relatively resilient.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We continue to maintain a
tight focus on cost management in
light of the current operating
environment. Over the full year,
the pre-goodwill cost/income
ratio increased slightly to 74%
from 72% in 2001.
</FONT></DIV>

<P align="center"><FONT size="2"><IMG src="y84349y8434928.gif" alt="(PREGOODWILL COST-INCOME RATIO)">
</FONT>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our compensation ratio in
2002 was 55%, a slight increase
on the 53% recorded in 2001,
reflecting the relatively strong
performance of many of our
businesses compared to
competitors and to market
conditions.
</FONT>
<P align="center"><FONT size="2"><IMG src="y84349y8434929.gif" alt="(COMPENSATION RATIO)">
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Value at Risk (VaR)
for Corporate and Institutional
Clients increased from CHF 252
million in 2001 to CHF 275
million in 2002, remaining within
the normal ranges.
</FONT>
<P align="center"><FONT size="2"><IMG src="y84349y8434930.gif" alt="(AVERAGE VAR)">
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total loans increased by 2%
from CHF 61&nbsp;billion on 31 December
2001 to CHF 62&nbsp;billion on 31
December&nbsp;2002, due to an increase
in short-term money market
deposits although this was
partially offset by repayments
from European multi-
</FONT>
</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 59
</B></FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="16%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="74%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
<B>Review of Business Group Performance<br>
UBS Warburg</B></FONT></TD>
</TR>
 </TABLE>
</DIV>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">nationals, reflecting the
continued reduction of our
non-core commercial lending
activities as well as the
drop in the US dollar against
the Swiss franc.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Continued successful recovery
efforts led the ratio of impaired
loans to total loans to fall from
5.4% on 31 December&nbsp;2001 to 3.2%
at the end of 2002. The
non-performing loans to total
loans ratio declined from 2.6% to
1.6% over the same period.
</FONT></DIV>

<P align="center"><FONT size="2"><IMG src="y84349y8434931.gif" alt="(IMPAIRED LOANS-GROSS LOANS)">
</FONT>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#0865AB"><B>Results</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">UBS Warburg&#146;s Corporate and
Institutional Clients business
unit reported 2002 pre-tax profit
of CHF 3,129&nbsp;million, a decrease
of 17% from 2001, reflecting
difficult economic conditions,
particularly for the investment
banking and equities businesses.
This was partially offset by the
strong result of our fixed
income, rates and currencies
business. Over the full year,
overall expenses dropped by 7%
reflecting lower personnel
expenses driven by a reduction in
incentive compensation as well as
the success of our continued cost
containment initiatives.
</FONT>

<P align="center"><FONT size="2"><IMG src="y84349y8434932.gif" alt="(PERFORMANCE BEFORE TAX)">
</FONT>

<P><FONT size="2"><B>Operating income</B>
</FONT>

<DIV align="left"><FONT size="2">Full-year revenues of CHF 14,100
million were 10% lower than in
2001.
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Investment Banking </I>revenues
for the full-year dropped by 25%
from CHF 2,541&nbsp;million to CHF
1,915&nbsp;million in 2002, due to
much lower corporate activity,
which translated into a 22% drop
in the global fee pool compared
to 2001.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Equities </I>revenues for the
full-year were also lower than in
2001, down from CHF 6,422&nbsp;million
to CHF 5,625&nbsp;million, reflecting
falling indices worldwide and
much lower market activity.
Full-year primary revenues
remained flat, because of market
share gains in the US and in
Asia, which compensated for the
drop in overall market activity.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Over the full year <I>Fixed
Income, Rates and Currencies</I>
revenues increased 2% to CHF 6,490
million, primarily due to
substantial growth in our Emerging
Markets and Principal Finance
businesses, offset by reductions
in our Interest Rates and Foreign
Exchange business lines. Revenues
related to gains in credit default
swaps economic hedging credit
exposures in the loan book also
positively impacted the result.
Our foreign exchange business
increased volumes and spreads
compared to 2001.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Non-core </I>revenues in 2002,
at CHF 70&nbsp;million, were 74% lower
than in 2001 reflecting our
continued reduction of our
non-core lending portfolio.
</FONT></DIV>

<P align="center"><FONT size="2"><IMG src="y84349y8434933.gif" alt="(INCOME BY BUSINESS AREA)">
</FONT>

<P><FONT size="2"><B>Operating expenses</B>
</FONT>

<DIV align="left"><FONT size="2">Total operating expenses dropped
by 7% from 2001 to CHF 10,843
million in 2002. The underlying
decline in 2002 is even more
marked than these figures would
suggest as the 2002 results
include a provision of CHF 90
million (USD 65&nbsp;million) for the
US equity research settlement and
a CHF 72&nbsp;million charge for the
restructuring of our Energy
trading business. The significant
</FONT></DIV>

</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">



<P align="left"><FONT size="2"><B>
 60
</B></FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">underlying reduction of 9% from
last year&#146;s expense levels
reflects the continuing success of
our cost containment initiatives
accentuated by the drop of the US
dollar against the Swiss franc.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In total, personnel expenses
in 2002, at CHF 7,784&nbsp;million,
were CHF 474&nbsp;million or 6% lower
than 2001, mainly driven by a
reduction in incentive
compensation in line with lower
revenues and the weaker US dollar.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Full-year general and
administrative expenses were CHF
2,314&nbsp;million in 2002, down 11%
from 2001&#146;s CHF 2,586&nbsp;million, as
cost saving programs implemented
during the course of 2002 helped
to lower IT and other costs,
particularly travel, advertising
costs and professional fees.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In full-year 2002,
depreciation declined to CHF 381
million from CHF 454&nbsp;million a
year earlier, reflecting our cost
control initiatives, which helped
to lower charges for new computer
workstations and other IT-related
equipment. Amortization of
goodwill and other intangibles
fell 9% for the full-year,
reflecting the fact that various
assets became fully amortized in
2002.
</FONT></DIV>

<P><FONT size="2"><B>Headcount</B>
</FONT>

<DIV align="left"><FONT size="2">Headcount, at 15,964 on 31
December&nbsp;2002, increased by 402
or 3% from 31 December&nbsp;2001
reflecting the expansion in our
fixed income, rates
and currency area (which includes
UBS Warburg Energy) as well as
the transfer of the prime
brokerage and Australian private
clients businesses from UBS
PaineWebber.
</FONT></DIV>

<P align="center"><FONT size="2"><IMG src="y84349y8434934.gif" alt="(HEADCOUNT-FULLTIME EQUIVALENTS)">
</FONT>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="4" color="#7F7F7F">2001
</FONT></TD>
    </TR>
</TABLE>


<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#0865AB"><B>Key performance indicators</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">Corporate and Institutional
Clients measures its expense base
primarily in terms of percentage
of
</FONT>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">revenues, looking at both
personnel costs and non-personnel
costs on this basis.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The pre-goodwill cost/income
ratio of 72% in 2001, was up
slightly from 70% in 2000 as a
result of the reduced revenues in
difficult market conditions. The
ratio of personnel costs to
income was 53% in 2001, only a
slight increase on the 52%
recorded in 2000, comparing
favorably with our peer group.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average VaR for Corporate
and Institutional Clients
increased only slightly from CHF
242&nbsp;million in 2000 to CHF 252
million in 2001. In general,
market risk exposures stayed
within the normal ranges. There
was, however, a short-term but
significant increase in VaR in
December&nbsp;2001 resulting from
sizeable client-driven equity
transactions. The need for a
temporary increase in limits was
anticipated and pre-approved by
the Group Executive Board. The
trades were successfully executed
and the risk reduced to normal
levels.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total loans decreased by 18%
from CHF 74&nbsp;billion at 31 December
2000 to CHF 61&nbsp;billion at 31
December&nbsp;2001, due to a reduction
in Japanese government exposures,
and repayments from European
multinationals, reflecting the
continued reduction of our
commercial lending risk profile.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Continued successful
recovery efforts led the ratio of
impaired loans to total loans to
fall from 5.6% at 31 December
2000 to 5.4% at the end of 2001.
The non-performing loans to total
loans ratio declined from 2.8% to
2.6% over the same period.
</FONT></DIV>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#0865AB"><B>Results</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">We recorded a strong performance
in 2001, relative to the much
weaker markets this year. Pre-tax
profit in 2001 was CHF 3,775
million, a decline of 24% over
2000, our best year ever.
Equities and Investment Banking
both suffered from the economic
downturn and the consequent
weakness in their global markets,
while the Fixed Income, Rates and
Currencies business delivered
record results, driven by
interest rate reductions and
increased volatility, and
supported by the expansion of
businesses acquired from
Paine-Webber. Investment Banking
continued to outperform 2000 in
terms of market share, with
full-year analysis showing us
with a 4.4% share of fees,
compared to 3.6% in 2000.
</FONT>

</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">


<P align="right"><FONT size="2"><B>
 61
</B></FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="16%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="74%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
<B>Review of Business Group Performance <br>
UBS Warburg</B></FONT></TD>
</TR>
 </TABLE>
</DIV>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P><FONT size="2"><B>Operating income</B>
</FONT>

<DIV align="left"><FONT size="2">Operating income of CHF 15,475
million in 2001 was 12% lower
than in 2000.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Investment Banking </I>revenues
were CHF 2,541&nbsp;million in 2001,
6% lower than in 2000, as our
improved share of fees in
2001 was more than offset by the
general contraction experienced
in corporate finance in 2001.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Equities </I>revenues for 2001
were also lower than in 2000,
down 38% from CHF 10,300&nbsp;million
to CHF 6,422&nbsp;million in 2001.
This decline principally reflects
reduced trading revenues, driven
by the lack of mergers and
acquisitions activity and
increased volatility, together
with a cautious approach to risk
in difficult market conditions.
Commission revenues have been
broadly consistent with levels in
2000, reflecting the breadth and
depth of our client franchise.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Fixed Income, Rates and
Currencies </I>performed very
strongly in 2001, with revenues
up 38% from 2000, at CHF 6,350
million. This reflects the effect
of interest rate reductions,
which led to increased issuance
and higher volatility, and the
inclusion of businesses taken
over from PaineWebber.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Non-core </I>revenues in 2001
were 2% lower than in 2000, at
CHF 274&nbsp;million.
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P><FONT size="2"><B>Operating expenses</B>
</FONT>

<DIV align="left"><FONT size="2">Personnel expenses declined 10%,
from CHF 9,223&nbsp;million in 2000 to
CHF 8,258&nbsp;million in 2001, driven
by reductions in incentive
compensation in line with labor
market conditions and full-year
results.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative
expenses in 2001 were 4% lower
than in 2000, at CHF 2,586
million, reflecting the impact of
cost control measures put in place
during 2001. (Fourth quarter 2001
general and administrative
expenses were 27% lower than in
fourth quarter 2000.)
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation
fell 18% from 2000 to CHF 454
million in 2001, driven by
reductions in IT expenditure as a
result of cost control
initiatives.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of goodwill and
other intangibles increased by CHF
212&nbsp;million to CHF 402&nbsp;million in
2001 mainly driven by additional
goodwill amortization due to the
acquisition of PaineWebber.
</FONT></DIV>

<P><FONT size="2"><B>Headcount</B>
</FONT>

<DIV align="left"><FONT size="2">Headcount at 31 December&nbsp;2001
remained little changed, at
15,562 compared to 15,262 at the
end of 2000. We did not engage in
widespread headcount reductions
that might have had a long-term
detrimental impact on our client
franchises, but upgraded staff
quality in selected areas.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">


<P align="left"><FONT size="2"><B>
 62
</B></FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="5" color="#7F7F7F">UBS Capital
</FONT></TD>
    </TR>
</TABLE>


<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 68%">

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="57%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="2"><B>Business unit reporting</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1"><I>CHF million, except where indicated</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">% change from</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">For the year ended</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Total operating income</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(1,602</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(872</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">370</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(84</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Personnel expenses</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>94</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">96</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">142</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(2</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">General and administrative expenses</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>64</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">64</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">47</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Depreciation</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(50</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Amortization of goodwill and other intangible assets</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Total operating expenses</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>159</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">162</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">193</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(2</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Business unit performance before tax</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(1,761</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(1,034</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">177</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(70</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Business unit performance before tax and goodwill<SUP>1</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(1,761</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(1,034</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">179</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(70</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>KPIs</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Value creation (CHF billion)</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(1.4</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(1.4</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="right"><FONT size="1">% change from</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">As at</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Investment (CHF billion)<SUP>2</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3.1</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5.5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(38</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1"><B>Additional information</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">% change from</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">As at</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Portfolio fair value (CHF billion)</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3.8</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5.6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6.9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(32</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Regulatory equity allocated (average)</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>550</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">700</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">550</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(21</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Fair value of employee stock options granted</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>15</B><SUP><B>3</B></SUP></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Headcount (full-time equivalents)</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>73</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">128</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">129</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(43</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<DIV align="left"><FONT size="1"><SUP>1</SUP> Excludes the
amortization of goodwill and other intangible assets. &nbsp;&nbsp;<SUP>2</SUP>
Historic cost of investments made, less divestments and impairments.
&nbsp;&nbsp;<SUP>3</SUP> For informational purposes only. These pre-tax amounts have not been
recorded in the Income statement. For details on the fair value
calculation, refer to Note 32e to the Financial Statements.
</FONT></DIV>

<P>
<DIV style="width: 100%; border: 1px solid black; padding: 10px;">
<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2"><B>Components of Operating Income</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">UBS Capital&#146;s primary source of
operating income is capital
gains from the disposal or sale
of its investments, which are
recorded at the time of ultimate
divestment. As a result,
appreciation in fair market
value is recognized as operating
income only at the time of sale.
The level of annual operating
income from UBS Capital is
directly</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
affected by the level
of investment disposals that
take place during the year.
Similarly, depreciation in fair
market value is only recognized
against operating income if an
investment becomes permanently
impaired and has to be written
down. Writedowns of the value of
its investments can negatively
affect UBS Capital&#146;s operating
income.</FONT></TD>
</TR>
 </TABLE>
</DIV>
</DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 63
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="16%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="74%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
<B>Review of Business Group Performance <br>
UBS Warburg</B></FONT></TD>
</TR>
 </TABLE>
</DIV>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P><FONT size="2"><B>Significant financial events</B>
</FONT>

<DIV align="left"><FONT size="2">There were no significant
financial events that affected
this business unit in 2002, 2001
or 2000.
</FONT></DIV>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="4" color="#7F7F7F">2002
</FONT></TD>
    </TR>
</TABLE>


<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#0865AB"><B>Key performance indicators</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">The level of our private equity
investments was CHF 3.1&nbsp;billion
on 31 December&nbsp;2002, a decline of
38% from CHF 5.0&nbsp;billion on 31
December&nbsp;2001. This reduction
reflects writedowns made on
direct investments and third
party funds, as well as
successfully executed exits. In
full-year 2002, write-downs
included in operating income
totaled CHF 1.7&nbsp;billion, up from
CHF 1.1&nbsp;billion a year earlier.
</FONT>

<P align="center"><FONT size="2"><IMG src="y84349y8434935.gif" alt="(INVESTMENT)">
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The fair value of the
portfolio on 31 December&nbsp;2002 was
CHF 3.8&nbsp;billion, down from CHF
5.6&nbsp;billion on 31 December&nbsp;2001,
reflecting divestments in the
portfolio and value reductions
for existing investments. The
level of net unrealized gains was
CHF 0.8&nbsp;billion on 31 December
2002, up from CHF 0.6&nbsp;billion on
31 December&nbsp;2001.
</FONT>
<P align="center"><FONT size="2"><IMG src="y84349y8434936.gif" alt="(VALUE CREATION)">
</FONT>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#0865AB"><B>Results</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">Full-year results for UBS Capital
reflect continued tough economic
conditions, impacting private
equity valuations across a range
of sectors, a factor that was
compounded by the prolonged
downturn suffered by all major
equity markets. The challenging
economic environment has
adversely affected many of the
companies in the portfolio while
the continued hostile climate for
divestments has restricted
capital gains from exit
opportunities. Against this
background, UBS Capital posted a
pre-tax loss in 2002 of CHF 1,761
million, CHF 727&nbsp;million worse
than in 2001.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating income for
2002 was negative CHF 1,602
million, compared to negative CHF
872&nbsp;million in 2001. Challenging
economic conditions have led to
deteriorating valuations in all
markets and industries. The level
of writedowns in the portfolio
has therefore been high and there
have been few opportunities to
make significant divestments in
2002.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personnel expenses in 2002
were CHF 94&nbsp;million, down from
CHF 96&nbsp;million in 2001. This
reflects falling headcount and
lower performance-related
incentive payments. General and
administrative expenses remained
unchanged at CHF 64&nbsp;million.
</FONT></DIV>

<P align="center"><FONT size="2"><IMG src="y84349y8434937.gif" alt="(PERFORMANCE BEFORE TAX)">
</FONT>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="4" color="#7F7F7F">2001
</FONT></TD>
    </TR>
</TABLE>


<DIV align="left"><FONT size="2">Full-year results for UBS Capital
reflect the very challenging
market in 2001, with few
opportunities for divestments, and
writedowns of several investments
as a result of the problems caused
for some of our investment
companies by the deteriorating
economic conditions. The pre-tax
loss for 2001 was CHF 1,034
million, compared to a pre-tax
profit of CHF 177&nbsp;million in 2000.
</FONT></DIV>

</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">


<P align="left"><FONT size="2"><B>
 64
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#0865AB"><B>Key performance indicators</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">UBS Capital&#146;s private equity
investments decreased to CHF 5.0
billion on 31 December&nbsp;2001 from
CHF 5.5&nbsp;billion at the end of
2000, with the decline due to
writedowns on the book value of
investments, as well as a small
number of divestments during the
year, which more than offset
drawdowns of previously committed
investments and the low level of
other new investments during the
year.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The fair value of the
portfolio at the end of December
2001 was CHF 5.6&nbsp;billion, down
19% from CHF 6.9&nbsp;billion on 31
December&nbsp;2000. The fair value
included net unrealized gains of
CHF 0.6&nbsp;billion. Value reduction
during 2001 was CHF 1.4&nbsp;billion,
compared to value creation of CHF
0.6&nbsp;billion in 2000.
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#0865AB"><B>Results</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">UBS Capital recorded an operating
loss of CHF 872&nbsp;million in 2001,
compared to operating income of
CHF 370&nbsp;million in 2000.
Challenging markets and the
continued slowdown in corporate
activity meant that there were
few opportunities for significant
divestments in 2001, while weak
economic conditions led to
deteriorating valuations across a
range of industry sectors,
resulting in a high level of
writedowns of investments in the
portfolio.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personnel expenses were CHF
96&nbsp;million in 2001, down from CHF
142&nbsp;million in 2000,
reflecting lower incentive
compensation which is driven by
realized gains on divestments.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative
expenses were CHF 64&nbsp;million, up
from CHF 47&nbsp;million in 2000, due
principally to professional fees
relating to our strategic review
of the business.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">



<P align="right"><FONT size="2"><B>
 65
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="16%">&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>
    <TD width="68%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
<B>Review of Business Group Performance<BR>
UBS PaineWebber</B></FONT></TD>
</TR>
 </TABLE>
</DIV>

<!-- link1 "UBS PaineWebber" -->
<DIV align="left"><A NAME="037"></A></DIV>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P><FONT size="5">UBS PaineWebber
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P><DIV style="float: left; width:24%">

<P><FONT size="2"><IMG src="y84349y8434938.gif" alt="(JOSEPH J GRANO JR)"><BR>
<B>Joseph J. Grano, Jr.</B><BR>
Chairman and CEO, UBS PaineWebber
</FONT>

<P><FONT size="2"><IMG src="y84349y8434939.gif" alt="(MARK B SUTTON)"><BR>
<B>Mark B. Sutton</B><BR>
President and Chief Operating Officer<BR>
UBS PaineWebber
</FONT>

</DIV><DIV style="float: right; width: 68%">

<P align="left"><FONT size="2"><B><FONT color="#0865AB">UBS PaineWebber&#146;s pre-tax loss adjusted for SFEs in 2002 was CHF 566
million, with the depreciation of the US dollar against the Swiss
franc weighing on results. Excluding acquisition costs, operating
pre-tax profit was CHF 632&nbsp;million compared to CHF 693&nbsp;million a year
earlier.</FONT></B>
</FONT>

<P align="center"><HR align="center" color="#000000" size="1" width="100%" noshade>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="57%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left"><FONT size="2"><B>Business Group
reporting<SUP>1</SUP></B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left"><FONT size="1"><I>CHF million, except where indicated</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">% change from</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">For the year ended</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Income</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>5,561</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6,391</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,214</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(13</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Credit loss expense<SUP>2</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(13</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(18</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(3</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(28</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Total operating income</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>5,548</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6,373</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,211</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(13</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Personnel expenses<SUP>3</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4,245</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5,019</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,098</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(15</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">General and administrative expenses</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,263</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,441</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">344</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(12</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Depreciation</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>149</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">124</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">42</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">20</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Amortization of goodwill and other intangible assets</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,691</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">502</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">84</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">237</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Total operating expenses</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>7,348</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7,086</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,568</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Business Group performance before tax</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(1,800</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(713</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(357</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">152</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Business Group performance before tax and goodwill<SUP>4</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(109</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(211</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(273</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(48</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Business Group performance before tax
and acquisition costs<SUP>12</SUP></B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>632</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">693</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(72</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(9</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>KPIs</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Invested assets (CHF billion)</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>584</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">769</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">765</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(24</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Net new money (CHF billion)<SUP>5</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>18.5</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">33.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">14.5</FONT></TD>
    <TD nowrap><FONT size="1"><SUP>6</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Interest and dividend income (CHF billion)<SUP>7</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>17.9</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">21.5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(17</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Cost/income ratio (%)<SUP>8</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>132</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">111</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">129</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Cost/income ratio before goodwill (%)<SUP>4, 8</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>102</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">103</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">122</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Recurring fees<SUP>9</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2,199</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,366</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">434</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(7</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Financial advisors (full-time equivalents)</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>8,857</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8,718</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8,731</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1"><B>Additional information</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="right"><FONT size="1">% change from</FONT></TD>
<TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">As at</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Client assets (CHF billion)</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>650</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">841</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(23</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Regulatory equity allocated (average)</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>7,450</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8,550</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">9,200</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(13</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Fair value of employee stock options granted</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>73</B><SUP><B>10</B></SUP></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Headcount (full-time equivalents)</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>19,563</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">20,413</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">21,567</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(4</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">


<P align="left"><FONT size="2"><B>
 66
</B></FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 68%">

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
 <TR valign="bottom">
    <TD width="60%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left" colspan="17"><FONT size="2"><B>Business Group reporting adjusted for Significant Financial Events</B></FONT></TD>

</TR>
<TR  valign="bottom">
    <TD nowrap align="left" colspan="5"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1"><I>CHF million, except where indicated</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">% change from</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">For the year ended</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Income</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>5,561</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6,391</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,214</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(13</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Credit loss expense<SUP>2</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(13</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(18</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(3</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(28</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Total operating income</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>5,548</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6,373</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,211</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(13</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Personnel expenses<SUP>3</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4,245</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5,019</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,098</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(15</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">General and administrative expenses</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,263</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,441</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">344</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(12</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Depreciation</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>149</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">124</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">42</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">20</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Amortization of goodwill and other intangible assets</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>457</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B><SUP>11</SUP></B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">502</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">84</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(9</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Total operating expenses</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>6,114</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7,086</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,568</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(14</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Business Group performance before tax</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(566</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(713</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(357</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(21</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Business Group performance before tax and goodwill<SUP>4</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB">(109)</FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B></B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(211</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(273</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(48</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1"><B>Business Group performance before tax and
<BR>&nbsp;&nbsp;&nbsp;&nbsp;acquisition costs<SUP>12</SUP></B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>632</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">693</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(72</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(9</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>KPIs</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B></B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"></FONT></TD>
    <TD nowrap><FONT size="1"></FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Gross margin on invested assets (bps)<SUP>13</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>82</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">84</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">67</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(2</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Gross margin on invested assets before
acquisition costs (bps)<SUP>12, 13</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>88</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">90</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">71</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(2</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">

<TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Cost/income ratio (%)<SUP>8</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>110</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">111</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">129</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Cost/income ratio before goodwill (%)<SUP>4, 8</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>102</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">103</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">122</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Cost/income ratio before acquisition costs (%)<SUP>8, 12</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>89</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">90</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">105</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<DIV align="left"><FONT size="1"><SUP>1</SUP> Business Groups results include PaineWebber from the date of
acquisition, 3 November&nbsp;2000. &nbsp;&nbsp;<SUP>2</SUP> In management accounts, statistically
derived actuarial expected loss adjusted by deferred releases rather
than the net IFRS actual credit loss is reported in the Business
Groups (see Note 2 to the Financial Statements). &nbsp;&nbsp;<SUP>3</SUP> Includes retention
payments in respect of the PaineWebber acquisition. 2002: CHF 351
million, 2001: CHF 436&nbsp;million, 2000: CHF 117&nbsp;million.
&nbsp;&nbsp;<SUP>4</SUP> Excludes the
amortization of goodwill and other intangible assets. &nbsp;&nbsp;<SUP>5</SUP> Excludes the
interest and dividend income noted below. &nbsp;&nbsp;<SUP>6</SUP> Calculated using the
former definition of assets under management. &nbsp;&nbsp;<SUP>7</SUP> For purposes of
comparison with US peers.
&nbsp;&nbsp;<SUP>8</SUP> Operating expenses/operating income before
credit loss expense. &nbsp;&nbsp;<SUP>9</SUP>
Asset-based and advisory revenues including fees from mutual funds,
wrap fee products and insurance products. Comparative amounts for 2001
and 2000 have been restated. &nbsp;&nbsp;<SUP>10</SUP> For informational purposes only. These
pre-tax amounts have not been recorded in the Income statement. For
details on the fair value calculation, refer to Note 32e to the
Financial Statements. &nbsp;&nbsp;<SUP>11</SUP> Excludes significant financial event:
Writedown of PaineWebber brand of CHF 1,234&nbsp;million. &nbsp;&nbsp;<SUP>12</SUP> Acquisition
costs include goodwill and intangible asset amortization and related
funding, net of risk-free return on the corresponding equity
allocated, and retention payments. &nbsp;&nbsp;<SUP>13</SUP> Income/average invested assets.
</FONT></DIV>

<P>
<DIV style="width: 100%; border: 1px solid black; padding: 10px;">
<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left" colspan="3"><FONT size="2"><B>Components of Operating Income</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="5" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD align="left" colspan="3" valign="top"><FONT size="2">
UBS PaineWebber principally
derives its operating income
from:
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" rowspan="4" valign="top"><FONT size="2">These fees are based on the market value of invested assets transaction-related activity. As
a result, operating income is affected by such factors as fluctuations in invested assets,
change in market conditions, investment performance and inflows and outflows of client
funds, and investor activity levels.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&#150;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
fees for financial
planning and wealth management
services
</FONT></TD>
    <TD align="left" valign="top"><FONT size="2"></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&#150;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">fees for discretionary management services and</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&#150;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">transaction-related fees.</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
 </TABLE>
</DIV>
</DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 67
</B></FONT>
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<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="16%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="74%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
<B>Review of Business Group Performance<BR>
UBS PaineWebber</B></FONT></TD>
</TR>
 </TABLE>
</DIV>

<P><DIV style="float: left; width:24%">

</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P><FONT size="2"><B>Significant financial events</B>
</FONT>

<DIV align="left"><FONT size="2">The pre-tax non-cash writedown of
CHF 1,234&nbsp;million for the value
of the PaineWebber brand that was
held as an intangible asset on
our balance sheet was treated as
a significant financial event in
2002 and is therefore not
reflected in the adjusted
Business Group results on the
previous page. The writedown
followed a strategic decision
announced in November&nbsp;2002 to
move all our businesses to the
single UBS brand. The new brand
structure will be implemented in
June&nbsp;2003.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There were no significant
financial events that affected
this Business Group in 2001 or
2000. The results in the
discussion below exclude
significant financial events.
</FONT></DIV>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#0865AB"><B>PaineWebber</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">UBS PaineWebber became part of
UBS following the merger between
UBS and Paine Webber Group, Inc.,
which was completed on 3 November
2000. At the merger, it became a
business unit of UBS Warburg. On
1 January&nbsp;2002, UBS PaineWebber
became a separate Business Group
within UBS.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The merger was accounted for
using purchase accounting, so the
results shown for UBS
Paine-Webber for 2000 reflect the
inclusion of the PaineWebber
businesses only for the period
from 3 November&nbsp;2000 until 31 December&nbsp;2000.
Results for 2001 and 2002 reflect
a full-year&#146;s contribution.
</FONT></DIV>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="4" color="#7F7F7F">2002
</FONT></TD>
    </TR>
</TABLE>


<P><FONT size="2"><B>Key performance indicators</B>
</FONT>

<DIV align="left"><FONT size="2">At the end of 2002, UBS
PaineWebber had CHF 584&nbsp;billion
in invested assets, compared to
CHF 769&nbsp;billion on 31 December
2001. This decline of 24% was
partly due to the effect of the
</FONT></DIV>

<P align="center"><FONT size="2"><IMG src="y84349y8434940.gif" alt="(INVESTED ASSETS)">
</FONT>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">US dollar&#146;s weakening against the
Swiss franc. Excluding the impact
of currency fluctuations,
invested assets fell 8% during
the year, mainly due to US equity
market declines although that was
partially offset by net new money
inflows.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net new money in 2002 was
CHF 18.5&nbsp;billion, 44% below the
CHF 33.2&nbsp;billion result reported
for 2001. The decline reflects
weaker investor sentiment, as
well as the closure of the
Japanese domestic private client
business, resulting in outflows
of approximately CHF 1.6&nbsp;billion.
</FONT></DIV>

<P align="center"><FONT size="2"><IMG src="y84349y8434941.gif" alt="(NET NEW MONEY)">
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The gross margin on invested
assets was 82 basis points for
full-year 2002, down from 84
basis points in 2001. The gross
margin on invested assets before
acquisition costs (goodwill, net
funding costs and retention
payments) was 88 basis points,
down from 90 basis points in
2001. Revenues declined more than
invested assets due to lower
customer activity levels. This
was partially offset by higher
revenues from our municipal
securities business which had a
record result in 2002.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The cost/income ratio before
acquisition costs was 89% for
full-year 2002, compared to 90%
in 2001. The improvement in the
cost/income ratio
</FONT></DIV>

<P align="center"><FONT size="2"><IMG src="y84349y8434942.gif" alt="(GROSS MARGIN ON INVESTED ASSETS)">
</FONT>

</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">


<P align="left"><FONT size="2"><B>
 68
</B></FONT>
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<P><DIV style="float: left; width:24%">

</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">is a direct
result of cost management
initiatives implemented in 2002,
among them reductions in
non-financial advisor headcount,
professional fees, advertising
and office-related costs.
</FONT>

<P align="center"><FONT size="2"><IMG src="y84349y8434943.gif" alt="(COST-INCOME RATIO BEFORE ACQUISITION)">
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2002, recurring fees were
CHF 2,199&nbsp;million compared to CHF
2,366&nbsp;million a year earlier
because of the weakening of
the US dollar against the Swiss
franc. Excluding currency
translation effects, recurring
fees rose 2% in 2002 from a year
earlier. The increase is due to
higher account-based fees and
higher recurring fees in the
municipal securities business.
These increases were offset by
lower asset-based fees, which
fell in line with the decline in
asset levels.
</FONT></DIV>

<P align="center"><FONT size="2"><IMG src="y84349y8434944.gif" alt="(RECURRING FEES)">
</FONT>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We continue to invest in our
distribution channels and
advisory personnel. In 2002, the
number of financial advisors rose
by 139 from 8,718 to 8,857 with
recruiting and retention success
partially offset by higher
attrition rates among less
experienced and less productive
financial advisors.
</FONT>
<P><FONT size="2"><B>Results</B>
</FONT>

<DIV align="left"><FONT size="2">In 2002, political, economic and
financial uncertainty continued
to adversely affect investor
activity. The UBS Index of
Investor Optimism dropped
significantly during 2002,
reached an all-time low in
October and only slightly
recovered by the end of the year.
Daily average client transaction
volumes were 10% lower than in
2001.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because our business is
almost entirely conducted in US
dollars, comparisons of 2002
results to 2001 are affected by
the depreciation of the US dollar
versus the Swiss franc.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Over the full year, UBS
PaineWebber reported a pre-tax
loss of CHF 566&nbsp;million in 2002
compared to a loss of CHF 713
million in 2001. Performance
before tax and acquisition costs
showed a profit of CHF 632
million in 2002 compared to CHF
693&nbsp;million a year earlier.
Excluding the effects of currency
movements, 2002 performance
before tax and acquisition costs
was 3% higher than in 2001.
Despite a decline in
transactional revenues and lower
asset-based revenues following
further market drops, strict cost
management discipline enabled us
to improve our full-year
operating performance. Excluding
the USD 15&nbsp;million (CHF 21
million) equity research
settlement charge, full-year
results in USD terms would have
improved by 6% over 2001. On a US
dollar basis, performance was the
third best ever for our US
private clients business behind
1999 and 2000.
</FONT></DIV>

<P align="center"><FONT size="2"><IMG src="y84349y8434945.gif" alt="(PERFORMANCE BEFORE TAX)">
</FONT>

</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 69
</B></FONT>
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<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="16%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="74%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
<B>Review of Business Group Performance<BR>
UBS PaineWebber</B></FONT></TD>
</TR>
 </TABLE>
</DIV>

<P><DIV style="float: left; width:24%">

</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P><FONT size="2"><B>Operating income</B>
</FONT>

<DIV align="left"><FONT size="2">For full-year 2002, total
operating income was CHF 5,548
million, compared to CHF 6,373
million in 2001. Excluding the
effects of currency translation,
operating income declined
approximately 5% from 2001. This
decline in operating income is
attributable to lower asset-based
fees, a drop in levels of customer
activity, lower margin lending,
the transfer of prime brokerage
business to UBS
Warburg and the closure of the
Japanese domestic private client
business. These declines were
partially offset by increased
revenues in the municipal
securities business, which had a
record year.
</FONT></DIV>

<P><FONT size="2"><B>Operating expenses</B>
</FONT>

<DIV align="left"><FONT size="2">Total operating expenses fell 14%
to CHF 6,114&nbsp;million in 2002 from
CHF 7,086&nbsp;million in 2001.
Excluding the effects of the
weaker US dollar against the
Swiss franc, operating expenses
declined 5% from 2001, reflecting
lower performance-driven
compensation and lower retention
expenses. In addition, cost
management initiatives
implemented during the course of
2002, the transfer of the prime
brokerage business to UBS Warburg
and the closure of the Japanese
domestic private client
businesses helped to reduce
overall expenses.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personnel expenses dropped
15% from CHF 5,019&nbsp;million in
2001 to CHF 4,245&nbsp;million in
2002. Excluding the effects of
currency translation, personnel
expenses were 7% lower than 2001,
reflecting lower
performance-driven compensation
due to a decline in revenues, a
fall in non-financial advisor
headcount, the transfer of the
prime brokerage business to UBS
Warburg, the closure of the
Japanese domestic private client
business and lower retention
expenses.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative
expenses fell 12% from CHF 1,441
million in 2001 to CHF 1,263
million in 2002. Excluding the
impact of the falling US dollar
against the Swiss franc, general
and administrative expenses
dropped by 4% compared to 2001
due to the cost management
initiatives implemented during
the course of 2002, reducing our
professional fees, advertising,
travel and other office-related
costs. In addition, general and
administrative expenses were
reduced by the transfer of prime
brokerage business to UBS Warburg
and the closure of the Japanese
private client businesses. This
was partially offset by the
equity research settlement charge
of CHF 21&nbsp;million.
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation increased CHF
25&nbsp;million to CHF 149&nbsp;million in
2002 from CHF 124&nbsp;million in
2001. Excluding currency
movements, the increase in
depreciation of 32% was due to
higher technology equipment
charges. Goodwill and other
intangible amortization dropped
from CHF 502&nbsp;million in 2001 to
CHF 457&nbsp;million in 2002 as a
result of the weakening US dollar
against the Swiss franc.
</FONT>
<P><FONT size="2"><B>Headcount</B>
</FONT>

<DIV align="left"><FONT size="2">UBS PaineWebber&#146;s headcount
decreased 4% during the year to
19,563 reflecting our continued
cost management initiatives.
Non-financial advisor headcount
was down by 989 or 8% compared to
end of 2001. Further, we closed
our Japanese domestic private
client business and transferred
the prime brokerage business to
UBS Warburg. At the same time we
expanded our financial advisor
headcount by 139, reflecting our
continued aim to extend the reach
of our business.
</FONT></DIV>

<P align="center"><FONT size="2"><IMG src="y84349y8434946.gif" alt="(HEADCOUNT)">
</FONT>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="4" color="#7F7F7F">2001
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">Comparisons of full-year 2001
results to full-year 2000 reflect
the very different scale of this
Business Group prior to the
acquisition of Paine-Webber in
November&nbsp;2000.
</FONT>

<P><FONT size="2"><B>Key performance indicators</B>
</FONT>

<DIV align="left"><FONT size="2">At the end of 2001, UBS
PaineWebber had CHF 769&nbsp;billion
of invested assets, compared to
CHF 765&nbsp;billion at 31 December
2000, a change of 1%, with
negative market performance
during the year nearly offset by
strong net new money flows.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net new money for the year
was CHF 33.2&nbsp;billion, compared to
CHF 14.5&nbsp;billion in 2000, more
than half of which was earned in
the last quarter of 2000 after
the integration of Paine-
</FONT></DIV>

</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 70
</B></FONT>
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<P><DIV style="float: left; width:24%">

</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">Webber. UBS PaineWebber&#146;s ability
to continue to generate high
levels of net new money despite
the uncertain markets in 2001
reflects the strength of its
client franchise amongst high net
worth individuals in the US.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross margin on invested
assets before acquisition costs
(retention payments and goodwill
amortization) increased to 90
basis points, from 71 basis
points in 2000, reflecting the
addition of PaineWebber. Gross
margin in the pre-existing
business for the nine months to
30 September&nbsp;2000, before the
addition of PaineWebber was 36
basis points. The gross margin
fell slightly during 2001,
reflecting the effect of
uncertain markets on transaction
volumes.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The cost/income ratio before
acquisition costs was 90% in 2001
compared to 105% in 2000. Until
the addition of PaineWebber, the
pre-existing business was loss
making, reflecting the relatively
early stage of its business
development. Cost control has
remained a strong focus during
the year, with the cost/income
ratio in fourth quarter 2001 the
same as in fourth quarter 2000.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recurring fees were CHF
2,366&nbsp;million in 2001. This
metric was not tracked prior to
the integration of PaineWebber in
November&nbsp;2000. During 2001,
recurring fees declined 6% to CHF
566&nbsp;million in fourth quarter
2001 compared to CHF 601&nbsp;million
in first quarter 2001, due to the
effects of market depreciation on
client assets -recurring fees are
priced based on the asset level
at the end of the prior quarter.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the end of December&nbsp;2001,
UBS PaineWebber had 8,718
financial advisors, a number
virtually unchanged from the end
of 2000. Although we continued to
recruit and train new financial
advisors in 2001, the difficult
market conditions led to higher
turnover amongst the least
productive advisors.
</FONT></DIV>

<P><FONT size="2"><B>Results</B>
</FONT>

<DIV align="left"><FONT size="2">Pre-tax loss for 2001 was CHF 713
million. Excluding acquisition
costs, UBS PaineWebber posted a
profit of CHF 693&nbsp;million, a
strong result relative to our
peers, achieved against a
particularly poor market
environment, with two successive
years of market declines in the US
for the first time since the late
1970s leading to much lower
transaction volumes. In 2000, UBS
PaineWebber incurred a loss of
CHF 357&nbsp;million &#151; excluding
acquisition costs the loss was CHF
72&nbsp;million.
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P><FONT size="2"><B>Operating income</B>
</FONT>

<DIV align="left"><FONT size="2">Operating income for the year was
CHF 6,373&nbsp;million, compared to
CHF 1,211&nbsp;million in 2000.
Revenues were resilient during
2001, declining just 12% from
first quarter to fourth quarter,
despite recession and market
uncertainty in the US.
</FONT></DIV>

<P><FONT size="2"><B>Operating expenses</B>
</FONT>

<DIV align="left"><FONT size="2">Total operating expenses were CHF
7,086&nbsp;million in 2001 compared to
CHF 1,568&nbsp;million in 2000.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS PaineWebber implemented
a number of cost control
initiatives in 2001, aimed at
reducing discretionary
expenditure and support costs,
while protecting the business&#146;s
ability to serve its clients to
the highest standards.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personnel expenses were CHF
5,019&nbsp;million in 2001, compared
to CHF 1,098&nbsp;million in 2000,
reflecting the completely
different scale of the business.
Expenses in 2001 included CHF 436
million of retention payments for
key UBS PaineWebber staff,
compared to CHF 117&nbsp;million in
2000. Through 2001 personnel
expenses reduced, from CHF 1,296
million in first quarter to CHF
1,200&nbsp;million in fourth quarter,
reflecting lower
performance-related and variable
compensation and a reduction of
support headcount.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative
expenses were CHF 1,441&nbsp;million
in 2001, compared to CHF 344
million in 2000. Cost control
efforts drove expenses down
during 2001, with fourth quarter
general and administrative
expenses 3% lower than in first
quarter.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation expenses were
CHF 124&nbsp;million in 2001, compared
to CHF 42&nbsp;million in 2000,
reflecting the addition of
PaineWebber. Amortization of
goodwill and other intangible
assets increased from CHF 84
million to CHF 502&nbsp;million,
reflecting the amortization costs
due to the PaineWebber
acquisition.
</FONT></DIV>

<P><FONT size="2"><B>Headcount</B>
</FONT>

<DIV align="left"><FONT size="2">Headcount decreased 5% in 2001
from 21,567 at 31 December&nbsp;2000
to 20,413 at 31 December&nbsp;2001. We
continued to monitor market
conditions, but prudent cost
control in previous years meant
that we have not needed to make
franchise-threatening cuts to our
headcount. Financial advisor
headcount is almost unchanged
from 2000, but we continued to
implement efficiency measures to
help manage support head-count
downwards.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 71
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="16%">&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>
    <TD width="68%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
<B>Review of Business Group Performance<BR>
Corporate Center</B></FONT></TD>
</TR>
 </TABLE>
</DIV>

<!-- link1 "Corporate Center" -->
<DIV align="left"><A NAME="038"></A></DIV>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P><FONT size="5">Corporate Center
</FONT>

<P><DIV style="float: left; width:24%">

</DIV><DIV style="float: right; width: 68%">

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="57%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>

<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="2"><B>Business Group reporting</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1"><B> </B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1"><I>CHF million, except where indicated</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">% change from</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">For the year ended</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Income</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,387</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">800</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">385</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">73</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Credit loss recovery<SUP>1</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>249</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">236</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,161</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Total operating income</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,636</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,036</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,546</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">58</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Personnel expenses</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>645</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">592</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">522</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">General and administrative expenses</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>601</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">537</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">754</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">12</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Depreciation</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>473</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">372</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">320</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">27</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Amortization of goodwill and other intangible assets</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>24</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">24</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">43</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Total operating expenses</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,743</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,525</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,639</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">14</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Business Group performance before tax</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(107</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(489</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(93</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(78</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Business Group performance before tax and goodwill<SUP>2</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(83</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(465</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(50</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(82</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1"><B>Additional information</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="right"><FONT size="1">% change from</FONT></TD>
         <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">As at</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Regulatory equity allocated (average)</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>9,400</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8,250</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">12,300</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">14</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Fair value of employee stock options granted</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>32</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B><SUP>3</SUP></B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Headcount (full-time equivalents)</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,185</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,132</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">986</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="17" align="left"><FONT size="1"><B>Business Group reporting adjusted for Significant Financial Events</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1"><I>CHF million, except where indicated</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">% change from</FONT></TD>
         <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">For the year ended</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Income</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,315</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B><SUP>4</SUP></B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">800</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">385</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">64</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Credit loss recovery<sup>1</sup></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>249</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">236</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,161</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Total operating income</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,564</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,036</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,546</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">51</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>


<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Personnel expenses</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>645</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">592</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">490</FONT></TD>
    <TD nowrap><FONT size="1"><SUP>5</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">General and administrative expenses</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>601</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">537</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">604</FONT></TD>
    <TD nowrap><FONT size="1"><SUP>5</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">12</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Depreciation</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>473</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">372</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">320</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">27</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Amortization of goodwill and other intangible assets</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>24</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">24</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">43</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Total operating expenses</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,743</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,525</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,457</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">14</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Business Group performance before tax</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(179</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(489</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">89</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(63</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Business Group performance before tax and goodwill<SUP>2</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(155</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(465</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">132</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(67</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<DIV align="left"><FONT size="1"><SUP>1</SUP>&nbsp;In order to show the relevant Business Group performance over time,
adjusted expected loss figures rather than the net IFRS actual credit
loss expenses are reported for all Business Groups. The difference
between the adjusted expected loss figures and the net IFRS actual
credit loss expenses recorded at Group level is reported in the
Corporate Center (see Note&nbsp;2 to the Financial Statements).
&nbsp;&nbsp;<SUP>2</SUP>&nbsp;Excludes
the amortization of goodwill and other intangible assets.
&nbsp;&nbsp;<SUP>3</SUP>&nbsp;For
informational purposes only. These pre-tax amounts have not been
recorded in the Income statement. For details on the fair value
calculation, refer to Note&nbsp;32e to the Financial Statements.
&nbsp;&nbsp;<SUP>4</SUP>&nbsp;Excludes
significant financial event: Income, CHF 72&nbsp;million (Gain on disposal
of Klinik Hirslanden). &nbsp;&nbsp;<SUP>5</SUP>&nbsp;Excludes significant financial events:
Personnel expenses, CHF 32&nbsp;million (PaineWebber integration costs);
General and administrative expenses, CHF 150&nbsp;million (Net additional
provision relating to the US Global Settlement).
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 72
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><DIV style="float: left; width:24%">

</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P><FONT size="2"><B>Significant financial events</B>
</FONT>

<DIV align="left"><FONT size="2">There were no significant
financial events in Corporate
Center in 2001.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Significant financial events
booked in Corporate Center in
2002 and 2000 were:
</FONT></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Operating income of CHF 72
million from the sale of
Klinik Hirslanden in 2002.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Personnel expenses of CHF 32
million relating to the
integration of PaineWebber
into UBS in 2000.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">General and administrative
costs of CHF 150&nbsp;million in
2000 in connection with the
US Global Settlement of World
War II-related claims.
</FONT></TD>
</TR>
</TABLE>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None of these events are
reflected in the adjusted
Business Group results in the
table on the previous page. The
results in the discussion below
exclude significant financial
events.
</FONT></DIV>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="4" color="#7F7F7F">2002
</FONT></TD>
    </TR>
</TABLE>


<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#0865AB"><B>Results</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">Corporate Center recorded a
pre-tax loss of CHF 179&nbsp;million in
2002, compared to the pre-tax loss
of CHF 489&nbsp;million in 2001.
</FONT>

<P><FONT size="2"><B>Operating income</B>
</FONT>

<DIV align="left"><FONT size="2">UBS Group recorded an actual
credit loss of CHF 206&nbsp;million in
2002 and CHF 498&nbsp;million in 2001.
The difference between adjusted
expected losses charged to the
business units and the actual
credit loss expense recognized in
the Group Financial Statements is
booked as credit loss expense or
recovery in the Corporate Center.
In 2002, the actual loss was lower
than the overall adjusted credit
loss expense charged to the
business units, resulting in a
credit loss recovery in Corporate
Center of CHF 249&nbsp;million,
compared to a credit loss recovery
of CHF 236&nbsp;million in 2001.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Full-year total operating
income increased by 51% from CHF
1,036&nbsp;million in 2001 to CHF
1,564&nbsp;million in 2002. This was
primarily due to higher interest
income at Group Treasury, gains
from the sale of financial
investments and an unrealized
gain on derivatives used to
economically hedge interest rate
risk related to structured notes
issued. These developments,
however, were partially offset by
writedowns on financial
investments.
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P><FONT size="2"><B>Operating expenses</B>
</FONT>

<DIV align="left"><FONT size="2">Total operating expenses were CHF
1,743&nbsp;million in 2002, 14% higher
than in 2001.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Over the full year,
personnel expenses increased by
9% from CHF 592&nbsp;million in 2001
to CHF 645&nbsp;million in 2002,
mainly reflecting higher expenses
at Klinik Hirslanden, although
that was partially offset by
lower performance-related
compensation.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative
expenses for 2002, at CHF 601
million, were CHF 64&nbsp;million
higher than in 2001. This was
mainly due to higher provisions
for legal cases, advertising
expenditures and higher expenses
at Klinik Hirslanden.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At CHF 473&nbsp;million in 2002,
depreciation increased by 27%
compared to a year earlier. This
was mainly due to higher software
depreciation which was previously
capitalized as well as higher
depreciation levels for Klinik
Hirslanden.
</FONT></DIV>

<P><FONT size="2"><B>Headcount</B>
</FONT>

<DIV align="left"><FONT size="2">Headcount increased 5% during
2002 to 1,185 at 31 December
2002, reflecting hiring in Group
Human Resources and Group
Controller areas as well as
transfers of staff from the
Business Groups.
</FONT></DIV>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="4" color="#7F7F7F">2001
</FONT></TD>
    </TR>
</TABLE>


<P><FONT size="2"><B>Results</B>
</FONT>

<P align="left"><FONT size="2">Corporate Center recorded a
pre-tax loss of CHF 489&nbsp;million in
2001, compared to a pre-tax profit
of CHF 89&nbsp;million in 2000,
adjusted for significant financial
events.
</FONT>

<P><FONT size="2"><B>Operating income</B>
</FONT>

<DIV align="left"><FONT size="2">The credit loss expense or
recovery booked in Corporate
Center represents the difference
between the adjusted expected
losses charged to the business
units and the actual credit loss
recognized in the Group income
statement. UBS
Group&#146;s credit loss expense
increased to CHF 498&nbsp;million in
2001, compared to a recovery of
CHF 130&nbsp;million in 2000. For both
2000 and 2001, actual credit loss
was less than the charge to the
business units, resulting in a
credit loss recovery in Corporate
Center of CHF 236&nbsp;million in
2001, compared to a recovery of
CHF 1,161&nbsp;million in 2000.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 73
</B></FONT>
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<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="16%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="74%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
<B>Review of Business Group Performance<BR>
Corporate Center</B></FONT></TD>
</TR>
 </TABLE>
</DIV>

<P><DIV style="float: left; width:24%">

</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating income decreased
by CHF 510&nbsp;million from 2000 to
CHF 1,036&nbsp;million in 2001,
principally reflecting the swing
in the credit loss results,
offset by higher income from
treasury activities.
</FONT>
<P><FONT size="2"><B>Operating expenses</B>
</FONT>

<DIV align="left"><FONT size="2">Total operating expenses were CHF
1,525&nbsp;million in 2001, 5% higher
than in 2000.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2001 personnel expenses
were CHF 592&nbsp;million, an increase
of 21% compared to 2000, driven
by severance payments and the
full-year cost of senior
management and other additional
personnel added through the
PaineWebber merger.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative
expenses for 2001, at CHF 537
million, were CHF 67&nbsp;million
lower
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">than in 2000. This was due
to lower corporate real estate
costs and lower professional fees
connected to the US Global
Settlement of World War
II-related claims, offset by
higher IT costs and one-off
charges relating to the
bankruptcy of SAir Group.
</FONT>

<P><FONT size="2"><B>Headcount</B>
</FONT>

<DIV align="left"><FONT size="2">Headcount increased 15% during
2001 to 1,132 at 31 December
2001, driven by the transfer of
International Mobility Program
participants to Corporate Center
headcount and the transfer of
human resources staff from UBS
Warburg. The International
Mobility Program provides
outstanding young employees of
UBS with opportunities for work
experience overseas.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">



<P align="left"><FONT size="2"><B>
 74
</B></FONT>



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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="right"><FONT size="2"><B>75</B></FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center"><FONT size="2"><IMG src="y84349y8434947.gif" alt="(Background Graphic)">
</FONT>


<P align="left"><FONT size="2"><B>76</B></FONT>
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<!-- link1 "UBS Group Financial Statements" -->
<DIV align="left"><A NAME="039"></A></DIV>
<P align="center"><FONT size="2"><IMG src="y84349y8434948.gif" alt="(UBS Group Financial Statements)">
</FONT>


<P align="right"><FONT size="2"><B>
 77
</B></FONT>
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<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P align="left"><FONT size="2"><B>UBS Group Financial Statements<BR>
Table of Contents</B>
</FONT>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="5"><B>Financial Statements<BR>
Table of Contents</B>
</FONT>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:50%">

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="12%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="75%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD colspan="3" valign="top" bgcolor="#FFFFFF" align="left"><FONT size="2" color="#0865AB"><B>Financial Statements</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>80</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="3" valign="top" align="left"><FONT size="2">UBS Group Income Statement</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">80</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="3" valign="top" align="left"><FONT size="2">UBS Group Balance Sheet</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">81</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="3" valign="top" align="left"><FONT size="2">UBS Group Statement of Changes in Equity</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">82</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="3" valign="top" align="left"><FONT size="2">UBS Group Statement of Cash Flows</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">84</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="3" valign="top" bgcolor="#FFFFFF" align="left"><FONT size="2" color="#0865AB"><B>Notes to the Financial Statements</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>86</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
Summary of Significant Accounting Policies
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">86</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">2a</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
Segment Reporting by Business Group
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">96</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">2b</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
Segment Reporting by Geographic Location
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">99</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

 </TD>
    <TD align="left" valign="top"><FONT size="2"><B>100</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
Net Interest and Trading Income
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">100</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
Net Fee and Commission Income
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">101</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
Other Income
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">101</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
Personnel Expenses
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">102</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
General and Administrative Expenses
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">102</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
Earnings per Share (EPS)&nbsp;and Shares Outstanding
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="2">103</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="3" valign="top" align="left"><FONT size="2"><B>Balance Sheet: Assets</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2"><B>104</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">9a</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
Due from Banks and Loans
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">104</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">9b</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
Allowances and Provisions for Credit Losses
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">105</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">9c</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
Impaired Loans
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">105</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">9d</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
Non-Performing Loans
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">106</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">10</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
Securities Borrowing, Securities Lending,
Repurchase and Reverse Repurchase Agreements
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="2">107</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">11</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
Trading Portfolio
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">108</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">12</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
Financial Investments
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">109</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">13</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
Investments in Associates
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">110</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">14</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
Property and Equipment
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">111</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">15</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
Goodwill and Other Intangible Assets
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">111</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">16</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
Other Assets
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">113</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="3" valign="top" align="left"><FONT size="2"><B>Balance Sheet: Liabilities</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2"><B>114</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">17</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
Due to Banks and Customers
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">114</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">18</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
Debt Issued
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">114</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">19</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
Other Liabilities
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">120</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">20</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
Provisions
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">120</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">21</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
Income Taxes
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">120</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">22</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
Minority Interests
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">122</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">23</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
Derivative Instruments
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">122</FONT></TD>
</TR>
 </TABLE>
</DIV>

</DIV><DIV style="float: right; width: 24%">

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 78
</B></FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:50%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="12%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD colspan="7" valign="top" align="left"><FONT size="2"><B>Off-Balance Sheet Information</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2"><B>127</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">24</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="5" valign="top" align="left"><FONT size="2">Fiduciary Transactions</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">127</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">25</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="5" valign="top" align="left"><FONT size="2">Commitments and Contingent Liabilities</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">127</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">26</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="5" valign="top" align="left"><FONT size="2">Operating Lease Commitments</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">129</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="7" valign="top" align="left"><FONT size="2"><B>Additional Information</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2"><B>130</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">27</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="5" valign="top" align="left"><FONT size="2">Pledged Assets</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">130</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">28</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="5" valign="top" align="left"><FONT size="2">Litigation</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">130</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">29</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="5" valign="top" align="left"><FONT size="2">Financial Instruments Risk Position</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">130</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">a)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="3" valign="top" align="left"><FONT size="2">Market Risk</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">131</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">(a)(i)
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">Overview
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">131</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">(a)(ii)
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">Interest Rate Risk
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">131</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">(a)(iii)
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">Currency Risk
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">133</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">(a)(iv)
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">Equity Risk
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">135</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">(a)(v)
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">Issuer Risk
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">135</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">b)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="3" valign="top" align="left"><FONT size="2">Credit Risk</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">135</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">c)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="3" valign="top" align="left"><FONT size="2">Liquidity Risk</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">138</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">d)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="3" valign="top" align="left"><FONT size="2">Capital Adequacy</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">139</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">30</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="5" valign="top" align="left"><FONT size="2">Fair Value of Financial Instruments</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">141</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">31</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="5" valign="top" align="left"><FONT size="2">Retirement Benefit Plans and Other Employee Benefits</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="2">143</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">32</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="5" valign="top" align="left"><FONT size="2">Equity Participation Plans</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">147</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">a)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="3" valign="top" align="left"><FONT size="2">Equity Participation Plans Offered</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">147</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">b)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="3" valign="top" align="left"><FONT size="2">UBS Share Awards</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">148</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">c)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="3" valign="top" align="left"><FONT size="2">UBS Option Awards</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">149</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">d)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="3" valign="top" align="left"><FONT size="2">Compensation Expense</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">150</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">e)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="3" valign="top" align="left"><FONT size="2">Pro-Forma Net Income</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">150</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">33</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="5" valign="top" align="left"><FONT size="2">Related Parties</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">151</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">34</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="5" valign="top" align="left"><FONT size="2">Post-Balance Sheet Events</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">153</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">35</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="5" valign="top" align="left"><FONT size="2">Significant Subsidiaries and Associates</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">153</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">36</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="5" valign="top" align="left"><FONT size="2">Acquisition of Paine Webber Group, Inc.</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">157</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">37</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="5" valign="top" align="left"><FONT size="2">Currency Translation Rates</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">157</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">38</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="5" valign="top" align="left"><FONT size="2">Swiss Banking Law Requirements</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">157</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">39</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="5" valign="top" align="left"><FONT size="2">Reconciliation to US GAAP</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">160</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">40</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="5" valign="top" align="left"><FONT size="2">Additional Disclosures Required under<BR>
US GAAP and SEC Rules</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="2">172</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="7" valign="top" bgcolor="#FFFFFF" align="left"><FONT size="2" color="#0865AB"><B>Report of the Group Auditors</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>177</B></FONT></TD>
</TR>
 </TABLE>
</DIV>

</DIV><DIV style="float: right; width: 24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 79
</B></FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P align="left"><FONT size="2"><B>UBS Group Financial Statements<BR>
Financial Statements</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;
</FONT>

<P align="left"><FONT size="2">&nbsp;
</FONT>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><FONT size="5">Financial Statements
</FONT>

<P><FONT size="5">&nbsp;
</FONT>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<!-- link2 "UBS Group Income Statement" -->
<DIV align="left"><A NAME="040"></A></DIV>
<P><FONT size="3"><B>UBS Group Income Statement</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="2"><I>CHF million, except per share data</I></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">% change from</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="2">For the year ended</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">Note</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2"><FONT color="#0865AB"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">31.12.01</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">31.12.00</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">31.12.01</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Operating income</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Interest income</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>39,963</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">52,277</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">51,745</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(24</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Interest expense</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>(29,417</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(44,236</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(43,615</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(33</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net interest income</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>10,546</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">8,041</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">8,130</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">31</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Credit loss (expense)/recovery</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>(206</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(498</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">130</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(59</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net interest income after credit loss
expense</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>10,340</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">7,543</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">8,260</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">37</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net fee and commission income</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>18,221</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">20,211</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">16,703</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(10</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net trading income</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>5,572</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">8,802</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">9,953</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(37</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other income</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>(12</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">558</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,486</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total operating income</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>34,121</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">37,114</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">36,402</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(8</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Operating expenses</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Personnel expenses</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>18,524</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">19,828</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">17,163</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(7</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">General and administrative expenses</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>7,072</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">7,631</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">6,765</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(7</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Depreciation of property and equipment</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">14</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>1,521</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,614</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,608</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(6</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Amortization of goodwill and
other intangible assets</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">15</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>2,460</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,323</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">667</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">86</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total operating expenses</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>29,577</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">30,396</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">26,203</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(3</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Operating profit before tax and
minority interests</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>4,544</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">6,718</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">10,199</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(32</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Tax expense</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">21</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>678</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,401</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2,320</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(52</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net profit before minority interests</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>3,866</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">5,317</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">7,879</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(27</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Minority interests</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">22</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>(331</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(344</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(87</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(4</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net profit</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>3,535</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">4,973</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">7,792</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(29</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Basic earnings per share (CHF)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>2.92</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">3.93</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">6.44</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(26</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Basic earnings per share before
goodwill (CHF)<sup>1</sup></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>4.73</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">4.97</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">7.00</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(5</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Diluted earnings per share (CHF)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>2.87</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">3.78</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">6.35</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(24</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Diluted earnings per share before
goodwill (CHF)<sup>1</sup></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>4.65</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">4.81</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">6.89</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(3</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup>1</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">Excludes the amortization of goodwill and other intangible assets.<sup>&nbsp;</sup>
</FONT></TD>
</TR>
</TABLE>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 80
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P><FONT size="2">&nbsp;
</FONT>

<!-- link2 "UBS Group Balance Sheet" -->
<DIV align="left"><A NAME="041"></A></DIV>
<P><FONT size="3">&nbsp;
</FONT>

<P><FONT size="3">&nbsp;
</FONT>

<P><FONT size="3"><B>UBS Group Balance Sheet</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="65%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">% change from</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">Note</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2"><FONT color="#0865AB"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">31.12.01</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">31.12.01</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Assets</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cash and balances with central banks</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>4,271</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">20,990</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(80</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Due from banks</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">9</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>32,468</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">27,526</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">18</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cash collateral on securities borrowed</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">10</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>139,052</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">162,938</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(15</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Reverse repurchase agreements</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">10</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>294,086</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">269,256</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">9</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Trading portfolio assets</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">11</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>371,436</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">397,886</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(7</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Positive replacement values</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">23</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>82,092</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">73,447</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">12</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Loans</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">9</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>211,647</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">226,545</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(7</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Financial investments</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">12</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>8,391</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">28,803</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(71</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Accrued income and prepaid expenses</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>6,453</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">7,554</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(15</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Investments in associates</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">13</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>705</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">697</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Property and equipment</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">14</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>7,869</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">8,695</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(9</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Goodwill and other intangible assets</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">15</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>13,696</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">19,085</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(28</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other assets</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">16, 21</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>8,952</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">9,875</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(9</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total assets</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>1,181,118</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,253,297</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(6</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><I>Total subordinated assets</I><sup><I>1</I></sup></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B><I>3,652</I></B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><I>2,732</I></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><I>34</I></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Liabilities</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Due to banks</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">17</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>83,178</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">106,531</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(22</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cash collateral on securities lent</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">10</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>36,870</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">30,317</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">22</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Repurchase agreements</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">10</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>366,858</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">368,620</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Trading portfolio liabilities</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">11</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>106,453</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">105,798</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Negative replacement values</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">23</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>81,282</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">71,443</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">14</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Due to customers</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">17</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>306,876</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">333,781</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(8</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Accrued expenses and deferred income</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>15,331</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">17,289</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(11</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Debt issued</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">18</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>129,411</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">156,218</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(17</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other liabilities</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="right"><FONT size="2">19, 20, 21</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>12,339</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">15,658</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(21</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total liabilities</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>1,138,598</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,205,655</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(6</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Minority interests</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">22</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>3,529</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">4,112</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(14</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Shareholders&#146; equity</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Share capital</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>1,005</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">3,589</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(72</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Share premium account</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>12,638</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">14,408</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(12</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net gains/(losses)&nbsp;not recognized in the income statement,
net of tax</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>(159</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(193</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">18</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Retained earnings</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>32,638</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">29,103</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">12</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Treasury shares</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>(7,131</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(3,377</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(111</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total shareholders&#146; equity</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>38,991</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">43,530</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(10</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total liabilities, minority interests and shareholders&#146; equity</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>1,181,118</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,253,297</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(6</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><I>Total subordinated liabilities</I></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B><I>10,102</I></B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><I>13,818</I></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><I>(27</I></FONT></TD>
    <TD nowrap><FONT size="2"><I>)</I></FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup>1</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">The subordinated assets for 2001 have been restated to include
the subordinated traded assets of CHF 2,325&nbsp;million.<SUP>&nbsp;</SUP>
</FONT></TD>
</TR>
</TABLE>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 81
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup><sup>1</sup>
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">On 16 July
2001, UBS made a
distribution to
shareholders of
CHF 1.60 per
share, paid in
the form of a
reduction in the
par value of its
shares, from CHF
10.00 to CHF
8.40. At the
same time, UBS
split its share
3 for 1,
resulting in a
new par value of
CHF 2.80 per
share. On 10
July&nbsp;2002 UBS
made a
distribution of
CHF 2.00 to
shareholders
which reduced
the par value
from CHF 2.80 to
CHF 0.80.
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup><sup>2</sup>
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">Included are
gains and losses
from
match-funding of
net investments
in foreign
entities as
follows: CHF 849
million net gain
for 2002 and CHF
43&nbsp;million net
loss for 2001.
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup><sup>3</sup>
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">Opening
adjustments to
reflect the
adoption of IAS
39 (see Note 1:
Summary of
Significant
Accounting
Policies).
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup><sup>4</sup>
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">Dividends
declared per
share were CHF
1.50 in 2000 and
CHF 1.83 in
1999, both paid
in the year
2000.
</FONT></TD>
</TR>
</TABLE>

</DIV><DIV style="float: right; width: 74%">

<P align="left"><FONT size="2"><B>UBS Group Financial Statements<BR>
Financial Statements</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;
</FONT>

<P align="left"><FONT size="2">&nbsp;
</FONT>

<!-- link2 "UBS Group Statement of Changes in Equity" -->
<DIV align="left"><A NAME="042"></A></DIV>
<P><FONT size="3"><B>UBS Group Statement of Changes in Equity</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="2">For the year ended</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2"><FONT color="#0865AB"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">31.12.01</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">31.12.00</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Issued and paid up share capital</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Balance at the beginning of the year</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>3,589</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">4,444</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">4,309</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Issue of share capital</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>6</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">12</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">135</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Capital repayment by par value reduction<sup>1</sup></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>(2,509</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(683</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cancellation of second trading line treasury shares (2000 Program)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(184</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cancellation of second trading line treasury shares (2001 Program)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>(81</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Balance at the end of the year</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>1,005</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">3,589</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">4,444</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Share premium</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Balance at the beginning of the year</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>14,408</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">20,885</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">14,437</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Premium on shares issued and warrants exercised</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>157</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">80</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">139</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net premium/(discount)&nbsp;on treasury share and own equity derivative
activity</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>282</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(239</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(391</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Share premium increase due to PaineWebber acquisition</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">4,198</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Borrow of own shares to be delivered</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">5,895</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Settlement of own shares to be delivered</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(2,502</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(3,393</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cancellation of second trading line treasury shares (2000 Program)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(3,816</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cancellation of second trading line treasury shares (2001 Program)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>(2,209</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Balance at the end of the year</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>12,638</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">14,408</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">20,885</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="13" align="left"><FONT size="2"><B>Net gains/(losses)&nbsp;not recognized in the income statement, net of taxes</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Foreign currency translation</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Balance at the beginning of the year</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>(769</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(687</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(442</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Movements during the year<sup>2</sup></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>(80</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(82</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(245</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Subtotal &#151; balance at the end of the year</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>(849</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(769</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(687</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="13" align="left"><FONT size="2"><B>Net unrealized gains/(losses)&nbsp;on available for sale investments, net of taxes</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Balance at the beginning of the year</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>1,035</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Change in accounting policy</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,577</FONT></TD>
    <TD><FONT size="2"><sup>3</sup></FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net unrealized gains/(losses)&nbsp;on available for sale investments</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>(144</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(139</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Impairment charges reclassified to the income statement</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>635</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">47</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Gains reclassified to the income statement</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>(600</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(461</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Losses reclassified to the income statement</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>20</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">11</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Subtotal &#151; balance at the end of the year</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>946</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,035</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="13" align="left"><FONT size="2"><B>Change in fair value of derivative instruments
designated as cash flow hedges, net of taxes</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Balance at the beginning of the year</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>(459</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Change in accounting policy</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(380</FONT></TD>
    <TD><FONT size="2">)<sup>3</sup></FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net unrealized gains/(losses)&nbsp;on the revaluation of cash flow hedges</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>(11</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(316</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net (gains)/losses reclassified to the income statement</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>214</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">237</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Subtotal &#151; balance at the end of the year</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>(256</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(459</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Balance at the end of the year</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>(159</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(193</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(687</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Retained earnings</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Balance at the beginning of the year</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>29,103</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">24,191</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">20,327</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Change in accounting policy</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(61</FONT></TD>
    <TD nowrap><FONT size="2">)<sup>3</sup></FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Balance at the beginning of the year (restated)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>29,103</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">24,130</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">20,327</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net profit for the year</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>3,535</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">4,973</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">7,792</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Dividends paid<sup>1, 4</sup></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(3,928</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Balance at the end of the year</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>32,638</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">29,103</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">24,191</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Treasury shares, at cost</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Balance at the beginning of the year</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>(3,377</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(4,000</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(8,023</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Acquisitions</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>(8,313</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(13,506</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(16,330</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Disposals</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>2,269</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">10,129</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">20,353</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cancellation of second trading line treasury shares (2000 Program)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">4,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cancellation of second trading line treasury shares (2001 Program)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>2,290</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Balance at the end of the year</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>(7,131</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(3,377</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(4,000</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total shareholders&#146; equity</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>38,991</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">43,530</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">44,833</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 82
</B></FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P><FONT size="3"><B>UBS Group Statement of Changes in Equity (continued)</B>
</FONT>

<P><FONT size="2"><B>Shares issued</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="39%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="10"><FONT size="2">Number of shares</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="2"><FONT size="2">% change from</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="10"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">For the year ended</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">31.12.01</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">31.12.00</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">31.12.01</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Balance at the beginning of the year</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>1,281,717,499</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,333,139,187</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,292,679,486</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(4</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Issue of share capital</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>3,398,869</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">3,843,661</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">4,459,701</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(12</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Issue of share capital due to
PaineWebber acquisition</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">36,000,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cancellation of second trading line
treasury shares (2000 Program)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(55,265,349</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cancellation of second trading line
treasury shares (2001 Program)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>(28,818,690</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Balance at the end of the year</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>1,256,297,678</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,281,717,499</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,333,139,187</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(2</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<P><FONT size="2"><B>Treasury shares</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="10"><FONT size="2">Number of shares</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="2"><FONT size="2">% change from</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="10"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">For the year ended</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">31.12.01</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">31.12.00</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">31.12.01</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Balance at the beginning of the year</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>41,254,951</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">55,265,349</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">110,621,142</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(25</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Acquisitions</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>110,710,741</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">162,818,045</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">257,121,477</FONT></TD>
    <TD><FONT size="2"><sup>1</sup></FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(32</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Disposals</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>(25,965,908</B></FONT></TD>

    <TD nowrap bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(121,563,094</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="right"><FONT size="2">(312,477,270</FONT></TD>
    <TD nowrap><FONT size="2">)<sup>1</sup></FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(79</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cancellation of second trading line
treasury shares (2000 Program)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(55,265,349</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cancellation of second trading line
treasury shares (2001 Program)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>(28,818,690</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Balance at the end of the year</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>97,181,094</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">41,254,951</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">55,265,349</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">136</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<DIV align="left"><FONT size="1"><sup>1</sup> Number of shares in 2000 has been adjusted.
</FONT></DIV>

<P align="left"><FONT size="2">During the year a total of 28,818,690 shares acquired under the second
trading line buyback program 2001 were cancelled. At 31 December&nbsp;2002,
a maximum of 9,590,918 shares can be issued against the exercise of
options from former PaineWebber employee option plans. These shares are
shown as conditional share capital in the UBS AG (Parent Bank)
disclosure. Out of the total number of 97,181,094 treasury shares,
74,035,080 shares (CHF 5,416&nbsp;million) were acquired under the second
trading line buyback program 2002 and are earmarked for cancellation.
The Board of Directors will propose to the Annual General Meeting on 16
April&nbsp;2003 to reduce the issued number of shares and the share capital
by the number of shares purchased for cancellation. All issued shares
are fully paid.
</FONT>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 83
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P align="left"><FONT size="2"><B>UBS Group Financial Statements<BR>
Financial Statements</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;
</FONT>

<P align="left"><FONT size="2">&nbsp;
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<!-- link2 "UBS Group Statement of Cash Flows" -->
<DIV align="left"><A NAME="043"></A></DIV>
<P><FONT size="3"><B>UBS Group Statement of Cash Flows</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="67%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left" colspan="2"><FONT size="2"><I>CHF million</I></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left" colspan="2"><FONT size="2">For the year ended</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2"><FONT color="#0865AB"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">31.12.01</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">31.12.00</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="14" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Cash flow from/(used in) operating activities</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net profit</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>3,535</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">4,973</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">7,792</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Adjustments to reconcile net profit
to cash flow from/(used in) operating activities</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Non-cash items included in net profit and other adjustments:</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Depreciation of property and equipment</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>1,521</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,614</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,608</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Amortization of goodwill and other intangible assets</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>2,460</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,323</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">667</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Credit loss expense/(recovery)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>206</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">498</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(130</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Equity in income of associates</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>(7</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(72</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(58</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Deferred tax expense/(benefit)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>(509</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">292</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">544</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net loss/(gain)&nbsp;from investing activities</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>986</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">513</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(730</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net (increase)/decrease in operating assets:</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net due from/to banks</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>(22,382</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">27,306</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(915</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Reverse repurchase agreements and
cash collateral on securities borrowed</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>(944</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(60,536</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(81,054</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Trading portfolio and net
replacement values</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>21,967</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(78,456</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">11,553</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Loans/due to customers</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>(11,537</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">42,813</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">12,381</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Accrued income, prepaid expenses and other assets</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>2,875</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(424</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">6,923</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net increase/(decrease)&nbsp;in operating liabilities:</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Repurchase agreements, cash collateral on securities lent</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>4,791</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">80,006</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">50,762</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Accrued expenses and other liabilities</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>(4,754</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(5,235</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">3,313</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Income taxes paid</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>(572</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(1,742</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(959</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="14" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net cash flow
from/(used in) operating activities</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>(2,364</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">12,873</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">11,697</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="14" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Cash flow from/(used in)
investing activities</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Investments in subsidiaries and associates</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>(60</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(467</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(9,729</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Disposal of subsidiaries and associates</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>984</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">95</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">669</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Purchase of property and equipment</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>(1,763</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(2,021</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(1,640</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Disposal of property and equipment</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>67</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">380</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">335</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net (investment in)/divestment
of financial investments</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>2,153</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(5,770</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(8,770</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="14" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net cash flow from/(used in) investing activities</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>1,381</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(7,783</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(19,135</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="14" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Cash flow from/(used in) financing activities</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net money market
paper issued/(repaid)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>(26,206</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">24,226</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">10,125</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net movements in treasury shares and own equity derivative activity</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>(5,605</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(6,038</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(647</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Capital issuance</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>6</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">12</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">15</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Capital repayment by par value reduction</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>(2,509</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(683</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Dividends paid</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>
 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>


 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(3,928</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Issuance of long-term debt</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>17,132</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">18,233</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">14,884</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Repayment of long-term debt</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>(14,911</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(18,477</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(24,640</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Increase in minority interests</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,291</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2,683</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Dividend payments to/and purchase from minority interests</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>(377</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(461</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(73</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="14" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net cash flow from/(used in) financing activities</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>(32,470</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">18,103</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(1,581</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Effects of exchange
rate differences</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>(462</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(304</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">112</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="14" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net increase/(decrease)&nbsp;in cash equivalents</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>(33,915</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">22,889</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(8,907</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cash and cash
equivalents, beginning of the year</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>116,259</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">93,370</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">102,277</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="14" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Cash and cash
equivalents, end of the year</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>82,344</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">116,259</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">93,370</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="14" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Cash and cash
equivalents comprise:</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cash and balances
with central banks</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>4,271</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">20,990</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2,979</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Money market
paper<sup>1</sup></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>46,183</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">69,938</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">66,454</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Due from banks
maturing in less than three months</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>31,890</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">25,331</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">23,937</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="14" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>82,344</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">116,259</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">93,370</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="14" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<DIV align="left"><FONT size="1"><sup>1</sup> Money market paper is included in the Balance sheet under Trading
portfolio assets and Financial investments. CHF 10,475&nbsp;million, CHF
29,895&nbsp;million and CHF 28,395&nbsp;million were pledged at 31 December&nbsp;2002,
31 December&nbsp;2001 and 31 December&nbsp;2000, respectively.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 84
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P><FONT size="3"><B>UBS Group Statement of Cash Flows (continued)</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="68%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left" colspan="2"><FONT size="2"><B>Significant non-cash investing and financing activities</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left" colspan="2"><FONT size="2"><I>CHF million</I></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left" colspan="2"><FONT size="2">For the year ended</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2"><FONT color="#0865AB"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">31.12.01</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">31.12.00</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="14" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Paine Webber Group, Inc. acquisition</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Value of shares issued (121,741,710 shares issued)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">10,246</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Value of options issued (18,975,810 options issued)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">992</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Solothurner Bank SOBA, Solothurn, deconsolidation</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Investments in associates</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Property and equipment</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">77</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Debt issued</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">493</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Hyposwiss, Zurich, deconsolidation</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Financial investments</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>53</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Property and equipment</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>18</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Debt issued</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>63</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Hirslanden Holding AG, Zurich, deconsolidation</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Financial investments</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>3</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Property and equipment</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>718</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Goodwill and other intangible assets</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>15</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Consolidation of special purpose entities</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Debt issued</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>2,322</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="14" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 85
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P align="left"><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;
</FONT>

<P align="left"><FONT size="2">&nbsp;
</FONT>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<!-- link1 "Notes to the Financial Statements" -->
<DIV align="left"><A NAME="044"></A></DIV>
<P><FONT size="5"><B>Notes to the Financial Statements</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<!-- link2 "Note 1 Summary of Significant Accounting Policies " -->
<DIV align="left"><A NAME="045"></A></DIV>
<P><FONT size="3"><B>Note 1&nbsp;&nbsp;Summary of Significant Accounting Policies</B>
</FONT>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P><FONT size="2"><B>a) Basis of accounting</B>
</FONT>

<DIV align="left"><FONT size="2">UBS AG and subsidiaries (&#147;UBS&#148; or
the &#147;Group&#148;) provide a broad
range of financial services
including advisory services,
underwriting, financing, market
making, asset management,
brokerage, and retail banking on
a global level. The Group was
formed on 29 June&nbsp;1998 when Swiss
Bank Corporation and Union Bank
of Switzerland merged. The merger
was accounted for using the
uniting of interests method of
accounting.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The consolidated financial
statements of the Group (the
&#147;Financial Statements&#148;) are
prepared in accordance with
International Financial Reporting
Standards (&#147;IFRS&#148;) and stated in
Swiss francs (CHF), the currency
of the country in which UBS AG is
incorporated. On 11 February&nbsp;2003
the Board of Directors approved
them for issue.
</FONT></DIV>

<P align="left"><FONT size="2"><B>b) Use of estimates in the preparation of Financial Statements</B>
</FONT>

<DIV align="left"><FONT size="2">In preparing the Financial
Statements, management is
required to make estimates and
assumptions that affect reported
income, expenses, assets,
liabilities and disclosure of
contingent assets and
liabilities. Use of available
information and application of
judgement are inherent in the
formation of estimates. Actual
results in the future could
differ from such estimates and
the differences may be material
to the Financial Statements.
</FONT></DIV>

<P><FONT size="2"><B>c) Consolidation</B>
</FONT>

<DIV align="left"><FONT size="2">The Financial Statements comprise
those of the parent company (UBS
AG), its subsidiaries and certain
special purpose entities,
presented as a single economic
entity. The effects of
intra-group transactions are
eliminated in preparing the
Financial Statements.
Subsidiaries and special purpose
entities which are directly or
indirectly controlled by the
Group are consolidated.
Subsidiaries acquired are
consolidated from the
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<DIV align="left"><FONT size="2">date
control is transferred to the
Group. Subsidiaries to be
divested are consolidated up to
the date of disposal. Temporarily
controlled entities that are
acquired and held with a view to
their subsequent disposal, are
recorded as Financial
investments.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets held in an agency or
fiduciary capacity are not assets
of the Group and are not reported
in the Financial Statements.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity and net income
attributable to minority
interests are shown separately in
the Balance sheet and Income
statement, respectively.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in associates in
which the Group has a significant
influence are accounted for under
the equity method of accounting.
Significant influence is normally
evidenced when UBS owns 20% or
more of a company&#146;s voting
rights. Investments in associates
are initially recorded at cost
and the carrying amount is
increased or decreased to
recognize the Group&#146;s share of
the investee&#146;s profits or losses
after the date of acquisition.
Investments in associates for
which significant influence is
intended to be temporary because
the investments are acquired and
held exclusively with a view to
their subsequent disposal, are
recorded as Financial
investments.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Group sponsors the
formation of companies, which may
or may not be directly or
indirectly owned subsidiaries,
for the purpose of asset
securitization transactions and
structured debt issuance, and to
accomplish certain narrow and
well defined objectives. These
companies may acquire assets
directly or indirectly from UBS
or its affiliates. Some of these
companies are bankruptcy-remote
entities whose assets are not
available to satisfy the claims
of creditors of the Group or any
of its subsidiaries. Such
companies are consolidated in the
Group&#146;s Financial Statements when
the substance of the relationship
between the Group and the company
indicates that the company is
controlled by the Group. Certain
transactions of consolidated
enti-
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 86
</B></FONT>
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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">ties meet the criteria for
derecognition of financial
assets. Derecognition of a
financial asset takes place when
the Group loses control of the
contractual rights that comprise
the financial asset. These
transactions do not affect
the consolidation status of an
entity.
</FONT>

<P><FONT size="2"><B>d) Foreign currency translation</B>
</FONT>

<DIV align="left"><FONT size="2">Foreign currency transactions are
recorded at the rate of exchange
on the date of the transaction.
At the balance sheet date,
monetary assets and liabilities
denominated in foreign currencies
are reported using the closing
exchange rate. Exchange
differences arising on the
settlement of transactions at
rates different from those at the
date of the transaction, and
unrealized foreign exchange
differences on unsettled foreign
currency monetary assets and
liabilities, are recognized in
the income statement.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange differences on
non-monetary financial assets are
a component of the change in
their fair value. Depending on
the classification of a
non-monetary financial asset,
exchange differences are either
recognized in the income
statement (applicable for example
for equity securities held for
trading), or within Shareholder&#146;s
equity if non-monetary financial
assets are classified as
available-for-sale financial
investments.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When preparing consolidated
financial statements, assets and
liabilities of foreign entities
are translated at the exchange
rates at the balance sheet date,
while income and expense items
are translated at weighted
average rates for the period.
Differences resulting from the
use of closing and weighted
average exchange rates and from
revaluing a foreign entity&#146;s
opening net asset balance at
closing rate are recognized
directly in Foreign currency
translation within Shareholders&#146;
equity.
</FONT></DIV>

<P><FONT size="2"><B>e) Business and geographical segments</B>
</FONT>

<DIV align="left"><FONT size="2">The Group is organized on a
worldwide basis into four
Business Groups and the Corporate
Center. This organizational
structure is the basis upon which
the Group reports its primary
segment information.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Segment income, segment
expenses and segment performance
include transfers between
business segments and between
geographical segments. Such
transfers are accounted for at
prices in line with charges to
unaffiliated customers for
similar services.
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P><FONT size="2"><B>f) Cash and cash equivalents</B>
</FONT>

<DIV align="left"><FONT size="2">Cash and cash equivalents consist
of Cash and balances with central
banks, balances included in Due
from banks that mature in less
than three months, and Money
market paper included in Trading
portfolio assets and Financial
investments.
</FONT></DIV>

<P><FONT size="2"><B>g) Fee income</B>
</FONT>

<DIV align="left"><FONT size="2">Brokerage fees earned from
executing securities transactions
are recorded when the service has
been provided. Portfolio and
other management, advisory and
other service fees are recognized
based on the terms of the
applicable service contracts.
Asset management fees related to
investment funds are recognized
ratably over the period the
service is provided. The same
principle is applied for fees
earned for wealth management,
financial planning and custody
services that are
continuously provided over an
extended period of time.
Transaction-related fees earned
from merger and acquisition and
other advisory services,
securities underwriting, fund
raising, and from other
investment banking and similar
services that have a
non-recurring character, are
recognized at the time the
service has been completed.
</FONT></DIV>

<P><FONT size="2"><B>h) Securities borrowing and lending</B>
</FONT>

<DIV align="left"><FONT size="2">Securities borrowed and
securities lent are recorded at
the amount of cash collateral
advanced or received, plus
accrued interest.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities borrowed and
securities received as collateral
under securities lending
transactions are not recognized
in the balance sheet unless
control of the contractual rights
that comprise these securities
received is gained. Securities
lent and securities provided as
collateral under securities
borrowing transactions are not
derecognized from the balance
sheet unless control of the
contractual rights that comprise
these securities transferred is
relinquished. The Group monitors
the market value of the
securities borrowed and lent on a
daily basis and provides or
requests additional collateral in
accordance with the underlying
agreements.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fees and interest received
or paid are recorded as interest
income or interest expense, on an
accrual basis.
</FONT></DIV>

<P><FONT size="2"><B>i) Repurchase and reverse repurchase transactions</B>
</FONT>

<DIV align="left"><FONT size="2">Securities purchased under
agreements to resell (reverse
repurchase agreements) and
securities
</FONT></DIV>

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 87
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<P><DIV style="float: left; width:24%">


<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P align="left"><FONT size="2"><B>UBS Group Financial Statements <BR>
Notes to the Financial Statements</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;
</FONT>

<P align="left"><FONT size="2">&nbsp;
</FONT>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<DIV align="left"><FONT size="2">sold
under agreements to
repurchase (repurchase
agreements) are generally
treated as collateralized
financing transactions
and are carried at the
amounts of cash advanced
or received, plus accrued
interest.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities received under
reverse repurchase agreements and
securities delivered under
repurchase agreements are not
recognized in the balance sheet
or derecognized from the balance
sheet, unless control of the
contractual rights that comprise
these securities is relinquished.
The Group monitors the market
value of the securities received
or delivered on a daily basis,
and provides or requests
additional collateral in
accordance with the underlying
agreements.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest earned on reverse
repurchase agreements and
interest incurred on repurchase
agreements is recognized as
interest income or interest
expense, over the life of each
agreement.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Group offsets reverse
repurchase agreements and
repurchase agreements with the
same counterparty for
transactions covered by legally
enforceable master netting
agreements when net or
simultaneous settlement is
intended.
</FONT></DIV>

<P><FONT size="2"><B>j) Trading portfolio</B>
</FONT>

<DIV align="left"><FONT size="2">Trading portfolio assets consist
of money market paper, other debt
instruments, including traded
loans, equity instruments and
precious metals
which are owned by the Group
(&#147;long&#148; positions). Obligations
to deliver trading securities
sold but not yet purchased are
reported as Trading portfolio
liabilities. Trading portfolio
liabilities consist of money
market paper, other debt
instruments and equity
instruments which the Group has
sold to third parties but does
not own (&#147;short&#148; positions).
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The trading portfolio is
carried at fair value, which
includes valuation allowances for
instruments for which liquid
markets do not exist. Gains and
losses realized on disposal or
redemption and unrealized gains
and losses from changes in the
fair value of trading portfolio
assets or liabilities are
reported as Net trading income.
Interest and dividend income and
expense on trading portfolio
assets or liabilities are
included in Interest and dividend
income or Interest and dividend
expense, respectively.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Group uses settlement
date accounting when recording
trading portfolio transactions.
It recognizes from the date the
transaction is entered into
(trade date) in the income
statement
</FONT></DIV>

</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<DIV align="left"><FONT size="2">any unrealized profits
and losses arising from revaluing
that contract to fair value.
Subsequent to the trade date,
when the transaction is
consummated (settlement date) a
resulting financial asset or
liability is recognized on the
balance sheet at the fair value
of the consideration given or
received plus the change in fair
value of the contract since the
trade date. When the Group
becomes party to a sales contract
of a financial asset classified
in its trading portfolio it
derecognizes the asset on the day
of its transfer.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The determination of fair
values of trading portfolio
assets or liabilities is based on
quoted market prices in active
markets or dealer price
quotations, pricing models (using
assumptions based on market and
economic conditions), or
management&#146;s estimates, as
applicable.
</FONT></DIV>

<P><FONT size="2"><B>k) Loans originated by the Group</B>
</FONT>

<DIV align="left"><FONT size="2">Loans originated by the Group
include loans where money is
provided directly to the
borrower, other than those that
are originated with the intent to
be sold immediately or in the
short term, which are recorded as
Trading portfolio assets. A
participation in a loan from
another lender is considered to
be originated by the Group,
provided it is funded on the date
the loan is originated by the
lender. Purchased loans are
classified either as Financial
investments available for sale,
or as Trading portfolio assets,
as appropriate.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans originated by the
Group are recognized when cash is
advanced to borrowers. They are
initially recorded at cost, which
is the fair value of the cash
given to originate the loan,
including any transaction costs,
and are subsequently measured at
amortized cost using the
effective interest rate method.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest on loans originated
by the Group is included in
Interest earned on loans and
advances and is recognized on an
accrual basis. Fees and direct
costs relating to loan
origination, financing or
restructuring and to loan
commitments are deferred and
amortized to Interest earned on
loans and advances over the life
of the loan using the
straight-line method which
approximates the effective
interest rate method. Fees
received for commitments which
are not expected to result in a
loan are included in
Credit-related fees and
commissions over the commitment
period. Loan syndication fees
where UBS does not retain a
portion of the syndicated loan
are credited to commission
income.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

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 88
</B></FONT>
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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P><FONT size="2"><B>l) Allowance and provision for credit losses</B>
</FONT>

<DIV align="left"><FONT size="2">An allowance for credit losses is
established if there is objective
evidence that the Group will be
unable to collect all amounts due
on a claim according to the
original contractual terms or the
equivalent value. A &#147;claim&#148; means
a loan, a commitment such as a
letter of credit, guarantee or
commitment to extend credit, or a
derivative or other credit
product.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An allowance for credit
loss is reported as a reduction
of the carrying value of a claim
on the balance sheet, whereas for
an off-balance sheet item such as
a commitment a provision for
credit loss is reported in Other
liabilities. Additions to the
allowances and provisions for
credit losses are made through
credit loss expense.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allowances and provisions
for credit losses are evaluated
at a counterparty-specific and/or
country-specific level based on
the following principles:
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty-specific: A claim is
considered impaired when
management determines that it is
probable that the Group will not
be able to collect all amounts
due according to the original
contractual terms or the
equivalent value.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Individual credit exposures
are evaluated based upon the
borrower&#146;s character, overall
financial condition, resources
and payment record; the prospects
for support from any financially
responsible guarantors; and,
where applicable, the realizable
value of any collateral.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The estimated recoverable
amount is the present value of
expected future cash flows which
may result from restructuring or
liquidation. Impairment is
measured and allowances for
credit losses are established for
the difference between the
carrying amount and its estimated
recoverable amount.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If there are indications of
significant probable losses in
the portfolio that have not been
specifically identified,
allowances for credit losses
would also be provided for on a
portfolio basis.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon impairment the accrual
of interest income based on the
original terms of the claim is
discontinued, but the increase of
the present value of impaired
claims due to the passage of time
is reported as interest income.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An impaired loan is
classified as non-performing when
the contractual payments of
principal and/or interest are in
arrears for 90&nbsp;days or more.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All impaired claims are
reviewed and analyzed at least
annually. Any subsequent changes
to the
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<DIV align="left"><FONT size="2">amounts and timing of the
expected future cash flows
compared to the prior estimates
will result in a change in the
allowance for credit losses and
be charged or credited to credit
loss expense.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An allowance for an
impairment is reversed only when
the credit quality has improved
such
that there is reasonable
assurance of timely collection of
principal and interest in
accordance with the original
contractual terms of the claim
agreement.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A write-off is made when all
or part of a claim is deemed
uncollectible or forgiven.
Write-offs are charged against
previously established allowances
for credit losses or directly to
credit loss expense and reduce the
principal amount of a claim.
Recoveries in part or in full of
amounts previously written off are
credited to credit loss expense.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Country-specific: Where, in
management&#146;s opinion, it is
probable that some claims may be
affected by systemic crisis,
transfer restrictions or
non-enforceability, specific
country allowances for probable
losses are established. They are
based on country-specific
scenarios, taking into
consideration the nature of the
individual exposures, but
excluding those amounts covered
by counterparty-specific
allowances.
</FONT></DIV>

<P><FONT size="2"><B>m) Securitizations</B>
</FONT>

<DIV align="left"><FONT size="2">The Group securitizes various
consumer and commercial financial
assets, which generally results in
the sale of these assets to
special-purpose vehicles which, in
turn issue securities to
investors. Financial assets are
partially or wholly derecognized
when the Group gives up control of
the contractual rights that
comprise the financial asset.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interests in the securitized
financial assets may be retained
in the form of senior or
subordinated tranches,
interest-only strips or other
residual interests (&#147;retained
interests&#148;). Retained interests
are primarily recorded in Trading
portfolio assets and carried at
fair value. The determination of
fair values of retained interest
is generally based on quoted
market prices or to a lesser
extent by determining the present
value of expected future cash
flows using pricing models that
incorporate management&#146;s best
estimates of critical assumptions
which may include credit losses,
discount rates, yield curves and
other factors.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gains or losses on
securitization depend in part on
the carrying amount of the
transferred
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

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</B></FONT>
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<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P align="left"><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<DIV align="left"><FONT size="2">financial assets,
allocated between the
financial assets
derecognized and the
retained interests based
on their relative fair
values at the date of the
transfer. Gains or losses
on securitization are
recorded in Net trading
income.
</FONT></DIV>

<P><FONT size="2"><B>n) Financial investments</B>
</FONT>

<DIV align="left"><FONT size="2">Financial investments are
classified as available-for-sale
and recorded on a settlement date
basis. Management determines the
appropriate classification of its
investments at the time of the
purchase. Financial investments
consist of money market paper,
other debt instruments and equity
instruments, including private
equity investments.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Available-for-sale financial
investments may be sold in
response to needs for liquidity
or changes
in interest rates, foreign
exchange rates or equity prices.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Available-for-sale financial
investments are carried at fair
value. Unrealized gains or losses
on available-for-sale investments
are reported in Shareholders&#146;
equity, net of applicable taxes,
until such investment is sold,
collected or otherwise disposed
of, or until such investment is
determined to be impaired.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The determination of fair
values of available-for-sale
financial investments is
generally based on quoted market
prices in active markets, dealer
price quotations, discounted
expected cash flows using market
rates commensurate with the
credit quality and maturity of
the investment or based upon
review of the investee&#146;s
financial results, condition and
prospects including comparisons
to similar companies for which
quoted market prices are
available.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an available-for-sale
investment is determined to be
impaired, the cumulative
unrealized loss previously
recognized in Shareholders&#146;
equity is included in net profit
or loss for the period and
reported in Other income. A
financial investment is
considered impaired if its cost
exceeds the recoverable amount.
For non-quoted equity
investments, the recoverable
amount is determined by applying
recognized valuation techniques.
The standard method applied is
based on multiple of earnings
observed in the market for
comparable companies. For quoted
financial investments, the
recoverable amount is determined
by reference to the market price.
They are considered impaired if
objective evidence indicates that
the decline in market price has
reached a level that recovery of
the cost
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<DIV align="left"><FONT size="2">value cannot be
reasonably expected within the
foreseeable future.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On disposal of an
available-for-sale investment,
the accumulated unrealized gain
or loss included in Shareholders&#146;
equity is transferred to net
profit or loss for the period and
reported in Other income. Gains
and losses on disposal are
determined using the average cost
method.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and dividend income
on available-for-sale financial
investments is included in
Interest and dividend income from
financial investments.
</FONT></DIV>

<P><FONT size="2"><B>o) Property and equipment</B>
</FONT>

<DIV align="left"><FONT size="2">Property and equipment includes
bank-occupied properties,
investment properties, software,
IT and communication and other
machines and equipment.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank-occupied property is
defined as property held by the
Group for use in the supply of
services or for administrative
purposes whereas investment
property is defined as property
held by the Group to earn rentals
and/or for capital appreciation.
If a property of the Group
includes a portion that is
bank-occupied and another portion
that is held to earn rentals or
for capital appreciation, the
classification is based on whether
or not these portions can be sold
separately. If both portions of
the property can be sold
separately these portions are
accounted for as bank-occupied
property and investment property,
respectively. If the portions
cannot be sold separately, the
whole property is
classified as bank-occupied
property unless the portion used
by the bank is minor. The
classification of property is
reviewed on a regular basis to
account for major changes in its
usage.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Software development costs
are capitalized when they meet
certain criteria relating to
identifiability, it is probable
that future economic benefits
will flow to the enterprise, and
the cost can be measured
reliably. Internally developed
software meeting these criteria
and purchased software are
classified in Property and
equipment on the balance sheet.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property and equipment is
carried at cost less accumulated
depreciation and accumulated
impairment losses. Property and
equipment is periodically
reviewed for impairment.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property and equipment is
depreciated on a straight-line
basis over its estimated useful
life as follows:
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 90
</B></FONT>
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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:35%">

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD width="59%" valign="top"><FONT size="1">Properties, excluding land</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT>
 </TD>
    <TD nowrap align="left" valign="top"><FONT size="1">
Not exceeding 50&nbsp;years</FONT></TD>
</TR>

<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="1">Other machines and equipment</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
Not exceeding 10&nbsp;years</FONT></TD>
</TR>
<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD nowrap valign="top"><FONT size="1">IT, software and communication</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">Not exceeding 3&nbsp;years</FONT></TD>
</TR>
<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property formerly
bank-occupied or leased to third
parties under an operating lease,
which the Group has decided to
dispose of and foreclosed
property are defined as
Properties held for resale and
disclosed in Other assets. They
are carried at the lower of cost
or recoverable value.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When the cost model is
applied, IAS 40, Investment
Property, requires the disclosure
of the investment property&#146;s fair
value (see Note 14) and how fair
value is determined. UBS employs
internal real estate experts who
determine the fair value of
investment property by applying
recognized valuation techniques.
In cases where prices of recent
market transactions of comparable
objects are available, fair value
is determined by reference to
these transactions.
</FONT></DIV>

<P><FONT size="2"><B>p) Goodwill and other intangible assets</B>
</FONT>

<DIV align="left"><FONT size="2">Goodwill represents the excess of
the cost of an acquisition over
the fair value of the Group&#146;s
share of net identifiable assets
of the acquired entity at the
date of acquisition.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other intangible assets are
comprised of separately
identifiable intangible items
arising from acquisitions and
certain purchased trademarks and
similar items.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodwill and other
intangible assets are recognized
as assets and are amortized using
the straight-line basis over
their estimated useful economic
life, not exceeding 20&nbsp;years. At
each balance sheet date, goodwill
and other intangible assets are
reviewed for indications of
impairment or changes in
estimated future benefits. If
such indications exist an
analysis is performed to assess
whether the carrying amount of
goodwill or other intangible
assets is fully recoverable. A
write-down is made if the
carrying amount exceeds the
recoverable amount.
</FONT></DIV>

<P><FONT size="2"><B>q) Income taxes</B>
</FONT>

<DIV align="left"><FONT size="2">Income tax payable on profits,
based on the applicable tax laws
in each jurisdiction, is
recognized as an expense in the
period in which
profits arise. The tax effects of
income tax losses available for
carry-forward are recognized as
an asset when it is probable that
future taxable profit will be
available against which those
losses can be utilized.
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liabilities are
recognized for temporary
differences between the carrying
amounts of assets and liabilities
in the Group balance sheet and
their amounts as measured for tax
purposes, which will result in
taxable amounts in future
periods. Deferred tax assets are
recognized for temporary
differences which will result in
deductible amounts in future
periods, but only to the extent
it is probable that sufficient
taxable profits will be available
against which these differences
can be utilized.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax assets and
liabilities are measured at the
tax rates that are expected to
apply in the period in which the
asset will be realized or the
liability will be settled based
on enacted rates.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current and deferred tax
assets and liabilities are offset
when they arise from the same tax
reporting group and relate to the
same tax authority and when the
legal right to offset exists.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current and deferred taxes
are recognized as income tax
benefit or expense except for (i)
deferred taxes recognized or
disposed of upon the acquisition
or disposal of a subsidiary, and
(ii)&nbsp;unrealized gains or losses
on available for sale investments
and changes in fair value of
derivative instruments designated
as cash flow hedges, which are
recorded net of taxes in Gains or
losses not recognized in the
income statement within
Shareholders&#146; equity.
</FONT></DIV>

<P><FONT size="2"><B>r) Debt issued</B>
</FONT>

<DIV align="left"><FONT size="2">Debt issued is initially measured
at cost, which is the fair value
of the consideration received,
net of transaction costs
incurred. Subsequent measurement
is at amortized cost, using the
effective interest rate method to
amortize cost at inception to the
redemption value over the life of
the debt.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Combined debt instruments
that are related to non-UBS AG
equity instruments, foreign
exchange, credit instruments or
indices are considered structured
instruments. The embedded
derivative is separated from the
host contract and accounted for as
a stand-alone derivative if the
criteria for separation are met.
The host contract is subsequently
measured at amortized cost.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt instruments with
embedded derivatives that are
related to UBS AG shares or to a
derivative instrument that has
UBS AG shares as underlying are
separated into a liability and an
equity component at issue date,
if they will be physically
settled. Initially, a portion of
the net proceeds from issuing the
combined debt instru-
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 91
</B></FONT>
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<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P align="left"><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B>
</FONT>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<DIV align="left"><FONT size="2">ment
are allocated to the
equity component based on
its fair value and
reported in Share premium
account. The
determination of fair
values is generally based
on quoted market prices
or option pricing models.
Subsequent changes in
fair value of the
separated equity
component are not
recognized. The remaining
amount is allocated to
the liability component
and reported as Debt
issued. The liability
component is subsequently
measured at amortized
cost. However, if the
combined instrument or
the embedded derivative
related to UBS AG shares
is cash settled or the
holder of the hybrid
instrument has the right
to require cash
settlement, then the
separated derivative is
accounted for as a
trading instrument with
changes in fair value
recorded in income.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It is the Group&#146;s policy to
hedge the fixed interest rate
risk on debt issues (except for
certain subordinated long-term
notes issues, see Note 30a) and
apply fair value hedge
accounting. The effect is such
that when hedge accounting is
applied to fixed rate debt
instruments, the carrying value
of debt issues is adjusted for
changes in fair value related to
the hedged exposure rather than
carried at amortized cost. See v)
Derivative instruments for
further discussion.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Own bonds held as a result
of market making activities or
deliberate purchases in the
market are treated as a
redemption of debt. A gain or
loss on redemption is recorded
depending on whether the
repurchase price of the bond was
lower or higher than its carrying
value in the books. A subsequent
sale of own bonds in the market
is treated as a re-issuance of
debt.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense on debt
instruments is included in
Interest on debt issued.
</FONT></DIV>

<P><FONT size="2"><B>s) Treasury shares</B>
</FONT>

<DIV align="left"><FONT size="2">UBS AG shares held by the Group
are classified in Shareholders&#146;
equity as Treasury shares and
accounted for at weighted average
cost. The difference between the
proceeds from sales of treasury
shares and their cost (net of
tax, if any) is classified as
Share premium.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contracts that require
physical settlement or net share
settlement in UBS AG shares or
provide the Group with a choice
to physically settle are
classified as Shareholders&#146;
equity and reported as Share
premium. Upon settlement of such
contracts the proceeds received
less cost (net of tax, if any),
are reported as Share premium.
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contracts on UBS AG shares
that require net cash settlement
or provide the counterparty with
a choice of net cash settlement
are classified as trading
instruments, with the changes in
fair value reported in the income
statement.
</FONT></DIV>

<P><FONT size="2"><B>t) Retirement benefits</B>
</FONT>

<DIV align="left"><FONT size="2">The Group sponsors a number of
retirement benefit plans for its
employees worldwide. These plans
include both defined benefit and
defined contribution plans and
various other retirement benefits
such as post-employment medical
benefits. Group contributions to
defined contribution plans are
expensed when employees have
rendered services in exchange for
such contributions, generally in
the year of contribution.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Group uses the projected
unit credit actuarial method to
determine the present value of
its defined benefit plans and the
related current service cost and,
where applicable, past service
cost.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The principal actuarial
assumptions used by the actuary
are set out in Note 32.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Group recognizes a
portion of its actuarial gains
and losses as income or expenses
if the net cumulative
unrecognized actuarial gains and
losses at the end of the previous
reporting period exceeded the
greater of:
</FONT></DIV>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="87%">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">a)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
10% of present value of the
defined benefit obligation at
that date (before deducting plan
assets); and</FONT></TD>
</TR>
<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">b)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
10% of the fair value of any plan assets at that date.</FONT></TD>
</TR>
<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The unrecognized actuarial
gains and losses exceeding the
greater of the two values are
recognized in the income
statement over the expected
average remaining working lives
of the employees participating in
the plans.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an excess of the fair
value of the plan assets over the
present value of the defined
benefit obligation cannot be
recovered fully through refunds
or reductions in future
contributions, no gain is
recognized solely as a result of
deferral of an actuarial loss or
past service cost in the current
period or no loss is recognized
solely as a result of deferral of
an actuarial gain in the current
period.
</FONT></DIV>

<P><FONT size="2"><B>u) Equity participation plans</B>
</FONT>

<DIV align="left"><FONT size="2">The Group provides various equity
participation plans in the form
of stock plans and stock option
plans. UBS generally uses the
intrinsic
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 92
</B></FONT>
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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<DIV align="left"><FONT size="2">value method of
accounting for such awards.
Consequently, compensation
expense is measured as the
difference between the quoted
market price of the stock at the
grant date less the amount, if
any, that the employee is
required to pay, or by the excess
of stock price over option strike
price, if any. The Group&#146;s policy
is to recognize compensation
expense for equity awards at the
date of grant.
</FONT></DIV>

<P><FONT size="2"><B>v) Derivative instruments and hedging</B>
</FONT>

<DIV align="left"><FONT size="2">All derivative instruments of the
Group are carried at fair value
on the balance sheet and are
reported as Positive or Negative
replacement values. Fair values
are obtained from quoted market
prices, dealer price quotations,
discounted cash flow models and
option pricing models, which
incorporate current market and
contractual prices for the
underlying instrument, time to
expiry, yield curves and
volatility of the underlying. The
Group offsets positive and
negative replacement values with
the same counter-party for
transactions covered by legally
enforceable master netting
agreements, as explained in Note
23.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Where the Group enters into
derivatives for trading purposes,
realized and unrealized gains and
losses are recognized in Net
trading income.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Group also uses
derivative instruments as part of
its asset and liability
management activities to manage
exposures to interest rate,
foreign currency and credit
risks, including exposures
arising from forecast
transactions. The Group applies
either fair value or cash flow
hedge accounting when
transactions meet the specified
criteria to obtain hedge
accounting treatment.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the time a financial
instrument is designated as a
hedge, the Group formally
documents the relationship
between the hedging
instrument(s) and hedged
item(s), including its risk
management objectives and its
strategy in undertaking the hedge
transaction, which must be in
accordance with the Group&#146;s risk
management policies, together
with the methods that will be
used to assess the effectiveness
of the hedging relationship.
Accordingly, the Group formally
assesses, both at the inception
of the hedge and on an ongoing
basis, whether the hedging
derivatives have been &#147;highly
effective&#148; in offsetting changes
in the fair value or cash flows
of the hedged items. A hedge is
normally regarded as highly
effective if, at inception and
throughout its
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<DIV align="left"><FONT size="2">life, the Group
can expect changes in the fair
value or cash flows of the hedged
item to be almost fully offset by
the changes in the fair value or
cash flows of the hedging
instrument, and actual results
are within a range of 80% to
125%. In the case of hedging a
forecast transaction, the
transaction must be highly
probable and must present an
exposure to variations in cash
flows that could ultimately
affect reported net profit or
loss. The Group discontinues
hedge accounting when it is
determined that a derivative is
not, or has ceased to be, highly
effective as a hedge; when the
derivative expires, or is sold,
terminated, or exercised; when
the hedged item matures or is
sold or repaid; or when a
forecast transaction is no longer
deemed highly probable.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Hedge ineffectiveness&#148;
represents the amount by which
the changes in the fair value of
the hedging derivative differ
from changes in the fair value of
the hedged item or the amount by
which changes in the cash flow of
the hedging derivative differ
from changes (or expected
changes) in the cash flow of the
hedged item. Such gains and
losses are recorded in current
period earnings, as are gains and
losses on components of a hedging
derivative that are excluded from
assessing hedge effectiveness.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For qualifying fair value
hedges, the change in fair value
of the hedging derivative is
recognized in net profit and
loss. Those changes in fair value
of the hedged item which are
attributable to the risks hedged
with the derivative instrument
are reflected in an adjustment to
the carrying value of the hedged
item, which is also recognized in
net profit or loss. If the hedge
relationship is terminated for
reasons other than the
derecognition of the hedged item,
the difference between the
carrying value of the hedged item
at that point and the value at
which it would have been carried
had the hedge never existed (the
&#147;unamortized fair value
adjustment&#148;), is, in the case of
interest bearing instruments,
amortized to net profit or loss
over the remaining term of the
original hedge, while for
non-interest bearing instruments
that amount is immediately
recognized in earnings. If the
hedged instrument
is derecognized, e.g. is
sold or repaid, the unamortized
fair value adjustment is
recognized immediately in net
profit and loss.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A fair valuation gain or
loss associated with the
effective portion of a derivative
designated as a cash flow hedge
is recognized initially in Share-
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
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</B></FONT>
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<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P align="left"><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B>
</FONT>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2">&nbsp;
</FONT>

<P align="left"><FONT size="2">&nbsp;
</FONT>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<DIV align="left"><FONT size="2">holders&#146; equity. When the
cash flows that the
derivative is hedging
(including cash flows
from transactions that
were only forecast when
the derivative hedge was
effected) materialize,
resulting in income or
expense, then the
associated gain or loss
on the hedging derivative
is simultaneously
transferred from
Shareholders&#146; equity to
the corresponding income
or expense line item.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a cash flow hedge for a
forecast transaction is deemed to
be no longer effective, or the
hedge relationship is terminated,
the cumulative gain or loss on
the hedging derivative previously
reported in Shareholders&#146; equity
remains in Shareholders&#146; equity
until the committed or forecast
transaction occurs, at which
point it is transferred from
Shareholders&#146; equity to net
trading income.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivative instruments
transacted as economic hedges but
not qualifying for hedge
accounting are treated in the
same way as derivative
instruments used for trading
purposes, i. e. realized and
unrealized gains and losses are
recognized in Net trading income.
In particular, the Group has
entered into economic hedges of
credit risk within the loan
portfolio using credit default
swaps to which it does not apply
hedge accounting. In the event
that the Group recognizes an
impairment on a loan that is
economically hedged in this way,
the impairment is recognized in
Credit loss expense whereas the
gain on the credit default swap
is recorded in Net trading income
- see Note 23 for additional
information.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A derivative may be
embedded in a &#147;host contract&#148;.
Such combinations are known as
hybrid instruments and arise
predominantly from the issuance
of certain structured debt
instruments. If the host contract
is not carried at fair value with
changes in fair value reported in
net profit or loss, the embedded
derivative is separated from the
host contract and accounted for
as a stand-alone derivative
instrument at fair value if, and
only if: the economic
characteristics and risks of the
embedded derivative are not
closely related to the economic
characteristics and risks of the
host contract and the embedded
derivative actually meets the
definition of a derivative.
</FONT></DIV>

<P><FONT size="2"><B>w) Earnings per Share (EPS)</B>
</FONT>

<DIV align="left"><FONT size="2">Basic earnings per share is
calculated by dividing the net
profit or loss for the period
attributable to ordinary
shareholders by the weighted
average
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<DIV align="left"><FONT size="2">number of ordinary shares
outstanding during the period.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted earnings per share
is computed using the same method
as for basic EPS, but the
determinants are adjusted to
reflect the potential
dilution that could occur if
options, warrants, convertible
debt securities or other
contracts to issue ordinary
shares were converted or
exercised into ordinary shares.
</FONT></DIV>

<P><FONT size="2"><B>x) Comparability</B>
</FONT>

<DIV align="left"><FONT size="2"><I>Amended IAS 19, Employee Benefits</I>
</FONT></DIV>

<DIV align="left"><FONT size="2">The Group adopted in 2002 the
amended standard IAS 19 &#147;Employee
Benefits&#148;. The amendments
introduce an asset ceiling
provision that applies for
defined benefit plans that have a
surplus of plan assets over
benefit obligations. The
implementation of the amended
standard had no material impact.
</FONT></DIV>

<P><FONT size="2"><I>IFRIC Interpretations</I>
</FONT>

<DIV align="left"><FONT size="2">Interpretations of the
International Financial Reporting
Interpretations Committee (IFRIC)
became effective during 2002 but
had no impact on the Group&#146;s
Financial Statements.
</FONT></DIV>

<P><FONT size="2"><I>Segment Reporting</I>
</FONT>

<DIV align="left"><FONT size="2">As at 1 January&nbsp;2002, UBS
PaineWebber was separated from
UBS Warburg and became a
stand-alone Business Group. Note
2 to these Group Financial
Statements reflects the new
Business Group structure.
Comparative prior year amounts
have been restated to conform to
the current year presentation.
</FONT></DIV>

<P align="left"><FONT size="2"><I>IAS 39, Recognition and Measurement of Financial Instruments</I>
</FONT>

<DIV align="left"><FONT size="2">The Group adopted IAS 39
prospectively as at 1 January
2001. The Standard provides
comprehensive guidance on
accounting for financial
instruments.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon adoption, the Group
decided to record unrealized
gains and losses arising from
changes in the fair value of
available-for-sale financial
investments directly in
Shareholders&#146; equity until such
investment is disposed of or
until such investment is
determined to be impaired.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a result of the adoption
of IAS 39, the following
adjustments or changes in
classification occurred:
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gains/losses not recognized in
the income statement is a new
component of Shareholders&#146;
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 94
</B></FONT>
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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<DIV align="left"><FONT size="2">equity
as at 1 January&nbsp;2001. It includes
unrealized gains and losses on
available for sale financial
investments and on derivatives
designated as cash flow hedges as
well as Foreign currency
translation. The opening
adjustment as at 1 January&nbsp;2001
to financial investments recorded
as available for sale was a net
unrealized gain of CHF 1,769
million (CHF 1,577&nbsp;million net of
taxes), and for derivatives
designated as cash flow hedges an
unrealized net loss of CHF 506
million (CHF 380&nbsp;million net of
taxes).
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Available-for-sale financial
investments were previously
carried at the lower of cost or
market value and private equity
investments were carried at cost
less write-downs for impairments
in value. Reductions of the
carrying amount of
available-for-sale financial
investments and private equity
investments and reversals of such
reductions as well as gains and
losses on disposal are included
in Other income. As at 1 January
2001 these financial investments
are now classified as
available-for-sale financial
investments and carried at fair
value. Changes in fair value are
reported in Gains/losses not
recognized in the income
state-
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<DIV align="left"><FONT size="2">ment within Shareholders&#146;
equity until these investments
are disposed of. At the time an
available-for-sale financial
investment is determined to be
impaired, the cumulative
unrealized loss previously
recognized in Shareholders&#146;
equity is included in net profit
or loss for the period.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The opening adjustment to
Retained earnings, a net debit of
CHF 61&nbsp;million as at 1 January
2001, consisted of CHF 19&nbsp;million
reflecting the impact of adopting
the new hedge accounting rules
and CHF 42&nbsp;million reflecting the
impact of remeasuring assets to
either amortized cost or fair
value as required under IAS 39.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Properties held for resale
include properties formerly
bank-occupied or leased to third
parties under an operating lease,
which the Group has decided to
dispose of, and foreclosed
properties which the Group
received in satisfaction of a
secured loan and which it does
not intend to occupy. As at 1
January&nbsp;2001, Properties held for
resale in the amount of CHF 984
million were reclassified from
Financial investments to Other
assets. Comparative amounts have
been reclassified accordingly.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 95
</B></FONT>
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<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P align="left"><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;
</FONT>

<P align="left"><FONT size="2">&nbsp;
</FONT>

<!-- link1 "Note 2a Segment Reporting by Business Group" -->
<DIV align="left"><A NAME="046"></A></DIV>
<P><FONT size="3"><B>Note 2a Segment Reporting by Business Group</B>
</FONT>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">Based on our integrated business
model, UBS is organized into the
four Business Groups: UBS Wealth
Management &#038; Business Banking,
UBS Global Asset Management, UBS
Warburg and UBS PaineWebber, and
our Corporate Center.
</FONT>

<P align="left"><FONT size="2"><B>UBS Wealth Management &#038;<BR>
Business Banking</B>
</FONT>

<DIV align="left"><FONT size="2">UBS Wealth Management &#038; Business
Banking comprises two business
units.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Private Banking offers a
comprehensive range of products
and services individually
tailored to affluent
international and Swiss clients,
operating from offices around the
world.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Business Banking Switzerland
provides individual and corporate
clients in Switzerland with a
complete portfolio of banking and
securities services, focused on
customer service excellence,
profitability and growth, by
using a multi-channel
distribution.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The two business units share
technological and physical
infrastructure, and have joint
departments supporting major
functions such as e-commerce,
financial planning and wealth
management, investment policy and
strategy.
</FONT></DIV>

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

<DIV align="left"><FONT size="2">UBS Global Asset Management
provides investment products and
services to institutional
investors and wholesale
intermediaries around the globe.
Clients include corporate and
public
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<DIV align="left"><FONT size="2">pension plans, financial
institutions and advisors,
central banks as well as
charities, foundations and
individual investors.
</FONT></DIV>

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

<DIV align="left"><FONT size="2">UBS Warburg operates globally as
a client-driven investment
banking and securities firm with
two business units.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate and Institutional
Clients provides innovative
products, research, advice and
complete access to the world&#146;s
capital markets for
intermediaries, governments,
corporate and institutional
clients and other parts of UBS.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS Capital is the private
equity business unit of UBS
Warburg, investing UBS and third
party funds, primarily in
unlisted companies.
</FONT></DIV>

<P><FONT size="2"><B>UBS PaineWebber</B>
</FONT>

<DIV align="left"><FONT size="2">UBS PaineWebber is a US financial
services firm providing
sophisticated wealth management
services to affluent US clients
through a highly trained
financial advisor network.
</FONT></DIV>

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

<DIV align="left"><FONT size="2">Corporate Center ensures that the
Business Groups operate as a
coherent and effective whole with
a common set of values and
principles in such areas as risk
management, financial reporting,
marketing and communications,
funding, capital and balance
sheet management and management
of foreign exchange earnings.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 96
</B></FONT>
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<P><FONT size="3"><B>Note 2a Segment Reporting by Business Group</B>
</FONT>

<P align="left"><FONT size="2">The Business Group results are presented on a management reporting basis.
Internal charges and transfer pricing adjustments are reflected in the
performance of each business. Revenue sharing agreements are used to allocate
external customer revenues to a Business Group on a reasonable basis.
Transactions between Business Groups are conducted at arm&#146;s length. The segment
reporting for all periods reflects the changes in the structure implemented
during 2002. Prior year amounts have been restated to conform to current year
presentation.
</FONT>

<P><FONT size="2"><FONT color="#0865AB"><B>For the year ended 31 December&nbsp;2002</B></FONT>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="70%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">UBS Wealth</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">UBS</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">Management &#038;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">Global Asset</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">UBS</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">UBS</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">Corporate</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">Business Banking</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">Management</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">Warburg</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">PaineWebber</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">Center</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">UBS Group</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Income<sup>1</sup></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">12,928</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,953</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">12,498</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">5,561</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,387</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">34,327</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Credit loss expense<sup>2</sup></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(314</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(128</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(13</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">249</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(206</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total operating income</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">12,614</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,953</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">12,370</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">5,548</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,636</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">34,121</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Personnel expenses</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">4,810</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">946</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">7,878</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">4,245</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">645</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">18,524</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">General and administrative expenses</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2,317</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">513</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2,378</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,263</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">601</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">7,072</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Depreciation</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">480</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">37</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">382</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">149</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">473</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,521</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Amortization of goodwill and other intangible
assets<sup>3</sup></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">111</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">270</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">364</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,691</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">24</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2,460</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total operating expenses</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">7,718</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,766</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">11,002</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">7,348</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,743</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">29,577</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD nowrap><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Business Group performance before tax</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>4,896</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>187</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>1,368</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>(1,800</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>(107</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>4,544</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Tax expense</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">678</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD nowrap><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net profit before minority interests</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>3,866</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Minority interests</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(331</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net profit</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>3,535</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD nowrap><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Other information as at 31 December&nbsp;2002</B><sup><B>4</B></sup></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total assets</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">310,722</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">4,428</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">933,962</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">39,610</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(107,604</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>1,181,118</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total liabilities and minority interests</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">302,272</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2,937</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">921,446</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">33,225</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(117,753</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>1,142,127</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Capital expenditure</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">380</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">20</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">473</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">185</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">705</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>1,763</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<DIV align="left"><FONT size="1"><sup>1</sup>Impairments on private equity and other financial investments for the year
ended 31 December&nbsp;2002 were as follows: UBS Wealth Management &#038; Business
Banking CHF 32&nbsp;million; UBS Global Asset Management CHF 1&nbsp;million; UBS Warburg
CHF 1,703&nbsp;million; Corporate Center CHF 208&nbsp;million.
&nbsp;&nbsp;&nbsp;&nbsp;<sup>2</sup>In order to show the
relevant Business Group performance over time, adjusted expected loss figures
rather than the IFRS actual net credit loss expense are reported for each
Business Group. The adjusted expected loss is the statistically derived
actuarial expected loss which reflects the inherent counterparty and country
risks in the respective portfolios, plus the deferred releases representing the
amortized historical differences between actual credit losses and actuarial
expected loss. The difference between the adjusted expected loss figures and
the IFRS actual net credit loss expense recorded at Group level for financial
reporting purposes is reported in the Corporate Center. The Business Group
breakdown of the net credit loss expense for financial reporting purposes of
CHF 206&nbsp;million for the year ended 31 December&nbsp;2002 is as follows: UBS Wealth
Management &#038; Business Banking CHF 241&nbsp;million
expense, UBS Warburg CHF 35&nbsp;million recovery, UBS PaineWebber CHF 15&nbsp;million
expense and Corporate Center CHF 15&nbsp;million recovery. &nbsp;&nbsp;&nbsp;&nbsp;<sup>3</sup>For further information
about goodwill and other intangible assets by Business Group, please see Note
15: Goodwill and Other Intangible Assets. &nbsp;&nbsp;&nbsp;&nbsp;<sup>4</sup>The funding surplus or requirement
is reflected in each Business Group and adjusted in Corporate Center.
</FONT></DIV>


<P align="right"><FONT size="2"><B>
 97
</B></FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P align="left"><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B>
</FONT>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P><FONT size="2"><FONT color="#0865AB"><B>For the year ended 31 December&nbsp;2001</B></FONT>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">UBS Wealth</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">UBS</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">Management &#038;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">Global Asset</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">UBS</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">UBS</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">Corporate</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">Business Banking</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">Management</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">Warburg</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">PaineWebber</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">Center</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">UBS Group</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Income<sup>1</sup></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">13,488</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2,218</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">14,715</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">6,391</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">800</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">37,612</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Credit loss expense<sup>2</sup></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(604</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(112</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(18</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">236</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(498</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total operating income</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">12,884</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2,218</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">14,603</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">6,373</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,036</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">37,114</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Personnel expenses</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">4,825</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,038</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">8,354</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">5,019</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">592</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">19,828</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">General and administrative expenses</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2,434</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">569</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2,650</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,441</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">537</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">7,631</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Depreciation</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">616</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">46</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">456</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">124</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">372</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,614</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Amortization of goodwill and other intangible assets</FONT></DIV></TD>

    <TD align="right"><FONT size="2">109</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">286</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">402</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">502</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">24</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,323</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total operating expenses</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">7,984</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,939</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">11,862</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">7,086</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,525</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">30,396</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD nowrap><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Business Group performance before tax</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>4,900</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>279</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>2,741</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>(713</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>(489</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>6,718</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Tax expense</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,401</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net profit before minority interests</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>5,317</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Minority interests</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(344</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net profit</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>4,973</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD nowrap><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Other information as at 31 December&nbsp;2001</B><sup><B>3</B></sup></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total assets</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">313,800</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">6,335</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,005,397</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">39,747</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(111,982</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>1,253,297</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total liabilities and minority interests</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">304,988</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">4,367</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">992,272</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">31,556</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(123,416</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>1,209,767</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Capital expenditure</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">540</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">37</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">337</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">296</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">811</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>2,021</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<DIV align="left"><FONT size="1"><sup>1</sup>Impairments on private equity and other financial investments for the year
ended 31 December&nbsp;2001 were as follows: UBS Wealth Management &#038; Business
Banking CHF 109&nbsp;million; UBS Global Asset Management CHF 3&nbsp;million; UBS Warburg
CHF 1,143&nbsp;million; Corporate Center CHF
39&nbsp;million.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>2</sup>In order to show the
relevant Business Group performance over time, adjusted expected loss figures
rather than the IFRS actual net credit loss expense are reported for each
Business Group. The adjusted expected loss is the statistically derived
actuarial expected loss which reflects the inherent counterparty and country
risks in the respective portfolios, plus the deferred releases representing the
amortized historical differences between actual credit losses and actuarial
expected loss. The difference between the adjusted expected loss figures and
the IFRS actual net credit loss expense recorded at Group level for financial
reporting purposes is reported in the Corporate Center. The Business Group
breakdown of the net credit loss expense for financial reporting purposes of
CHF 498&nbsp;million for the year ended 31 December&nbsp;2001 is as follows: UBS Wealth
Management &#038; Business Banking CHF 123&nbsp;million expense, UBS Warburg CHF 360
million expense and UBS PaineWebber CHF 15&nbsp;million
expense.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>3</sup>The funding
surplus or requirement is reflected in each Business Group and adjusted in
Corporate Center.
</FONT></DIV>

<P><FONT size="2"><FONT color="#0865AB"><B>For the year ended 31 December&nbsp;2000</B></FONT>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="54%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">UBS Wealth</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">UBS</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">Management &#038;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">Global Asset</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">UBS</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">UBS</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">Corporate</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">Business Banking</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">Management</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">Warburg</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">PaineWebber</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">Center</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">UBS Group</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Income<sup>1</sup></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">14,355</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2,078</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">18,240</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,214</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">385</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">36,272</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Credit loss expense/recovery<sup>2</sup></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(785</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(243</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(3</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,161</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">130</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total operating income</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">13,570</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2,078</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">17,997</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,211</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,546</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">36,402</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Personnel expenses</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">5,151</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">941</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">9,451</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,098</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">522</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">17,163</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">General and administrative expenses</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2,478</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">434</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2,755</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">344</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">754</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">6,765</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Depreciation</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">633</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">49</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">564</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">42</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">320</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,608</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Amortization of goodwill and other intangible assets</FONT></DIV></TD>

    <TD align="right"><FONT size="2">81</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">267</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">192</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">84</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">43</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">667</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total operating expenses</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">8,343</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,691</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">12,962</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,568</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,639</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">26,203</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD nowrap><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Business Group performance before tax</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>5,227</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>387</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>5,035</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>(357</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>(93</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>10,199</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Tax expense</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2,320</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net profit before minority interests</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>7,879</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Minority interests</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(87</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net profit</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>7,792</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD nowrap><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Other information as at 31 December&nbsp;2000</B><sup><B>3</B></sup></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total assets</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">281,984</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">7,558</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">817,264</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">50,691</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(69,945</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>1,087,552</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total liabilities and minority interests</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">272,173</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">5,787</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">803,159</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">41,826</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(80,226</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>1,042,719</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<DIV align="left"><FONT size="1"><sup>1</sup>Impairments on private equity and other financial investments for the year
ended 31 December&nbsp;2000 were as follows: UBS Warburg CHF 442&nbsp;million; Corporate
Center CHF 65&nbsp;million.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>2</sup>In order to show the relevant Business Group
performance over time, adjusted expected loss figures rather than the IFRS
actual net credit loss
expense are reported for each Business Group. The adjusted expected loss is the
statistically derived actuarial expected loss which reflects the inherent
counterparty and country risks in the respective portfolios, plus the deferred
releases representing the amortized historical differences between actual
credit losses and actuarial expected loss. The difference between the adjusted
expected loss figures and the IFRS actual net credit loss expense recorded at
Group level for financial reporting purposes is reported in the Corporate
Center. The Business Group breakdown of the net credit loss recovery for
financial reporting purposes of CHF 130&nbsp;million for the year ended 31 December
2000 is as follows: UBS Wealth Management &#038; Business Banking CHF 695&nbsp;million
recovery, UBS Warburg CHF 562&nbsp;million expense and UBS PaineWebber CHF 3&nbsp;million
expense.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>3</sup>The funding surplus or requirement is reflected in each Business
Group and adjusted in Corporate Center.
</FONT></DIV>


<P align="left"><FONT size="2"><B>
 98
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="left"><FONT size="1">&nbsp;
</FONT></DIV>

<DIV align="left"><FONT size="1">&nbsp;
</FONT></DIV>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<!-- link2 "Note 2b Segment Reporting by Geographic Location" -->
<DIV align="left"><A NAME="047"></A></DIV>
<P><FONT size="3"><B>Note 2b Segment Reporting by Geographic Location</B>
</FONT>

<P align="left"><FONT size="2">The geographic analysis of total assets is based on customer domicile
whereas operating income and capital expenditure is based on the
location of the office in which the transactions and assets are
recorded. Because of the global nature of financial markets the
Group&#146;s business is managed on an integrated basis worldwide, with a
view to profitability by product line. The geographical analysis of
operating income, total assets, and capital expenditure is provided in
order to comply with IFRS, and does not reflect the way the Group is
managed. Management believes that analysis by Business Group, as shown
in Note 2a to these Financial Statements, is a more meaningful
representation of the way in which the Group is managed.
</FONT>

<P><FONT size="2"><FONT color="#0865AB"><B>For the year ended 31 December&nbsp;2002</B></FONT>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
 <TR valign="bottom">
    <TD width="33%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="1">Total operating income</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="5"><FONT size="1">Total assets</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="1">Capital expenditure</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

<TD nowrap align="right" colspan="6"><HR size="1" color="#000000" noshade width="90%"></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

<TD nowrap align="right" colspan="6"><HR size="1" color="#000000" noshade width="75%"></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="6"><HR size="1" color="#000000" noshade width="97%"></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">CHF million</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Share %</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">CHF million</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Share %</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">CHF million</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Share %</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Switzerland</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">14,307</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">42</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">174,878</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">15</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">885</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">51</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Rest of Europe</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6,837</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">20</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">256,110</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">22</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">199</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">11</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Americas</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">11,055</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">32</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">669,823</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">56</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">635</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">36</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Asia/Pacific</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,909</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">78,270</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">44</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD nowrap><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Africa/Middle East</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">13</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,037</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Total</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>34,121</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>100</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,181,118</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>100</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,763</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>100</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<P><FONT size="2"><FONT color="#0865AB"><B>For the year ended 31 December&nbsp;2001</B></FONT>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
 <TR valign="bottom">
    <TD width="33%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="1">Total operating income</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="5"><FONT size="1">Total assets</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="1">Capital expenditure</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="6"><HR size="1" color="#000000" noshade width="90%"></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

<TD nowrap align="right" colspan="6"><HR size="1" color="#000000" noshade width="75%"></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

<TD nowrap align="right" colspan="6"><HR size="1" color="#000000" noshade width="97%"></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">CHF million</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Share %</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">CHF million</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Share %</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">CHF million</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Share %</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Switzerland</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">14,223</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">38</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">195,321</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">16</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,039</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">52</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Rest of Europe</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7,411</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">20</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">236,775</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">19</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">303</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">15</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Americas</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">13,587</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">37</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">691,157</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">55</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">630</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Asia/Pacific</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,859</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">126,725</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">10</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">48</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD nowrap><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Africa/Middle East</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">34</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,319</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Total</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>37,114</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>100</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,253,297</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>100</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2,021</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>100</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<P><FONT size="2"><FONT color="#0865AB"><B>For the year ended 31 December&nbsp;2000</B></FONT>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
 <TR valign="bottom">
    <TD width="33%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="1">Total operating income</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="5"><FONT size="1">Total assets</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="1">Capital expenditure</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="6"><HR size="1" color="#000000" noshade width="90%"></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="6"><HR size="1" color="#000000" noshade width="75%"></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

<TD nowrap align="right" colspan="6"><HR size="1" color="#000000" noshade width="97%"></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">CHF million</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Share %</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">CHF million</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Share %</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">CHF million</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Share %</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Switzerland</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">15,836</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">44</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">211,851</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">19</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,135</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">43</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Rest of Europe</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">10,907</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">30</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">305,342</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">28</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">311</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">12</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Americas</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6,976</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">19</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">474,617</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">44</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,169</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">44</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Asia/Pacific</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,626</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">87,831</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">36</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD nowrap><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Africa/Middle East</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">57</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7,911</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Total</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>36,402</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>100</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,087,552</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>100</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2,659</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>100</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 99
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P align="left"><FONT size="2"><B>UBS Group Financial Statements <BR>
Notes to the Financial Statements</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;
</FONT>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<!-- link1 "Income Statement" -->
<DIV align="left"><A NAME="048"></A></DIV>
<P><FONT size="5"><FONT color="#7F7F7F">Income Statement</FONT>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<!-- link2 "Note 3 Net Interest and Trading Income" -->
<DIV align="left"><A NAME="049"></A></DIV>
<P><FONT size="3"><B>Note 3 Net Interest and Trading Income</B>
</FONT>

<P><FONT size="3"><B>Net interest Income</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="70%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">% change from</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="2">For the year ended</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2"><FONT color="#0865AB"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">31.12.01</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">31.12.00</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">31.12.01</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Interest income</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Interest earned on loans and advances</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>11,600</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">16,955</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">20,413</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(32</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Interest earned on securities borrowed and
reverse repurchase agreements</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>11,184</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">18,337</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">19,088</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(39</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Interest and dividend income from financial investments</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>165</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">453</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">402</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(64</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Interest and dividend income from trading portfolio</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>17,014</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">16,532</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">11,842</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>39,963</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">52,277</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">51,745</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(24</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Interest expense</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Interest on amounts due to banks and customers</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>6,383</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">14,088</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">15,660</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(55</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Interest on securities lent and repurchase agreements</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>10,081</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">14,517</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">14,915</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(31</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Interest and dividend expense from trading portfolio</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>8,366</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">7,815</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">5,309</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Interest on debt issued</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>4,587</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">7,816</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">7,731</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(41</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>29,417</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">44,236</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">43,615</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(33</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net interest income</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>10,546</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">8,041</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">8,130</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">31</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<P><FONT size="3"><B>Net trading income</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="55%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">% change from</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="2">For the year ended</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2"><FONT color="#0865AB"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">31.12.01</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">31.12.00</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">31.12.01</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Equities</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>2,638</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">4,026</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">7,754</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(34</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Fixed income<sup>1</sup></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>1,061</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2,731</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">912</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(61</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Foreign exchange and other</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>1,873</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2,045</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,287</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(8</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net trading income</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>5,572</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">8,802</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">9,953</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(37</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<DIV align="left"><FONT size="1"><sup>1</sup> Includes commodities trading income.
</FONT></DIV>

<P><FONT size="3"><B>Net interest and trading income</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="59%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">% change from</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="2">For the year ended</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2"><FONT color="#0865AB"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">31.12.01</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">31.12.00</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">31.12.01</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net interest income</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>10,546</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">8,041</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">8,130</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">31</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net trading income</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>5,572</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">8,802</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">9,953</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(37</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total net interest and trading income</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>16,118</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">16,843</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">18,083</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(4</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Breakdown by business activity:</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net income from interest margin products</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>5,275</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">5,694</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">5,430</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(7</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net income from trading activities</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>10,605</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">11,529</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">12,642</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(8</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net income from treasury activities</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>1,667</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,424</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">762</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">17</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other<sup>1</sup></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>(1,429</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(1,804</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(751</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">21</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total net interest and trading income</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>16,118</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">16,843</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">18,083</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(4</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<DIV align="left"><FONT size="1"><sup>1</sup> Principally external funding costs of the Paine Webber Group, Inc. acquisition.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">



<P align="left"><FONT size="2"><B>
 100
</B></FONT>



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

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<!-- link2 "Note 4 Net Fee and Commission Income" -->
<DIV align="left"><A NAME="050"></A></DIV>
<P><FONT size="3"><B>Note 4 Net Fee and Commission Income</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2"><I>CHF million</I></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" align="right"><FONT size="2">% change from</FONT></TD>

        <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">For the year ended</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">31.12.01</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">31.12.00</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">31.12.01</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">Underwriting fees</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>2,134</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2,158</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,434</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(1</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Corporate finance fees</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>848</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,339</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,772</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(37</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Brokerage fees</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>5,987</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">6,445</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">5,742</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(7</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Investment fund fees</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>4,033</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">4,276</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2,821</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(6</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Fiduciary fees</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>300</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">355</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">351</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(15</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Custodian fees</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>1,302</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,356</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,439</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(4</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Portfolio and other management and advisory fees</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>4,065</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">4,650</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">3,666</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(13</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Insurance-related and other fees</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>417</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">538</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">111</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(22</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">Total securities trading and investment activity fees</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>19,086</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">21,117</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">17,336</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(10</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">Credit-related fees and commissions</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>275</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">307</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">310</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(10</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Commission income from other services</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>1,006</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">946</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">802</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2"><B>Total fee and commission income</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>20,367</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">22,370</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">18,448</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(9</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">Brokerage fees paid</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>1,349</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,281</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,084</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Other</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>797</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">878</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">661</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(9</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2"><B>Total fee and commission expense</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>2,146</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2,159</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,745</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(1</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2"><B>Net fee and commission income</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>18,221</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">20,211</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">16,703</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(10</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<!-- link2 "Note 5 Other Income" -->
<DIV align="left"><A NAME="051"></A></DIV>
<P><FONT size="3"><B>Note 5 Other Income</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><FONT size="2">CHF million</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" align="right"><FONT size="2">% change from</FONT></TD>


    <TD><FONT size="2">&nbsp;</FONT>
 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><FONT size="2">For the year ended</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">31.12.01</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">31.12.00</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">31.12.01</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="18" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><FONT size="2"><B>Gains/losses from disposal of associates
and subsidiaries</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><FONT size="2">Net gain from disposal of:</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Consolidated subsidiaries</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>228</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">57</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Investments in associates</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">26</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="18" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><FONT size="2"><B>Total</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>228</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">83</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="18" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><FONT size="2"><B>Financial investments available for sale</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><FONT size="2">Net gain from disposal of:</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Private equity investments</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>273</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">454</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">919</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(40</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Other financial investments</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>457</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">256</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">162</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">79</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><FONT size="2">Impairment charges on private equity investments
and other financial investments</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>(1,944</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(1,294</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(507</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(50</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="18" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><FONT size="2"><B>Total</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>(1,214</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(584</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">574</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(108</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="18" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><FONT size="2">Net income from investments in property</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>90</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">68</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">96</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">32</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><FONT size="2">Equity in income of associates</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>7</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">72</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">58</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(90</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><FONT size="2">Other</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>877</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">999</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">675</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(12</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="18" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><FONT size="2"><B>Total other income</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>(12</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">558</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,486</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="18" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 101
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<!-- link2 "Note 6 Personnel Expenses" -->
<DIV align="left"><A NAME="052"></A></DIV>
<P><FONT size="3"><B>Note 6 Personnel Expenses</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1"><I>CHF million</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" align="right"><FONT size="1">% change from</FONT></TD>

        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">For the year ended</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Salaries and bonuses</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>14,219</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">15,238</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">13,523</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(7</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Contractors</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>579</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">729</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">725</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(21</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Insurance and social contributions</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>939</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">984</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">959</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(5</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Retirement benefit expenses</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>676</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">603</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">475</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">12</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Other personnel expenses</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2,111</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,274</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,481</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(7</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Total personnel expenses</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>18,524</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">19,828</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">17,163</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(7</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<!-- link2 "Note 7 General and Administrative Expenses" -->
<DIV align="left"><A NAME="053"></A></DIV>
<P><FONT size="3"><B>Note 7 General and Administrative Expenses</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1"><I>CHF million</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" align="right"><FONT size="1">% change from</FONT></TD>

        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">For the year ended</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Occupancy</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,354</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,314</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">979</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Rent and maintenance of machines and equipment</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>665</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">632</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">520</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Telecommunications and postage</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,019</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,213</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">914</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(16</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Administration</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>819</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">906</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">750</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(10</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Marketing and public relations</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>453</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">574</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">480</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(21</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Travel and entertainment</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>600</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">700</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">656</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(14</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Professional fees</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>568</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">667</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">660</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(15</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">IT and other outsourcing</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,036</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,224</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,246</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(15</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Other</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>558</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">401</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">560</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">39</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Total general and administrative expenses</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>7,072</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7,631</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6,765</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(7</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

</DIV><!--  <nbsp> --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 102
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<!-- link2 "Note 8 Earnings per Share (EPS)&nbsp;and Shares Outstanding" -->
<DIV align="left"><A NAME="054"></A></DIV>
<P><FONT size="3"><B>Note 8 Earnings per Share (EPS)&nbsp;and Shares Outstanding</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" align="right"><FONT size="1">% change from</FONT></TD>

        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">For the year ended</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2"><B>Basic Earnings (CHF million)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Net profit</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3,535</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,973</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7,792</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(29</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Amortization of goodwill and other intangible assets</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2,179</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><SUP><B>2</B></SUP></FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,323</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">667</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">65</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Net profit before goodwill amortization<SUP>1</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>5,714</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6,296</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8,459</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(9</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2"><B>Diluted Earnings (CHF million)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Net profit</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3,535</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,973</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7,792</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(29</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Less: profit on own equity derivative contracts
deemed dilutive</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(20</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(99</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(14</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">80</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Net profit for diluted EPS</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3,515</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,874</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7,778</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(28</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Amortization of goodwill and other intangible assets</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2,179</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><SUP><B>2</B></SUP></FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,323</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">667</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">65</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Net profit for diluted EPS before goodwill
amortization<SUP>1</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>5,694</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6,197</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8,445</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(8</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Weighted average shares outstanding</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Weighted average shares outstanding</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,208,586,678</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,266,038,193</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,209,087,927</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(5</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Potentially dilutive ordinary shares resulting from
options and warrants outstanding<SUP>3</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>14,796,264</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">22,539,745</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">16,489,773</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(34</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Weighted average shares outstanding for
diluted EPS</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,223,382,942</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,288,577,938</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,225,577,700</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(5</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Earnings per share (CHF)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Basic EPS</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2.92</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.93</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6.44</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(26</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Basic EPS before goodwill amortization<SUP>1</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4.73</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.97</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(5</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Diluted EPS</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2.87</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.78</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6.35</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(24</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Diluted EPS before goodwill amortization<SUP>1</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4.65</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.81</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6.89</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(3</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<DIV align="left"><FONT size="2"><SUP>1</SUP> Excludes the amortization of goodwill and other intangible assets. &nbsp;&nbsp;&nbsp;<SUP>2</SUP>
Includes an income tax benefit of CHF 281&nbsp;million for the writedown of
the PaineWebber brandname. &nbsp;&nbsp;&nbsp;<SUP>3</SUP> Total equivalent shares outstanding on
options that were not dilutive for the respective periods but could
potentially dilute earnings per share in the future were 75,385,368,
28,741,886 and 27,524,280 for the years ended 31 December&nbsp;2002, 31
December&nbsp;2001 and 31 December&nbsp;2000, respectively.
</FONT></DIV>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><FONT size="1"><B>Shares outstanding</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" align="right"><FONT size="1">% change from</FONT></TD>

        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><FONT size="1">As at</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="18" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><FONT size="1">Total ordinary shares issued</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,256,297,678</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,281,717,499</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,333,139,187</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(2</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><FONT size="1">Own shares to be delivered</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">28,444,788</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><FONT size="1">Second trading line treasury shares</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;&nbsp;2000 program</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">55,265,349</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;&nbsp;2001 program</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">23,064,356</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;&nbsp;2002 first program</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>67,700,000</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;&nbsp;2002 second program</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>6,335,080</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><FONT size="1">Other treasury shares</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>23,146,014</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">18,190,595</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">27</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="18" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><FONT size="1">Total treasury shares</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>97,181,094</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">41,254,951</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">55,265,349</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">136</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="18" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><FONT size="1">Shares outstanding</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,159,116,584</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,240,462,548</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,306,318,626</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(7</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="18" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 103
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<!-- link1 "Balance Sheet: Assets" -->
<DIV align="left"><A NAME="055"></A></DIV>
<P><FONT size="5" color="#7F7F7F">Balance Sheet: Assets
</FONT>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<!-- link2 "Note 9a Due from Banks and Loans" -->
<DIV align="left"><A NAME="056"></A></DIV>
<P><FONT size="3"><B>Note 9a Due from Banks and Loans</B>
</FONT>

<P><FONT size="2"><B>By type of exposure</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="62%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><FONT size="1"><I>CHF million</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="10" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><FONT size="1">Banks</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>32,911</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">28,261</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><FONT size="1">Allowance for credit losses</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(443</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(735</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="10" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><FONT size="1">Net due from banks</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>32,468</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">27,526</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="10" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><FONT size="1">Loans</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Mortgages</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>127,869</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">126,211</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Other loans</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>88,590</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">107,512</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="10" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><FONT size="1">Subtotal</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>216,459</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">233,723</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><FONT size="1">Allowance for credit losses</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(4,812</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(7,178</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="10" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><FONT size="1">Net loans</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>211,647</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">226,545</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="10" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><FONT size="1"><B>Net due from banks and loans</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>244,115</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">254,071</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="10" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><FONT size="1"><I>thereof subordinated</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B><I>115</I></B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><I>249</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="10" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<P><FONT size="2"><B>By geographical region </B>(based on the location of the borrower)
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1"><I>CHF million</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Switzerland</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>151,604</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">158,996</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Rest of Europe</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>38,131</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">42,279</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Americas</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>48,412</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">42,809</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Asia/Pacific</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>10,002</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">15,986</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Africa/Middle East</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,221</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,914</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Subtotal</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>249,370</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">261,984</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Allowance for credit losses</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(5,255</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(7,913</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Net due from banks and loans</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>244,115</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">254,071</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<P><FONT size="2"><B>By type of collateral</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1"><I>CHF million</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Secured by real estate</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>129,525</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">128,259</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Collateralized by securities</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>26,769</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">30,635</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Guarantees and other collateral</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>12,398</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">20,217</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Unsecured</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>80,678</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">82,873</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Subtotal</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>249,370</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">261,984</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Allowance for credit losses</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(5,255</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(7,913</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Net due from banks and loans</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>244,115</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">254,071</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 104
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<!-- link2 "Note 9b Allowances and Provisions for Credit Losses" -->
<DIV align="left"><A NAME="057"></A></DIV>
<P><FONT size="3"><B>Note 9b Allowances and Provisions for Credit Losses</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" bgcolor="#FFFFFF" align="right"><FONT size="1" color="#0865AB"><B>Specific</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>

        <TD><FONT size="1">&nbsp;</FONT>

 </TD>

    <TD colspan="2" bgcolor="#FFFFFF" align="right"><FONT size="1" color="#0865AB"><B>Country risk</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" bgcolor="#FFFFFF" align="right"><FONT size="1" color="#0865AB"><B>allowances and</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" bgcolor="#FFFFFF" align="right"><FONT size="1" color="#0865AB"><B>allowances and</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
     <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" bgcolor="#FFFFFF" align="right"><FONT size="1" color="#0865AB"><B>Total</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" align="right"><FONT size="1">Total</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1"><I>CHF million</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" bgcolor="#FFFFFF" align="right"><FONT size="1" color="#0865AB"><B>provisions</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" bgcolor="#FFFFFF" align="right"><FONT size="1" color="#0865AB"><B>provisions</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Balance at the beginning of the year</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>7,212</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,006</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>8,218</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">10,581</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Write-offs</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(2,508</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(28</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(2,536</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(3,008</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Recoveries</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>63</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>7</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>70</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">81</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Increase/(decrease)&nbsp;in credit
loss allowance and provision</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>365</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(159</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>206</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">498</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Foreign currency translation and
other adjustments</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(247</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(90</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(337</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">66</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Balance at the end of the year</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4,885</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>736</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>5,621</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8,218</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><I>CHF million</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">As a reduction of Due from banks</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>443</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">735</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">As a reduction of Loans</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4,812</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7,178</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Subtotal</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>5,255</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7,913</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Included in other liabilities</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">related to commitments
and contingent liabilities</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>366</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">305</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Total allowances and provisions for
credit losses</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>5,621</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8,218</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<!-- link2 "Note 9c Impaired Loans" -->
<DIV align="left"><A NAME="058"></A></DIV>
<P><FONT size="3"><B>Note 9c Impaired Loans</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1"><I>CHF million</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR valign="bottom">
<TD colspan="9" align="left">
<HR size="1" color="#000000" noshade></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Impaired loans<SUP>1, 2</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>10,365</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">14,629</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Amount of allowance for credit losses related to impaired loans</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4,892</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7,294</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Average impaired loans<SUP>3</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>12,623</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">16,555</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR valign="bottom">
<TD colspan="9" align="left">
<HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<DIV align="left"><FONT size="1"><SUP>1</SUP> All impaired loans have a specific allowance for credit losses. &nbsp;&nbsp;&nbsp;<SUP>2</SUP>
Interest income on impaired loans was CHF 428&nbsp;million for 2002 and CHF
504&nbsp;million for 2001. &nbsp;&nbsp;&nbsp;<SUP>3</SUP> Average balances were calculated from
quarterly data.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">


<P align="right"><FONT size="2"><B>
 105
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<!-- link2 "Note 9d Non-Performing Loans" -->
<DIV align="left"><A NAME="059"></A></DIV>
<P><FONT size="3"><B>Note 9d Non-Performing Loans</B>
</FONT>

<P align="left"><FONT size="2">An impaired loan is classified as non-performing when the contractual
payments of principal and/or interest are in arrears for 90&nbsp;days or
more.
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1"><I>CHF million</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Non-performing loans</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>6,029</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8,639</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Amount of allowance for credit losses related to non-performing loans</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3,485</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5,374</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Average non-performing loans<SUP>1</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>7,361</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">9,648</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<div align="left"><FONT size="1"><SUP>1</SUP> Average balances are calculated from quarterly data.
</FONT></div>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1"><I>CHF million</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Non-performing loans at beginning of the year</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>8,639</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">10,452</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Net additions/(reductions)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(509</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,111</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Write-offs and disposals</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(2,101</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(2,924</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Non-performing loans at the end of the year</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>6,029</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8,639</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
 <TR>
    <TD colspan="9" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<P><FONT size="2"><B>By type of exposure</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="78%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><FONT size="1"><I>CHF million</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="10" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><FONT size="1">Banks</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>311</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">386</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="10" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><FONT size="1">Loans</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Mortgages</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,972</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,659</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Other</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3,746</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5,594</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="10" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><FONT size="1">Total loans</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>5,718</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8,253</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="10" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><FONT size="1"><B>Total non-performing loans</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>6,029</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B> </B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8,639</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="10" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<P><FONT size="2"><B>By geographical region </B>(based on the location of the borrower)
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1"><I>CHF million</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Switzerland</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4,609</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6,531</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Rest of Europe</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>379</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">466</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Americas</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>499</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">737</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Asia/Pacific</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>300</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">653</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Africa/Middle East</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>242</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">252</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Total non-performing loans</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>6,029</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8,639</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 106
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<!-- link2 "Note 10 Securities Borrowing, Securities Lending, Repurchase and Reverse Repurchase Agreements" -->
<DIV align="left"><A NAME="060"></A></DIV>
<P><FONT size="3"><B>Note 10 Securities Borrowing, Securities Lending, Repurchase and Reverse Repurchase Agreements</B>
</FONT>

<P align="left"><FONT size="2">The Group enters into collateralized reverse repurchase and repurchase
agreements and securities borrowing and securities lending
transactions that may result in credit exposure in the event that the
counterparty to the transaction is unable to fulfill its contractual
obligations. The Group controls credit risk associated with these
activities by monitoring counterparty credit exposure and collateral
values on a daily basis and requiring additional collateral to be
deposited with or returned to the Group when deemed necessary.
</FONT>

<P><FONT size="2"><B>Balance sheet assets</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" bgcolor="#FFFFFF" align="right"><FONT size="1" color="#0865AB"><B>Cash collateral</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
         <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" bgcolor="#FFFFFF" align="right"><FONT size="1" color="#0865AB"><B>Reverse</B></FONT></TD>
     <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" align="right"><FONT size="1">Cash collateral</FONT></TD>
     <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" align="right"><FONT size="1">Reverse</FONT></TD>
         <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" bgcolor="#FFFFFF" align="right"><FONT size="1" color="#0865AB"><B>on securities</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" bgcolor="#FFFFFF" align="right"><FONT size="1" color="#0865AB"><B>Repurchase</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" align="right"><FONT size="1">on securities</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
     <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" align="right"><FONT size="1">Repurchase</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT>

</TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" bgcolor="#FFFFFF" align="right"><FONT size="1" color="#0865AB"><B>borrowed</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" bgcolor="#FFFFFF" align="right"><FONT size="1" color="#0865AB"><B>agreements</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" align="right"><FONT size="1">borrowed</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" align="right"><FONT size="1">agreements</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1"><I>CHF million</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>By counterparty:</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Banks</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>122,764</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>201,269</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">155,214</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">197,902</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Customers</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>16,288</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>92,817</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7,724</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">71,354</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Total</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>139,052</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>294,086</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">162,938</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">269,256</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<P><FONT size="2"><B>Balance sheet liabilities</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" bgcolor="#FFFFFF" align="right"><FONT size="1" color="#0865AB"><B>Cash collateral</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" align="right"><FONT size="1">Cash collateral</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" bgcolor="#FFFFFF" align="right"><FONT size="1" color="#0865AB"><B>on securities</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" bgcolor="#FFFFFF" align="right"><FONT size="1" color="#0865AB"><B>Repurchase</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" align="right"><FONT size="1">on securities</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" align="right"><FONT size="1">Repurchase</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" bgcolor="#FFFFFF" align="right"><FONT size="1" color="#0865AB"><B>lent</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" bgcolor="#FFFFFF" align="right"><FONT size="1" color="#0865AB"><B>agreements</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">lent</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">agreements</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1"><I>CHF million</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>By counterparty:</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Banks</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>29,748</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>200,904</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">27,640</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">213,942</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Customers</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>7,122</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>165,954</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,677</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">154,678</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Total</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>36,870</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>366,858</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">30,317</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">368,620</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<P align="left"><FONT size="2">Under reverse repurchase and securities borrowing arrangements, the
Group obtains securities on terms which permit it to repledge or resell
the securities to others. Amounts on such terms as at
31&nbsp;December 2002 and 31&nbsp;December 2001 were as follows:
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1"><I>CHF million</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Securities received under reverse repurchase and/or securities borrowing arrangements
which can be repledged or resold</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>641,341</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">592,903</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><I>thereof repledged/transferred to others in connection with financing activities or
to satisfy commitments under short sale transactions</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B><I>530,188</I></B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><I>474,963</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 107
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<!-- link2 "Note 11 Trading Portfolio" -->
<DIV align="left"><A NAME="061"></A></DIV>
<P><FONT size="3"><B>Note 11 Trading Portfolio</B>
</FONT>

<P align="left"><FONT size="2">The Group trades money market paper, debt, equity, precious metals,
foreign currency and derivatives to meet the financial needs of its
customers and to generate revenue through its trading activities. Note
23 provides a description of the various classes of derivatives
together with the related notional
amounts, whereas Note 10 provides further details about cash
collateral on securities borrowed and lent and repurchase and reverse
repurchase agreements.
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1"><I>CHF million</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2"><B>Trading portfolio assets</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1"><B>Money market paper</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>45,310</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">63,164</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><I>thereof pledged as collateral with central banks</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B><I>10,475</I></B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><I>29,895</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Debt instruments</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Swiss government and government agencies</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,140</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,246</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">US Treasury and government agencies</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>71,884</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">95,203</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Other government agencies</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>50,296</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">18,811</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Corporate listed</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>73,268</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">108,114</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Other unlisted</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>39,613</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">26,642</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Total</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>236,201</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">250,016</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><I>thereof pledged as collateral</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B><I>132,221</I></B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><I>153,464</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1"><I>thereof can be repledged or resold by the counterparty</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B><I>92,460</I></B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><I>101,517</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Equity instruments</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Listed</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>66,150</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">67,772</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Unlisted</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4,841</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6,367</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Total</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>70,991</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">74,139</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><I>thereof pledged as collateral</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B><I>18,614</I></B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><I>21,264</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1"><I>thereof can be repledged or resold by the counterparty</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B><I>17,905</I></B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><I>19,939</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Traded loans</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>11,533</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6,139</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Precious metals</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>7,401</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,428</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Total trading portfolio assets</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>371,436</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">397,886</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2"><B>Trading portfolio liabilities</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1"><B>Debt instruments</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Swiss government and government agencies</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,807</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">565</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">US Treasury and government agencies</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>38,327</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">25,117</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Other government agencies</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>19,722</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">12,187</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Corporate listed</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>14,177</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">10,868</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Other unlisted</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>8,296</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">30,793</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Total</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>82,329</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">79,530</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Equity instruments</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>24,124</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">26,268</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Total trading portfolio liabilities</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>106,453</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">105,798</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

</DIV><!--  &nbsp; --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 108
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link2 "Note 12 Financial Investments " -->
<DIV align="left"><A NAME="062"></A></DIV>
<P><FONT size="3"><B>Note 12 Financial Investments (available for sale)</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1"><I>CHF million</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Money market paper</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>873</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6,774</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Other debt instruments</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Listed</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>290</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,194</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Unlisted</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>885</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">10,348</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Total</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,175</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">11,542</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Equity investments</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Listed</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>596</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,949</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Unlisted</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,443</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,819</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Total</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2,039</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,768</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Private equity investments</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4,304</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6,719</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Total financial investments</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>8,391</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">28,803</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><I>thereof eligible for discount at central banks</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B><I>261</I></B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><I>10,370</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<P align="left"><FONT size="2">The following tables show the unrealized gains and losses not recognized in the
income statement for the years ended 2002 and 2001.
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="19"><FONT size="1">Unrealized gains/losses not recognized in the income statement</FONT></TD>

</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="19"><HR size="1" color="#000000" noshade></TD>

</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1"><I>CHF million</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Fair value</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Gross gains</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Gross losses</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Net, before tax</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Tax effect</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Net, after tax</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>31 December&nbsp;2002</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Money market paper</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">873</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Debt securities issued by the
Swiss national government and agencies</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">16</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Debt securities issued by Swiss local governments</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">42</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Debt securities issued by US Treasury and agencies</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Debt securities issued by foreign governments
and official institutions</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">81</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Corporate debt securities</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">964</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Mortgage-backed securities</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">23</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Other debt securities</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">49</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Equity securities</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,039</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">335</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">304</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">82</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">222</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Private equity investments</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,304</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">966</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">223</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">743</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">30</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">713</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Total</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>8,391</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>1,314</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>255</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>1,059</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>113</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>946</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="19"><FONT size="1">Unrealized gains/losses not recognized in the income statement</FONT></TD>

</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="19"><HR size="1" color="#000000" noshade></TD>

</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1"><I>CHF million</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Fair value</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Gross gains</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Gross losses</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Net, before tax</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Tax effect</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Net, after tax</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>31 December&nbsp;2001</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Money market paper</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6,774</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD nowrap><FONT size="1">Debt securities issued by the Swiss national government and agencies</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">36</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Debt securities issued by Swiss local governments</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">45</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Debt securities issued by US Treasury and agencies</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">32</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD nowrap><FONT size="1">Debt securities issued by foreign governments
and official institutions</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">10,089</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">30</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">11</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">19</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Corporate debt securities</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,218</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Mortgage-backed securities</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Other debt securities</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">117</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Equity securities</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,768</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">627</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">65</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">562</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">187</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">375</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Private equity investments</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6,719</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,189</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">539</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">650</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">15</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">635</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Total</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>28,803</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>1,856</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>607</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>1,249</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>214</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>1,035</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<P align="right"><FONT size="2"><B>
 109
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><FONT size="3"><B>Note 12 Financial Investments (available for sale) (continued)</B>
</FONT>

<P><FONT size="2"><B>Contractual maturities of the investments in debt instruments<SUP>1</SUP></B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="1">Within 1 year</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="1">1-5 years</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="1">5-10 years</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="7"><FONT size="1">Over 10 years</FONT></TD>

</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="6"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="6"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="6"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="7"><HR size="1" color="#000000" noshade></TD>

</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1"><I>CHF million, except percentages</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Amount</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Yield (%)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Amount</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Yield (%)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Amount</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Yield (%)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Amount</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Yield (%)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="33" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>31 December&nbsp;2002</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Swiss national government and agencies</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.88</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.86</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Swiss local governments</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.02</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">30</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.94</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.59</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Foreign governments and official
institutions</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">35</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.63</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">45</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.13</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6.12</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Corporate debt securities</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">675</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2.23</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">249</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2.64</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">19</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.41</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">21</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8.02</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Mortgage-backed securities</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2.25</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">15</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.97</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.03</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Other debt securities</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.77</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">48</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2.65</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="33" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Total fair value</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>723</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>394</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>36</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>22</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="33" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<DIV align="left"><FONT size="1"><SUP>1</SUP> Money market papers have contractual maturities of less than one year.
</FONT></DIV>

<P align="left"><FONT size="2">Proceeds from sales and maturities of investment securities available for sale,
excluding private equity, were as follows:
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1"><I>CHF million</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Proceeds</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,820</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">27,910</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Gross realized gains</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>479</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">223</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Gross realized losses</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(21</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(28</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<!-- link2 "<BR> Note 13 Investments in Associates" -->
<DIV align="left"><A NAME="063"></A></DIV>
<P><FONT size="3"><B><BR>
Note 13 Investments in Associates</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1"><I>CHF million</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Carrying amount at the beginning of the year</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>697</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">880</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Additions</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>51</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">11</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Disposals</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(1</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(216</FONT></TD>
    <TD nowrap><FONT size="1">)<SUP>1</SUP></FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Income</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>24</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">74</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Write-offs</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(17</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(2</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Dividend paid</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(44</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(48</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Foreign currency translation</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(5</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(2</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="9" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Carrying amount at the end of the year</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>705</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">697</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
 </TABLE>
</DIV>

<DIV align="left"><FONT size="1"><SUP>1</SUP> Includes a transfer of CHF 172&nbsp;million to Financial Investments following a
review of the level of influence by the bank over certain investees. The impact
of this reclassification on net profit is immaterial.
</FONT></DIV>

<P align="left"><FONT size="2"><B>
 110
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<!-- link2 "Note 14 Property and Equipment" -->
<DIV align="left"><A NAME="064"></A></DIV>
<P><FONT size="3"><B>Note 14 Property and Equipment</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" align="right"><FONT size="1">IT, soft-</FONT></TD>

    <TD><FONT size="1">&nbsp;</FONT>

 </TD>

        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" align="right"><FONT size="1">Other</FONT></TD>

    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" align="right"><FONT size="1">Bank-</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>

        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" align="right"><FONT size="1">ware and</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>

        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" align="right"><FONT size="1">machines</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>

        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" align="right"><FONT size="1">occupied</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" align="right"><FONT size="1">Investment</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" align="right"><FONT size="1">communi-</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" align="right"><FONT size="1">and</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1"><I>CHF million</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" align="right"><FONT size="1">properties</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" align="right"><FONT size="1">properties<SUP>1</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" align="right"><FONT size="1">cation</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" align="right"><FONT size="1">equipment</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Historical cost</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Balance at the beginning of the year</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">9,297</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">893</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5,146</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,143</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>19,479</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">18,631</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Additions</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">147</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">366</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">811</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">439</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,763</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,021</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Disposals/write-offs<SUP>2</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(62</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(747</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(1,330</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(449</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(2,588</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(715</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Reclassifications</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(34</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">50</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">51</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(53</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>14</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(482</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Foreign currency translation</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(41</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(2</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(339</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(336</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(718</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">24</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Balance at the end of the year</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">9,307</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">560</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,339</FONT></TD>
    <TD nowrap><FONT size="1"><SUP>4</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,744</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>17,950</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">19,479</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Accumulated depreciation</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Balance at the beginning of the year</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,039</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">239</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,932</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,574</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>10,784</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">9,721</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Depreciation</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">224</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">28</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">926</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">343</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,521</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,654</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Disposals/write-offs<SUP>2</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(34</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(100</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(1,316</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(336</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(1,786</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(403</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Reclassifications</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(10</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">44</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(2</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>35</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(189</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Foreign currency translation</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(9</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(300</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(164</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(473</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Balance at the end of the year</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,210</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">211</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,240</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,420</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>10,081</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">10,784</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Net book value at the end of the year</B><SUP><B>3</B></SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5,097</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">349</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,099</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,324</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>7,869</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8,695</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<DIV align="left"><FONT size="1"><SUP>1</SUP> The fair value of Investment properties was CHF 539&nbsp;million at 31
December&nbsp;2002 and CHF 990&nbsp;million at 31 December&nbsp;2001.
&nbsp;&nbsp; <SUP>2</SUP>&nbsp;Includes
write-offs of fully depreciated assets.
&nbsp;&nbsp; <SUP>3</SUP>&nbsp;Fire insurance value of
property and equipment is CHF 14,221&nbsp;million (2001: CHF 15,531
million). &nbsp;&nbsp; <SUP>4</SUP>&nbsp;Includes accumulated costs for projects in progress of CHF 234&nbsp;million at
31 December&nbsp;2002 (CHF 351&nbsp;million at 31 December&nbsp;2001).
</FONT></DIV>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<!-- link2 "Note 15 Goodwill and Other Intangible Assets" -->
<DIV align="left"><A NAME="065"></A></DIV>
<P><FONT size="3"><B>Note 15 Goodwill and Other Intangible Assets</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR  bgcolor="#FFFFFF" valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="2"><FONT size="1">Goodwill</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="14"><FONT size="1">Other intangible assets</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  bgcolor="#FFFFFF" valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="14"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1" color="#0865AB">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1" color="#0865AB">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  bgcolor="#FFFFFF" valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Customer</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  bgcolor="#FFFFFF" valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Brand-</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Infra-</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">lists</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  bgcolor="#FFFFFF" valign="bottom">
    <TD nowrap align="left"><FONT size="1"><I>CHF million</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Total</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">name</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">structure</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">and other</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Total</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="29" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Historical cost</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Balance at the beginning of the year</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">16,819</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,293</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,293</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,387</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,973</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>21,792</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">21,166</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Additions and reallocations</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">281</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">281</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>290</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">456</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Disposals and other reductions</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(98</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(17</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(17</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(115</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Write-offs<SUP>1</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(1,350</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(1,350</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(1,350</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(247</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Foreign currency translation</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(2,773</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(224</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(224</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(374</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(822</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(3,595</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">417</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Balance at the end of the year</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">13,957</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,069</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,996</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,065</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>17,022</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">21,792</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="29" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Accumulated amortization</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Balance at the beginning of the year</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,241</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">76</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">76</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">314</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">466</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2,707</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,629</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Amortization</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">930</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,306</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">54</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">170</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,530</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2,460</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,323</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Disposals</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(13</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(15</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(15</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(28</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Write-offs<SUP>1</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(1,350</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(1,350</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(1,350</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(247</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Foreign currency translation</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(382</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(32</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(14</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(35</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(81</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(463</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Balance at the end of the year</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,776</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">116</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">434</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">550</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3,326</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,707</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="29" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Net book value at
the end of the year</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">11,181</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">953</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,562</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,515</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>13,696</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">19,085</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="29" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<DIV align="left"><FONT size="1"><SUP>1</SUP> Represents write-offs of fully amortized goodwill and other intangible assets.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 111
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P align="left"><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P><FONT size="3"><B>Note 15 Goodwill and Other Intangible Assets (continued)</B>
</FONT>

<P align="left"><FONT size="2">The following table presents the disclosure of goodwill and other
intangible assets by Business Group for the year ended 31 December
2002.
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" align="right"><FONT size="1">Balance</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" align="right"><FONT size="1">Additions</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" align="right"><FONT size="1">Disposals</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" align="right"><FONT size="1">at the</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" align="right"><FONT size="1">and</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" align="right"><FONT size="1">and</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" align="right"><FONT size="1">Foreign</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>

    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" align="right"><FONT size="1">Balance</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>

</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" align="right"><FONT size="1">beginning</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>

    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" align="right"><FONT size="1">reallo-</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>

    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" align="right"><FONT size="1">other</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>

    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" align="right"><FONT size="1">currency</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>

    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" align="right"><FONT size="1">at the end</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>

</TR>

<TR valign="bottom">
    <TD><FONT size="1"><I>CHF million</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" align="right"><FONT size="1">of the year</FONT></TD>
            <TD><FONT size="1">&nbsp;</FONT>

 </TD>

    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" align="right"><FONT size="1">cations</FONT></TD>
            <TD><FONT size="1">&nbsp;</FONT>

 </TD>

    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" align="right"><FONT size="1">reductions</FONT></TD>
            <TD><FONT size="1">&nbsp;</FONT>

 </TD>

    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" align="right"><FONT size="1">Amortization</FONT></TD>
            <TD><FONT size="1">&nbsp;</FONT>

 </TD>

    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" align="right"><FONT size="1">translation</FONT></TD>
            <TD><FONT size="1">&nbsp;</FONT>

 </TD>

    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" align="right"><FONT size="1">of the year</FONT></TD>
            <TD><FONT size="1">&nbsp;</FONT>

 </TD>

</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Goodwill</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Wealth Management &#038;
Business Banking</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,305</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(8</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(81</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(213</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Global Asset Management</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,926</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(5</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(269</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(467</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,185</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Warburg</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,950</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(25</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(315</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(817</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,793</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS PaineWebber</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5,390</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(33</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(264</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(894</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,199</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Corporate Center</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(14</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(1</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>UBS Group</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>14,578</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>9</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(85</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(930</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(2,391</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>11,181</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Other Intangible Assets</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Wealth Management &#038;
Business Banking</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">65</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(2</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(30</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">33</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Global Asset Management</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(1</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Warburg</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">390</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(49</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(63</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">278</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS PaineWebber</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,942</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">281</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(1,427</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(662</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,134</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Corporate Center</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">108</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(23</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(16</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">69</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>UBS Group</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4,507</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>281</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(2</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(1,530</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(741</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2,515</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<P align="left"><FONT size="2">Until 31 December&nbsp;2001, goodwill and other intangible assets relating
to the merger of UBS and PaineWebber were reported in the UBS Warburg
Business Group. With the separation of UBS PaineWebber from UBS
Warburg at 1 January&nbsp;2002, goodwill and other intangible assets have
been allocated to the Business Groups that have benefited from the
merger with PaineWebber. For further information about disclosure by
Business Group, including the amortization of goodwill and other
intangible assets of previous years, please see Note 2a: Segment
Reporting by Business Group.
</FONT>

<P align="left"><FONT size="2">The estimated, aggregated amortization expenses for Goodwill and Other
intangible assets are as follows:
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" align="right"><FONT size="1">Other</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1"><I>CHF million</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" align="right"><FONT size="1">Goodwill</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>

    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" align="right"><FONT size="1">intangible assets</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>

    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" bgcolor="#FFFFFF" align="right"><FONT size="1" color="#0865AB"><B>Total</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>

</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Estimated, aggregated amortization expenses for:</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">817</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">189</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,006</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2004</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">769</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">170</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>939</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2005</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">738</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">166</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>904</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2006</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">702</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">153</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>855</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2007</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">646</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">144</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>790</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2008 and thereafter</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7,509</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,693</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>9,202</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Total</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">11,181</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,515</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>13,696</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 112
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<!-- link2 "Note 16 Other Assets" -->
<DIV align="left"><A NAME="066"></A></DIV>
<P><FONT size="2"><B>Note 16 Other Assets</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1"><I>CHF million</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" align="right"><FONT size="1">Note</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Deferred tax assets</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">21</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2,800</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,449</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Settlement and clearing accounts</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,449</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,431</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">VAT and other tax receivables</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>436</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">452</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Prepaid pension costs</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>250</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">567</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Properties held for resale</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,071</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">844</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Other receivables</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2,946</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,132</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Total other assets</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>8,952</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">9,875</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 113
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B>
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<!-- link1 "Balance Sheet: Liabilities" -->
<DIV align="left"><A NAME="067"></A></DIV>
<P><FONT size="5" color="#7F7F7F">Balance Sheet: Liabilities
</FONT>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<!-- link2 "Note 17 Due to Banks and Customers" -->
<DIV align="left"><A NAME="068"></A></DIV>
<P><FONT size="3"><B>Note 17 Due to Banks and Customers</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="74%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1"><I>CHF million</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Due to banks</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>83,178</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">106,531</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Due to customers in savings and investment accounts</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>76,884</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">67,782</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Other amounts due to customers</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>229,992</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">265,999</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Total due to customers</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>306,876</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">333,781</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Total due to banks and customers</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>390,054</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">440,312</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<!-- link2 "Note 18 Debt Issued" -->
<DIV align="left"><A NAME="069"></A></DIV>
<P><FONT size="3"><B>Note 18 Debt Issued</B>
</FONT>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:38%">

<P align="left"><FONT size="2">The Group issues both CHF and
non-CHF denominated fixed and
floating rate debt. Floating rate
debt generally pays interest
based on the three-month or
six-month London Interbank
Offered Rate (LIBOR).
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subordinated debt securities
are unsecured obligations of the
Group and are subordinated in
right of payment to all present
and future senior indebtedness and
certain other obligations of the
Group. At 31 December&nbsp;2002 and 31
December&nbsp;2001, the Group had CHF 9,933
million and CHF 13,571&nbsp;million,
respectively, in subordinated
debt. Subordinated debt usually
pays interest annually and
provides for single principal
payments upon maturity. At 31
December&nbsp;2002 and 31 December
2001, the Group had CHF 46,678
million and CHF 43,641&nbsp;million,
respectively, in unsubordinated
debt (excluding money market
paper).
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Group issues debt with
returns linked to equity,
interest rates, foreign exchange
and credit instruments or
indices. As described in Note
1r),
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">derivatives embedded in
these instruments are separated
from the host debt contract and
reported as stand-alone
derivatives. The amount recorded
within Debt Issued represents the
host contract after the
separation of the embedded
derivative. At 31 December&nbsp;2002
and 31 December&nbsp;2001, the Group
had CHF 1,389&nbsp;million and CHF
1,397&nbsp;million, respectively, in
convertible and exchangeable debt
on UBS shares and notes with
warrants attached on UBS shares
outstanding.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition the Group uses
interest rate and foreign exchange
derivatives to manage the risks
inherent in certain debt issues.
In the case of interest rate risk
management, the Group applies
hedge accounting as discussed in
Note 1 -Summary of Significant
Accounting Policies and Note 23 -
Derivative Instruments. As a
result of applying hedge
accounting, the carrying value of
debt issued is CHF 1,361&nbsp;million
higher reflecting changes in fair
value due to interest rate
movements.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 114
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><DIV style="float: left; width:24%">

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="2">&nbsp;
</FONT>
<P><FONT size="2">&nbsp;
</FONT>
<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="2">&nbsp;
</FONT>
<P><FONT size="2">&nbsp;
</FONT>
<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="11%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="84%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="1">PIP</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
Protected Index Participation</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="1">PEP</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
Protected Equity Participation</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="1">GOAL</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
Geld- oder Aktien-Lieferung (cash or share delivery)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="1">BULS</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
Bullish Underlying Linked Securities</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="1">GROI</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
Guaranteed Return On Investment</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="1">FRN</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
Floating Rate Note</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="1">CLN</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
Credit Linked Note</FONT></TD>
</TR>
 </TABLE>
</DIV>

</DIV><DIV style="float: right; width: 74%">

<P><FONT size="3"><B>Note 18 Debt Issued (continued)</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="70%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1"><I>CHF million</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Money market paper issued</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>72,800</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">99,006</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Bonds issued</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>51,872</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">51,061</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Shares in bond issues of the Swiss Regional or
Cantonal Banks&#146; Central Bond Institutions</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>517</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">934</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Medium-term notes</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4,222</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5,217</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Total debt issued</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>129,411</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">156,218</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<P align="left"><FONT size="2">The following table shows the split between fixed and floating rate
debt issues based on the contractual terms. However it should be noted
that the Group uses interest rate swaps to hedge many of the fixed
rate debt issues, which changes their re-pricing characteristics into
those of floating rate debt.
</FONT>

<P><FONT size="2"><B>Contractual maturity date</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="7" align="center"><FONT size="1"><B>UBS AG (Parent Bank)</B></FONT></TD>

    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="7" align="center"><FONT size="1"><B>Subsidiaries</B></FONT></TD>

    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="7" align="left"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="7" align="left"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" align="right"><FONT size="1"><B>Fixed</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" align="right"><FONT size="1"><B>Floating</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" align="right"><FONT size="1"><B>Fixed</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" align="right"><FONT size="1"><B>Floating</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" bgcolor="#FFFFFF" align="right"><FONT size="1" color="#0865AB"><B>Total</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1"><I>CHF million</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" align="right"><FONT size="1"><B>rate</B></FONT></TD>

    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" align="right"><FONT size="1"><B>rate</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" align="right"><FONT size="1"><B>rate</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" align="right"><FONT size="1"><B>rate</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>


<TR valign="bottom">
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">24,010</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">244</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">52,095</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">70</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>76,419</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2004</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,965</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">609</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,432</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">574</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>7,580</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2005</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,998</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">726</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">907</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">382</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>7,013</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2006</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,359</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">790</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8,000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">439</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>12,588</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2007</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,166</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,564</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,105</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">70</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>5,905</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2008-2010</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,714</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,048</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,476</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,949</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>7,187</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Thereafter</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,726</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6,672</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">269</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,052</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>12,719</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>


<TR valign="bottom">
    <TD><FONT size="1"><B>Total</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>44,938</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>11,653</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>66,284</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>6,536</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>129,411</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="21" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>


 </TABLE>
</DIV>

<P align="left"><FONT size="2">The table below shows the notional amount and stated interest rate on
the Group&#146;s publicly placed bonds prior to the separation of any
embedded derivatives or the application of hedge accounting, where
applicable. As a result, the notional amount shown does not
necessarily correspond to the carrying amount of the debt and the
stated interest rate on the debt does not necessarily reflect the
effective interest rate the Group is paying to service its debt after
the separation of embedded derivatives and the application of hedge
accounting, where applicable.
</FONT>

<P><FONT size="2"><B>Publicly placed bond issues of UBS AG (Parent Bank) outstanding as at 31.12.2002 <SUP>1</SUP></B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Notional</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">amounts</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Early</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">in millions</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1">Year of</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Interest</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">redemption</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">in local</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1">issue</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">rate in %</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Remarks</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Maturity</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">option</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Currency</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">currency</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">2001</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">16.000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">GOAL on Siemens</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">17.01.2003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">EUR</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">55</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">CLN Linked to GECC</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">18.02.2003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">EUR</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">50</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2001</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8.000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">GOAL on UBS</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">26.02.2003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">CHF</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">220</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">11.250</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">GOAL on Royal Dutch Petroleum</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">28.02.2003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">EUR</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">95</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">1993</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.875</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">subordinated</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">03.03.2003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">CHF</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">200</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2001</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8.750</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">GOAL on General Electric</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">07.03.2003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">125</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2001</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">13.500</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">GOAL on Nokia Oyj</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">10.03.2003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">EUR</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">45</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">Linked to 30yr OAT</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">11.03.2003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">GBP</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">50</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">FRN</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">CLN Linked to GECC</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">14.03.2003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">USD</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">1997</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.500</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">Indexed to UBS Currency Portfolio</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">14.03.2003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">EUR</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">51</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">Convertible into</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">1998</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">FRN</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">UBS Dutch Corporate Basket</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">20.03.2003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">EUR</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">57</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">1993</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.500</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">subordinated</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.03.2003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">CHF</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">200</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">1993</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">subordinated</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.03.2003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">CHF</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">200</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">


<P align="right"><FONT size="2"><B>
 115
</B></FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<P><DIV style="float: left; width:24%">

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<P><FONT size="2">&nbsp;
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="11%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="84%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="1">PIP</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
Protected Index Participation</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="1">PEP</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
Protected Equity Participation</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="1">GOAL</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
Geld- oder Aktien-Lieferung (cash or share delivery)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="1">BULS</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
Bullish Underlying Linked Securities</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="1">GROI</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
Guaranteed Return On Investment</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="1">FRN</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
Floating Rate Note</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="1">CLN</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
Credit Linked Note</FONT></TD>
</TR>
 </TABLE>
</DIV>

</DIV><DIV style="float: right; width: 74%">

<P><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B>
</FONT>
<P><FONT size="2">&nbsp;
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P><FONT size="3"><B>Note 18 Debt Issued (continued)</B>
</FONT>


<P><FONT size="2"><B>Publicly placed bond issues of UBS AG (Parent Bank) outstanding as at 31.12.2002<SUP>1</SUP></B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="19%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Notional</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">amounts</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Early</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">in millions</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1">Year of</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Interest</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">redemption</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">in local</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1">issue</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">rate in %</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Remarks</FONT></TD>

    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Maturity</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">option</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Currency</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">currency</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">2001</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">BULS on technology stock basket</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">10.04.2003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">78</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2001</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">BULS on Celestica and others</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">28.04.2003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">40</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">9.500</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">GOAL on UBS</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">22.05.2003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">CHF</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">110</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2001</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">10.250</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">GOAL on Deutsche Bank</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">30.05.2003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">EUR</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">40</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">9.500</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">GOAL on DJ Euro Stoxx 50 index</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">02.06.2003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">EUR</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">50</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2001</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7.250</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">GOAL on Aventis</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">05.06.2003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">EUR</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>

        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">75</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2001</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6.000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">GOAL on Total SA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">11.06.2003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">EUR</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">45</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2001</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7.750</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">GOAL on E.ON AG</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">17.06.2003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">EUR</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">40</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">1995</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5.250</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">subordinated</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">20.06.2003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">CHF</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">200</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2001</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8.250</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">GOAL on Pfizer</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">16.07.2003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">70</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">9.500</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">GOAL on SUEZ SA (Suez)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">04.09.2003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">EUR</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">35</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">13.000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">GOAL on Royal Dutch Petroleum</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">06.10.2003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">EUR</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">35</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">FRN</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">CLN Linked to Allianz AG</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">24.10.2003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">150</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">1993</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">26.11.2003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">CHF</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">200</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">Linked to Basket of Common Stock</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">02.12.2003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">63</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">1994</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6.250</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">subordinated</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">06.01.2004</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">300</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7.750</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">GOAL on Novartis</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">28.01.2004</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">CHF</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5.125</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">GOAL on General Electric Company</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">30.01.2004</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">75</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6.000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">GOAL on Unilever NV</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">06.02.2004</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">EUR</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">40</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6.250</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">GOAL on Nestl&#233; AG</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">14.05.2004</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">CHF</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2001</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">Cliquet GROI on NASDAQ 100 Index</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">27.05.2004</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">42</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">1991</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.250</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">subordinated</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">25.06.2004</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">CHF</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">300</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">1999</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.500</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">01.07.2004</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">EUR</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">250</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2001</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.750</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">Exchangeable bonds on Yukos</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.08.2004</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">310</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">1997</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7.380</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">subordinated</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">26.11.2004</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">GBP</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">250</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">1995</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">subordinated</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">07.02.2005</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">CHF</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">150</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">1995</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5.500</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">Convertible into Nasdaq 100 Index</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">10.02.2005</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">CHF</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">150</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">Equity GROI</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">07.03.2005</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">AUD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">233</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.500</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">Convertible into STOXX 50 Index</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">21.03.2005</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">EUR</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">75</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">1995</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5.625</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">subordinated</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">13.04.2005</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">CHF</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">150</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">GROI on FTSE 100 Index</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">25.04.2005</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">GBP</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">46</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">Principal Protected Note Linked</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">to NASDAQ 100-Index</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">04.05.2005</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">46</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">Exchangeable Bonds on Yukos</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">19.06.2005</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">120</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">1995</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8.750</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">subordinated</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">20.06.2005</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">GBP</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">249</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">GROI - Australian</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">Growth Guaranteed Fund II</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">21.06.2005</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">AUD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">67</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">1998</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6.750</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">subordinated</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">15.07.2005</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">200</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">1995</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5.250</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">subordinated</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">18.07.2005</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">CHF</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">200</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">Cliquet GROI - Units on SMI Index</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">25.07.2005</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">CHF</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">53</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">1995</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5.000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">subordinated</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">24.08.2005</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">CHF</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">250</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.125</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">Exchangeable Bonds on Yukos</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">19.09.2005</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">120</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">1995</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.500</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">21.11.2005</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">CHF</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">300</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.250</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">Exchangeable Bonds on Yukos</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">19.12.2005</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">160</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">1999</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.500</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">Straight Bond</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">26.01.2006</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">EUR</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">650</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">Equity Exchangeables into</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2001</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">Euro. Insurance Basket</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">01.02.2006</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">01.02.2004</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">EUR</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">1996</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.250</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">subordinated</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">06.02.2006</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">CHF</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">250</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">1996</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">14.02.2006</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">CHF</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">200</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2.500</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">Straight Bond</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">29.03.2006</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">CHF</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">250</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">1996</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7.250</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">subordinated</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">17.07.2006</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">500</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2001</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">BULS on S&#038;P 500</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">01.09.2006</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">54</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">


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



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<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="11%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="84%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="1">PIP</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
Protected Index Participation</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="1">PEP</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
Protected Equity Participation</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="1">GOAL</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
Geld- oder Aktien-Lieferung (cash or share delivery)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="1">BULS</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
Bullish Underlying Linked Securities</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="1">GROI</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
Guaranteed Return On Investment</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="1">FRN</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
Floating Rate Note</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="1">CLN</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
Credit Linked Note</FONT></TD>
</TR>
 </TABLE>
</DIV>

</DIV><DIV style="float: right; width: 74%">

<P><FONT size="3"><B>Note 18 Debt Issued (continued)</B>
</FONT>

<P><FONT size="2"><B>Publicly placed bond issues of UBS AG (Parent Bank) outstanding as at 31.12.2002<SUP>1</SUP></B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
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    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
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<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
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    <TD><FONT size="1">&nbsp;</FONT></TD>
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Notional</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
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    <TD><FONT size="1">&nbsp;</FONT></TD>
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    <TD><FONT size="1">&nbsp;</FONT></TD>
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">amounts</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
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    <TD><FONT size="1">&nbsp;</FONT></TD>
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Early</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">in millions</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1">Year of</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Interest</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">redemption</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">in local</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1">issue</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">rate in %</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="3"><FONT size="1">Remarks</FONT></TD>

    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Maturity</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">option</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="3"><FONT size="1">Currency</FONT></TD>

    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">currency</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">1996</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7.250</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">subordinated</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">01.09.2006</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">150</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2001</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5.500</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">GOAL on UBS</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">02.10.2006</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">CHF</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">106</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">Cliquet GROI-Units</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2001</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">on Nasdaq 100-Index</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">19.10.2006</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">39</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">FRN</FONT></TD>

        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">Callable Daily Range Accrual Note</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">07.11.2006</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">07.02.2003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">56</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">1995</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5.000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">subordinated</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">07.11.2006</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">CHF</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">250</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">FRN</FONT></TD>

        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">Callable Daily Range Accrual Note</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">13.11.2006</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">12.02.2003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">40</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">1996</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6.250</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">subordinated</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">06.12.2006</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">EUR</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">254</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2001</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">Zero-rate Note O'Connor Fund</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">29.12.2006</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">EUR</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">40</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">1997</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8.000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">subordinated</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">08.01.2007</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">GBP</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">242</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">1997</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8.000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">subordinated</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">08.01.2007</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">GBP</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">302</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">1997</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5.750</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">subordinated</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">12.03.2007</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">EUR</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">204</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">Step-Up Callable</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">FRN</FONT></TD>

        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">Daily Range Accrual Note</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">15.07.2007</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">15.01.2003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">67</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">Exchangeable on DJ Euro Stoxx 50E</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">23.07.2007</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">EUR</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">50</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">FRN</FONT></TD>

        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">CLN</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">01.09.2007</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">50</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">Exchangeable Bond</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.500</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">on the S&#038;P 500 Index</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">05.09.2007</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">40</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">Exchangeable Bond</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.500</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">on the DJ Euro STOXX 50</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">05.09.2007</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">EUR</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">35</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.250</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">Exchangeable Bond on the SMI</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">05.09.2007</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">CHF</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">75</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">FRN</FONT></TD>

        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">Callable Daily Range Accrual Note</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">02.10.2007</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">02.01.2003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">61</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">Exchangeable bond</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.500</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">on Royal Dutch Petroleum</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">30.10.2007</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">EUR</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">Principal Protected Notes Linked</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">to the S&#038;P 500 Index</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">07.11.2007</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">52</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7.250</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">GOAL on Royal Dutch Petroleum</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">14.11.2007</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">EUR</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">150</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.250</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">Linked to Nikkei 225 Index</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">28.11.2007</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">JPY</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7,742</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5.000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">Linked to Nikkei 225 Index</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">19.12.2007</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">JPY</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5,537</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">1998</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.500</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">27.08.2008</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">CHF</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">300</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">1997</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5.875</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">subordinated</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">18.08.2009</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">EUR</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">305</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">FRN</FONT></TD>

        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">Callable Daily Range Accrual Note</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">23.10.2012</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">23.01.2003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">64</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">1995</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7.375</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">subordinated</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">15.07.2015</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">150</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">1995</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7.000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">subordinated</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">15.10.2015</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">300</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">1997</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7.375</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">subordinated</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">15.06.2017</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">300</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">1995</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7.500</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">subordinated</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">15.07.2025</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">350</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">1995</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8.750</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">subordinated</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">18.12.2025</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">GBP</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">149</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">1996</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7.750</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">subordinated</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">01.09.2026</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">300</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">


<P align="right"><FONT size="2"><B>
 117
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



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<P><FONT size="2">&nbsp;
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<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="11%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="84%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="1">PIP</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
Protected Index Participation</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="1">PEP</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
Protected Equity Participation</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="1">GOAL</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
Geld- oder Aktien-Lieferung (cash or share delivery)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="1">BULS</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
Bullish Underlying Linked Securities</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="1">GROI</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
Guaranteed Return On Investment</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="1">FRN</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
Floating Rate Note</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="1">CLN</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
Credit Linked Note</FONT></TD>
</TR>
 </TABLE>
</DIV>

</DIV><DIV style="float: right; width: 74%">

<P><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B>
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P><FONT size="3"><B>Note 18 Debt Issued (continued)</B>
</FONT>

<P><FONT size="2"><B>Publicly placed bond issues of UBS subsidiaries outstanding as at 31.12.2002<SUP>1</SUP></B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Notional</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">amounts</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Early</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">in millions</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1">Year of</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Interest</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">redemption</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">in local</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1">issue</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">rate in %</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="3"><FONT size="1">Remarks</FONT></TD>

    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Maturity</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">option</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="3"><FONT size="1">Currency</FONT></TD>

    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">currency</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="9" align="left"><FONT size="1"><B>Brooklands Euro Referenced Linked Notes 2001-1 Ltd</B></FONT></TD>

    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2.594</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">15.12.2012</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">EUR</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.480</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">15.12.2012</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">EUR</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">75</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.293</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">23.12.2012</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">EUR</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">75</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.893</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">23.12.2012</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">EUR</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">35</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2001</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">FRN</FONT></TD>

        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
 <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">20.12.2013</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">EUR</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">50</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2001</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">FRN</FONT></TD>

        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
 <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">20.12.2013</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">EUR</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">50</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="9"><FONT size="1"><B>Alpine Partners L.P.</B></FONT></TD>

    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">FRN</FONT></TD>

        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
 <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">08.10.2009</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">08.01.2003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">445</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="4"><FONT size="1"><B>North Street</B></FONT></TD>

    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">FRN</FONT></TD>

        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
 <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">28.04.2011</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">40</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">FRN</FONT></TD>

        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
 <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">28.04.2011</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">FRN</FONT></TD>

        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
 <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">28.04.2011</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">50</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">20.000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">28.04.2011</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">43</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">FRN</FONT></TD>

        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
 <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">30.10.2011</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">61</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">18.000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">30.10.2011</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">43</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">FRN</FONT></TD>

        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
 <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">30.01.2016</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">40</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">20.000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">30.01.2016</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">49</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">FRN</FONT></TD>

        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
 <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">30.01.2016</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">46</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5.160</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">30.01.2016</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">61</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">FRN</FONT></TD>

        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
 <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">30.01.2016</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">353</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">FRN</FONT></TD>

        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
 <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">20.08.2030</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">20.08.2003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2001</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">FRN</FONT></TD>

        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
 <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">30.04.2031</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">60</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2001</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">FRN</FONT></TD>

        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
 <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">30.04.2031</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2001</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">FRN</FONT></TD>

        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
 <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">30.07.2031</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2001</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">FRN</FONT></TD>

        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
 <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">30.07.2031</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">60</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="9" align="left"><FONT size="1"><B>UBS Americas Inc. (former PaineWebber)</B></FONT></TD>

    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">1993</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7.875</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">17.02.2003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.270</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">13.03.2003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">JPY</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">9,000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">1998</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6.320</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">18.03.2003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">45</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">1998</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6.450</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">01.12.2003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">340</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">1999</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">FRN</FONT></TD>

        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">11.05.2004</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">45</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">1999</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6.375</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">17.05.2004</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">525</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">1995</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8.875</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">15.03.2005</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">125</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">1999</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2.210</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">15.03.2005</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">45</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">1993</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6.500</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">01.11.2005</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">200</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">1996</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6.750</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">01.02.2006</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">1998</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6.720</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">01.04.2008</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">35</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">1998</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6.730</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">03.04.2008</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">43</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">1998</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6.550</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">15.04.2008</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">250</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">1996</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7.625</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">15.10.2008</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">150</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">1999</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7.625</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">01.12.2009</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">275</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">1994</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7.625</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">17.02.2014</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">200</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="9"><FONT size="1"><B>Eisberg Finance Ltd.</B></FONT></TD>

    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">1998</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">FRN</FONT></TD>

        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">15.06.2004</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">10.10.2003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">83</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">1998</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">FRN</FONT></TD>

        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">15.06.2004</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">10.10.2003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">65</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">1998</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="right"><FONT size="1">FRN</FONT></TD>

        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">15.06.2004</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">10.10.2003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">41</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">


<P align="left"><FONT size="2"><B>
 118
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<P><DIV style="float: left; width:24%">

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="2">&nbsp;
</FONT>
<br>&nbsp;<br>
<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="11%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="84%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="1">PIP</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
Protected Index Participation</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="1">PEP</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
Protected Equity Participation</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="1">GOAL</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
Geld- oder Aktien-Lieferung (cash or share delivery)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="1">BULS</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
Bullish Underlying Linked Securities</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="1">GROI</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
Guaranteed Return On Investment</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="1">FRN</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
Floating Rate Note</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="1">CLN</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
Credit Linked Note</FONT></TD>
</TR>
 </TABLE>
</DIV>

</DIV><DIV style="float: right; width: 74%">

<P><FONT size="3"><B>Note 18 Debt Issued (continued)</B>
</FONT>

<P><FONT size="2"><B>Publicly placed bond issues of UBS subsidiaries outstanding as at 31.12.2002<SUP>1</SUP></B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="18%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Notional</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">amounts</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Early</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">in millions</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1">Year of</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Interest</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">redemption</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">in local</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1">issue</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">rate in %</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="3"><FONT size="1">Remarks</FONT></TD>

    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Maturity</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">option</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="3"><FONT size="1">Currency</FONT></TD>

    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">currency</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="9" align="left"><FONT size="1"><B>UBS Finance N.V., Cura&#231;ao</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">1997</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">Zero Coupons</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">29.01.2027</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">EUR</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">226</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">1998</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">Zero Coupons</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">03.03.2028</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">03.03.2003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">EUR</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">81</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="9" align="left"><FONT size="1"><B>UBS Australia Holdings Ltd.</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">1999</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5.000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">European commercial paper</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">25.02.2004</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">AUD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">104</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>UBS Warburg AG</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">1998</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">19.12.2005</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">EUR</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">56</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2001</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">30.06.2006</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">30.06.2003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">EUR</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">505</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2001</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">30.06.2006</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">30.06.2003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">202</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2001</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.07.2006</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">30.06.2003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">EUR</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">500</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2001</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">08.08.2006</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">EUR</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">77</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2001</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">30.09.2006</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">30.06.2003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">200</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2001</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">30.09.2006</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">30.06.2003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">CHF</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">200</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.2006</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">30.06.2003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">350</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.2006</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">30.06.2003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">EUR</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">300</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.2006</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">30.06.2003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">350</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.2006</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">30.06.2003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">EUR</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">450</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.2006</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">30.06.2003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">EUR</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">300</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.2006</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">30.06.2003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">EUR</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">450</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.2006</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">30.06.2003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">250</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.2006</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">30.06.2003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">EUR</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">250</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.2006</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">30.06.2003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">CHF</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">250</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.2006</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">30.06.2003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">250</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.2006</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">30.06.2003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">250</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2001</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">02.01.2007</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">30.06.2003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">EUR</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2001</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">02.01.2007</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">30.06.2003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">EUR</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2001</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">02.01.2007</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">30.06.2003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">EUR</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">30.03.2007</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">30.06.2003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">EUR</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">60</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.2007</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">30.06.2003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">EUR</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">50</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2001</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">30.09.2011</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.03.2003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">EUR</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">50</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2001</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.2011</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">30.06.2003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">EUR</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">150</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">28.09.2012</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">30.06.2003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">EUR</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">50</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<DIV align="left"><FONT size="2"><SUP>1</SUP> In this table only publicly placed bonds with a carrying value
exceeding CHF 50&nbsp;million (prior to the elimination of own bonds held)
have been disclosed. The total carrying amount of the bonds disclosed
in this table is CHF 34,320&nbsp;million. The total carrying amount of
publicly placed bonds of UBS Group (prior to the elimination of own
bonds held) is CHF 44,759&nbsp;million of the total bond issues.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 119
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<!-- link2 "Note 19 Other Liabilities" -->
<DIV align="left"><A NAME="070"></A></DIV>
<P><FONT size="3"><B>Note 19 Other Liabilities</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1"><I>CHF million</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" align="right"><FONT size="1">Note</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Provisions</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">20</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,375</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,748</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Provision for commitments and contingent liabilities</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">9b</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>366</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">305</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Current tax liabilities</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2,079</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,799</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Deferred tax liabilities</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">21</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2,239</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,827</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">VAT and other tax payables</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>613</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">622</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Settlement and clearing accounts</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,354</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,473</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Other payables</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4,313</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,884</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Total other liabilities</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>12,339</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">15,658</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<!-- link2 "Note 20 Provisions" -->
<DIV align="left"><A NAME="071"></A></DIV>
<P><FONT size="3"><B>Note 20 Provisions</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" bgcolor="#FFFFFF" align="right"><FONT size="1" color="#0865AB"><B>Total</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" align="right"><FONT size="1">Total</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1"><I>CHF million</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" align="right"><FONT size="1">Operational</FONT></TD>
     <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" align="right"><FONT size="1">Litigation</FONT></TD>
         <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Balance at the beginning of the year</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,036</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">712</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,748</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,294</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">New provisions charged to income</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">210</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">478</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>688</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">384</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Recoveries</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">16</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>25</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">95</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Provisions applied</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(439</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(463</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(902</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(1,115</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Reclassifications</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(9</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">64</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Foreign currency translation</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(93</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(91</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(184</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">26</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Balance at the end of the year</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">721</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">654</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,375</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,748</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<!-- link2 "Note 21 Income Taxes" -->
<DIV align="left"><A NAME="072"></A></DIV>
<P><FONT size="3"><B>Note 21 Income Taxes</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><FONT size="1"><I>CHF million</I><BR>
For the year ended</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="14" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><FONT size="1"><B>Domestic</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:20px; text-indent:-10px"><FONT size="1">Current</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>938</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">563</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,325</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:20px; text-indent:-10px"><FONT size="1">Deferred</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(32</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">231</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">233</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><FONT size="1"><B>Foreign</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:20px; text-indent:-10px"><FONT size="1">Current</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>249</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">546</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">451</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">

<TD colspan="2"><DIV style="margin-left:20px; text-indent:-10px"><FONT size="1">Deferred</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(477</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">61</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">311</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="14" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><FONT size="1"><B>Total income tax expense</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>678</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,401</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,320</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="14" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<P align="left"><FONT size="2">The Group made net tax payments, including domestic and foreign taxes,
of CHF 572&nbsp;million, CHF 1,742&nbsp;million and CHF 959&nbsp;million for the full
years of 2002, 2001 and 2000, respectively.
</FONT>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">


<P align="left"><FONT size="2"><B>
 120
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<P><DIV style="float: left; width:24%">

<P><FONT size="2">&nbsp;
</FONT>

</DIV><DIV style="float: right; width: 74%">

<P><FONT size="3"><B>Note 21 Income Taxes (continued)</B>
</FONT>

<P align="left"><FONT size="2">The components of operating profit before tax, and the differences
between income tax expense reflected in the financial statements and
the amounts calculated at the Swiss statutory rate of 25% are as
follows:
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><FONT size="1"><I>CHF million</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><FONT size="1">For the year ended</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="14" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><FONT size="1">Operating profit before tax</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4,544</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6,718</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">10,199</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Domestic</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>6,510</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5,565</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7,079</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Foreign</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(1,966</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,153</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,120</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="14" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><FONT size="1">Income taxes at Swiss statutory rate of 25%</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,136</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,680</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,550</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="14" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><FONT size="1">Increase/(decrease)&nbsp;resulting from:</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><FONT size="1">Applicable tax rates differing from Swiss statutory rate</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(341</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(239</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(336</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><FONT size="1">Tax losses not recognized</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>51</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">77</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">164</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><FONT size="1">Previously unrecorded tax losses now recognized</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(349</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(630</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(655</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><FONT size="1">Lower taxed income</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(378</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(499</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(401</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><FONT size="1">Non-deductible goodwill amortization</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>291</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">429</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">159</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><FONT size="1">Other non-deductible expenses</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>301</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">134</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">432</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><FONT size="1">Adjustments related to prior years and other</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(122</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">371</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">245</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><FONT size="1">Change in deferred tax valuation allowance</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>89</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">78</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">162</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="14" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><FONT size="1"><B>Income tax expense</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>678</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,401</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,320</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="14" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<P align="left"><FONT size="2">Significant components of the Group&#146;s gross deferred income tax assets and liabilities are as follows:
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1"><I>CHF million</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Deferred tax assets</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Compensation and benefits</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,559</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,778</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Allowance for credit losses</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>84</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">122</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Net operating loss carry forwards</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2,883</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,902</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Trading assets</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>330</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">259</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Other</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>779</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,365</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Total</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>5,635</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6,426</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Valuation allowance</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(2,835</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(2,977</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Net deferred tax assets</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2,800</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,449</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Deferred tax liabilities</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Property and equipment</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>412</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">449</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Investments</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>430</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">464</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Other provisions</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>470</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">571</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Trading assets</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>182</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">298</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Other</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>745</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,045</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Total deferred tax liabilities</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2,239</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,827</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<P align="left"><FONT size="2">The change in the balance of net deferred tax assets and deferred tax
liabilities does not equal the deferred tax expense in those years.
This is due to the effect of foreign currency rate changes on tax
assets and liabilities denominated in currencies other than CHF.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain foreign branches and subsidiaries of the Group have
deferred tax assets related to net operating loss carry forwards and
other items. Due to realization of these assets being uncertain, the
Group has established valuation allowances of CHF 2,835&nbsp;million (CHF
2,977&nbsp;million at 31 December&nbsp;2001). For companies that suffered tax
losses in either the current or preceding year an amount of CHF 947
million (CHF 965&nbsp;million at 31 December&nbsp;2001) has been recognized as
deferred tax assets based on expectations that sufficient taxable
income will be generated in future years to utilize the tax loss carry
forwards.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Group provides deferred income taxes on undistributed
earnings of non-Swiss subsidiaries except to the extent that such
earnings are indefinitely invested. In the event these earnings were
distributed, additional taxes of approximately CHF 40&nbsp;million would be
due.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 121
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B>
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<!-- link2 "Note 21 Income Taxes (continued)" -->
<DIV align="left"><A NAME="073"></A></DIV>
<P><FONT size="3"><B>Note 21 Income Taxes (continued)</B>
</FONT>

<P align="left"><FONT size="2">At 31 December&nbsp;2002 net operating loss carry forwards totaling CHF
6,572&nbsp;million are available to reduce future taxable income of certain
branches and subsidiaries.
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">The carry forwards expire as follows:</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="5" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Within 1&nbsp;year</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>29</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">From 2 to 4&nbsp;years</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>252</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">After 4&nbsp;years</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>6,291</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="5" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Total</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>6,572</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="5" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<!-- link2 "Note 22 Minority Interests" -->
<DIV align="left"><A NAME="074"></A></DIV>
<P><FONT size="3"><B>Note 22 Minority Interests</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1"><I>CHF million</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Balance at the beginning of the year</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4,112</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,885</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Issuance of trust preferred securities</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,291</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Other increases</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>172</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Decreases and dividend payments</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(377</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(461</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Foreign currency translation</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(709</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">53</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Minority interest in net profit</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>331</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">344</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Balance at the end of the year</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3,529</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,112</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<!-- link2 "Note 23 Derivative Instruments" -->
<DIV align="left"><A NAME="075"></A></DIV>
<P><FONT size="3"><B>Note 23 Derivative Instruments</B>
</FONT>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P><FONT size="2">&nbsp;
</FONT>

</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:35%">

<P><FONT size="2"><B>Type of derivatives</B>
</FONT>

<DIV align="left"><FONT size="2">The Group uses the following
derivative financial instruments
for both trading and hedging
purposes:<BR>
<I>Swaps </I>are transactions
in which two parties exchange
cash flows on a specified
notional amount for a
predetermined period. The major
types of swap transaction
undertaken by the Group are as
follows:
</FONT></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="6%" nowrap align="left"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Interest rate swap
contracts generally entail
the contractual exchange of
fixed and floating
rate interest payments in a
single currency, based on a
notional amount and an interest
reference rate.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="6%" nowrap align="left"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Cross currency swaps involve
the exchange of interest
payments based on two
different currency principal
balances and interest
reference rates and generally
also entail exchange of
principal amounts at the
start and/or end of the
contract.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="6%" nowrap align="left"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Credit default swaps (CDS)
are the most common form of
credit derivative, under
which the party buying
protection makes one or more
payments to the party
selling protection during
</FONT></TD>
</TR>
</TABLE>
</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="6%" nowrap align="left"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">the life of the swap in
exchange for an undertaking
by the seller to make a
payment to the buyer
following a credit event, as
defined in the contract,
with respect to a third
party. Settlement following
a credit event may be a cash
amount, or cash in return
for physical delivery of one
or more deliverable
obligations of the credit
entity, as defined in the
contract and is made
regardless of whether the
protection buyer has
suffered a loss. After a
credit event and settlement,
the contract is terminated.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="6%" nowrap align="left"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Total Rate of Return Swaps
give the total return
receiver exposure to all of
the cash flow and economic
benefits and risks of an
underlying security without
actually owning the
security, while the total
return payer has a synthetic
short position in the
underlying reference
security.
</FONT></TD>
</TR>
</TABLE>
<DIV align="left"><FONT size="2"><I>Forwards and futures </I>are
contractual obligations to buy or
sell financial instruments or
commodities on a future date at a
specified price. Forward
contracts are tailor-made
agreements that are transacted
between counterparties in the
over-the-counter (OTC)&nbsp;market,
whereas futures are
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">


<P align="left"><FONT size="2"><B>
 122
</B></FONT>
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<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:37%">

<DIV align="left"><FONT size="2">standardized
contracts transacted on regulated
exchanges.
</FONT></DIV>

<P align="left"><FONT size="2"><I>Options </I>are contractual
agreements under which the seller
(writer)&nbsp;grants the purchaser the
right, but not the obligation,
either to buy (call option) or to
sell (put option) by or at a set
date, a specified amount of a
financial instrument or commodity
at a predetermined price. The
seller receives a premium from
the purchaser for this right.
Options may be traded OTC or on a
regulated exchange.
</FONT>

<P><FONT size="2"><B>Derivatives transacted for trading purposes</B>
</FONT>

<DIV align="left"><FONT size="2">Most of the Group&#146;s derivative
transactions relate to sales and
trading activities. Sales
activities include the structuring
and marketing of derivative
products to customers at
competitive prices to enable them
to take, transfer, modify or
reduce current or expected risks.
Trading includes market-making,
positioning and arbitrage
activities: market-making involves
quoting bid and offer prices to
other market participants with the
intention of generating revenues
based on spread and volume;
positioning means managing market
risk positions with the
expectation of profiting from
favorable movements in prices,
rates or indices; arbitrage
activities involve identifying and
profiting from price differentials
between markets and products.
</FONT></DIV>

<P><FONT size="2"><B>Derivatives transacted for hedging purposes</B>
</FONT>

<DIV align="left"><FONT size="2">The Group enters into derivative
transactions which are designated
and qualify as either fair value
or cash flow hedges for
recognized assets or liabilities
or forecast transactions. It also
enters into derivative
transactions which provide
economic hedges for risk
exposures but do not meet the
accounting requirements for hedge
accounting treatment. As stated
in Note 1, Summary of Significant
Accounting Policies, part v)
Derivative instruments and
hedging, the Group uses CDSs as
economic hedges for credit risk
exposures in the loan and traded
product portfolios but cannot
apply hedge accounting to such
positions. Gains or losses on
these CDSs have therefore been
recorded in trading income.
</FONT></DIV>

<P><FONT size="2"><B>Derivatives designated and accounted for<BR>
as hedging instruments</B>
</FONT>

<DIV align="left"><FONT size="2">The Group&#146;s accounting policies
for derivatives designated and
accounted for as hedging
instru-
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<DIV align="left"><FONT size="2">ments are explained in Note
1 v) where terms used in the
following sections are explained.
</FONT></DIV>

<P><FONT size="2"><B>Fair value hedges</B>
</FONT>

<DIV align="left"><FONT size="2">The Group&#146;s fair value hedges
principally consist of interest
rate swaps that are used to
protect against changes in the
fair value of fixed-rate
long-term debt due to changes in
market interest rates. For the
year ended 31 December&nbsp;2002, the
Group recognized a net loss of
CHF 10&nbsp;million (reported as Net
trading income in the Financial
Statements), which represents the
ineffective portion of fair value
hedges.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As at 31 December&nbsp;2002, the
fair value of outstanding
derivatives designated as fair
value hedges was a CHF 1,925
million net positive replacement
value.
</FONT></DIV>

<P><FONT size="2"><B>Cash flow hedges of individual variable<BR>
rate assets and liabilities</B>
</FONT>

<DIV align="left"><FONT size="2">The Group uses interest rate
swaps to protect against changes
in cash flows of certain variable
rate debt issues. For the year
ended 31 December&nbsp;2002, there has
been no material gain or loss
associated with ineffective
portions of cash flow hedges.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gains and losses on
derivative contracts designated
as cash flow hedges are initially
recorded in Shareholders&#146; equity
but are reclassified to current
period earnings when the hedged
cash flows occur, as explained in
Note 1, part v) Derivative
instruments and hedging. As at 31
December&nbsp;2002, deferred net gains
on derivative instruments
designated as cash flow hedges
accumulated in Shareholders&#146;
equity were CHF 2&nbsp;million.
</FONT></DIV>

<P><FONT size="2"><B>Cash flow hedges of forecast transactions</B>
</FONT>

<DIV align="left"><FONT size="2">The Group applies hedge
accounting for its non-trading
interest rate risk in major
currencies by analyzing expected
cash flows on an enterprise
basis. The objective is to
protect against changes
in future interest cash flows
resulting from the impact of
changes in market interest rates
on reinvestment or reborrowing of
current balances and expected
future cash flows. The Group
accumulates information about
financial assets and liabilities,
and thereby estimates and
aggregates the amounts and timing
of future period cash flows,
based on the contractual terms of
instruments and other factors
including estimates of
prepayments and defaults. The
aggregate cash flows form the
basis for identifying the
non-trad-
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 123
</B></FONT>
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<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:38%">

<P><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">ing interest rate risk of
the Group, which is
hedged with interest rate
swaps, which extend over
a twenty-four-year
period.
</FONT>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">&nbsp;
</FONT>

<P align="left"><FONT size="2">&nbsp;
</FONT>

<P align="left"><FONT size="2">&nbsp;<br>
The schedule of forecast
principal cash flows as at 31
December&nbsp;2002 is as follows:
</FONT>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1"><I>CHF billion</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" align="right"><FONT size="1">&#060; 1 year</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" align="right"><FONT size="1">1-3 years</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
 <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" align="right"><FONT size="1">3-5 years</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" align="right"><FONT size="1">5-10 years</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap colspan="2" align="right"><FONT size="1">over 10 years</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Cash inflows (Assets)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">119</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">202</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">124</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">128</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Cash outflows (Liabilities)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">159</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">247</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">193</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">324</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">237</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Net cash flows</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(40</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(45</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(69</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(196</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(229</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:37%">

<P align="left"><FONT size="2">Gains and losses on derivatives
designated as cash flow hedges of
forecast transactions are
initially recorded in
Shareholders&#146; equity as &#147;Gains/losses not recognized in the
income statement&#148; and transferred
to current period earnings when
the forecast cash flows occur. As
at 31 December&nbsp;2002, the fair
value of outstanding derivatives
designated as cash flow hedges of
forecast transactions was a CHF
181&nbsp;million net unrealized loss.
Amounts reclassified from Gains/losses not recognized in the
income statement to current
period earnings due to
discontinuation of hedge
accounting were immaterial.
</FONT>

<P><FONT size="2"><B>Notional amounts and replacement values</B>
</FONT>

<DIV align="left"><FONT size="2">The following table provides the
notional amounts and the positive
and negative replacement values
of the Group&#146;s derivative
transactions.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The notional amount is a
derivative&#146;s underlying contract
amount and is the basis upon
which changes in the value of
derivatives are measured. It
provides an indication of the
underlying volume of business
transacted by the Group but does
not provide any measure of risk.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The majority of derivatives
are negotiated as to amount, tenor
and price, between the bank and
its counterparty, whether other
professionals or customers (OTC).
The rest are standardized in terms
of their amounts and settlement
dates and are bought and sold in
organized markets (exchange
traded).
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Positive replacement value
represents the cost to the Group
of replacing all transactions
with a fair value in the Group&#146;s
favour if all the relevant
counterparties of the Group were
to default at the same time, and
transactions could be replaced
instantaneously. Negative
replacement
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">value is the cost to
the Group&#146;s counterparties of
replacing all their transactions
with the Group where the fair
value is in their favor if the
Group were to default. The total
positive and negative replacement
values are included in the
balance sheet separately. For
internal credit risk
measurement the potential
evolution of the value of the
portfolio of trades with each
counterparty is also modelled
over its life (potential future
exposure), taking into account
legally enforceable close out
netting agreements where
applicable (see below).
</FONT>

<P><FONT size="2"><B>Credit mitigation</B>
</FONT>

<DIV align="left"><FONT size="2">The Group seeks, wherever
possible, to enter into master
netting agreements with OTC
derivative counterparties. Where
the Group has such an agreement
and it has a legal opinion that
it is enforceable by UBS in the
event of insolvency of the
counterparty, positive and
negative replacement values of
transactions covered by the
agreement are netted and a single
payable or receivable amount is
included in the balance sheet.
The impact of master netting
agreements as at
31 December&nbsp;2002 is to reduce
positive and negative replacement
values on OTC derivative
instruments by approximately CHF
167&nbsp;billion. The impact can
change substantially over short
periods of time, because the
exposure is affected by each
transaction subject to the
arrangement.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In line with general market
trends, the Group has also
entered into bilateral collateral
agreements with major market
participants to mitigate the
potential concentrations of
exposure arising from industry
consolidation and the continuing
increase in volumes of OTC
derivatives traded. The figures
in the tables do not, however,
reflect the risk mitigating
effects of such collateral
agreements.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">



<P align="left"><FONT size="2"><B>
 124
</B></FONT>



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<P><FONT size="2">&nbsp;<BR>
&nbsp;
</FONT>

<P><FONT size="3"><B>Note 23 Derivative Instruments (continued)</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left" colspan="2"><FONT size="1"><B>As at 31 December 2002</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="38"><FONT size="1">Term to maturity</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Total</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">notional</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="1">Within 3 months</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="1">3-12 months</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="1">1-5 years</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="1">over 5 years</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>Total</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>Total</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">amount</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left" colspan="2"><FONT size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CHF million</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">PRV<sup>1</sup></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">NRV<sup>2</sup></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">PRV</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">NRV</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">PRV</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">NRV</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">PRV</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">NRV</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>PRV</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>NRV</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">CHF bn</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="46" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><FONT size="1"><B>Interest rate contracts</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><FONT size="1">Over the counter (OTC)&nbsp;contracts</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Forward contracts</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,785</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,127</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">93</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">121</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">141</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">333</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">33</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4,052</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4,589</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,517.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Swaps</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,862</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,778</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">9,451</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8,127</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">78,413</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">76,244</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">55,377</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">51,917</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>146,103</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>140,066</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5,753.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Options</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">338</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">706</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,143</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,488</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,216</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5,484</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,905</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,464</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>9,602</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>12,142</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">663.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="46" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><FONT size="1">Exchange-traded contracts<SUP>3</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Futures</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">40.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Options</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">16</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>17</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">101.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="46" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><FONT size="1"><B>Total</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>6,989</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>8,627</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>10,687</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>9,737</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>82,770</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>82,061</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>59,315</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>56,389</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>159,761</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>156,814</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>8,074.9</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="46" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><FONT size="1"><B>Credit derivative contracts</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><FONT size="1">Over the counter (OTC)&nbsp;contracts</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Credit default swaps</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">95</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">504</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,636</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,740</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,852</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">958</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4,585</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4,209</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">164.6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Total rate of return swaps</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">15</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">21</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">194</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">782</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,308</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,726</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">162</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">35</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2,679</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2,564</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">14.5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="46" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><FONT size="1"><B>Total</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>17</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>28</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>289</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,286</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3,944</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4,466</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3,014</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>993</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>7,264</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>6,773</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>179.1</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="46" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><FONT size="1"><B>Foreign exchange contracts</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><FONT size="1">Over the counter (OTC)&nbsp;contracts</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Forward contracts</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,406</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,100</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,005</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,732</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">232</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">270</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">11</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3,654</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>5,103</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">252.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Interest and currency swaps</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">21,561</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">20,641</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8,962</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">10,292</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8,627</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8,907</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,360</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,990</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>42,510</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>43,830</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,843.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Options</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,223</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,219</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,681</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,636</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">361</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">312</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4,272</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4,167</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">500.8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="46" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><FONT size="1">Exchange-traded contracts<SUP>3</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Futures</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Options</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="46" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><FONT size="1"><B>Total</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>26,190</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>25,961</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>11,649</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>13,660</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>9,220</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>9,489</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3,378</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3,991</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>50,437</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>53,101</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2,596.0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="46" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><FONT size="1"><B>Precious metals contracts</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><FONT size="1">Over the counter (OTC)&nbsp;contracts</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Forward contracts</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">329</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">231</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">235</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">257</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">150</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">121</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>723</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>617</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">18.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Options</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">205</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">217</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">325</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">289</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">407</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">373</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">86</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">63</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,023</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>942</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">38.6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="46" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><FONT size="1">Exchange-traded contracts<SUP>3</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Futures</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Options</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>6</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="46" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><FONT size="1"><B>Total</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>534</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>449</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>560</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>547</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>557</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>498</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>95</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>71</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,746</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,565</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>56.8</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="46" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><FONT size="1"><B>Equity/Index contracts</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><FONT size="1">Over the counter (OTC)&nbsp;contracts</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Forward contracts</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5,393</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,406</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">583</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">512</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">917</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">205</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">124</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">219</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>7,017</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2,342</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">33.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Options</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8,676</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">12,441</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,515</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,496</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6,650</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7,125</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">403</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">794</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>18,244</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>23,856</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">99.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="46" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><FONT size="1">Exchange-traded contracts<SUP>3</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Futures</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7.4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Options</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">861</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">246</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">316</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">247</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">443</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">338</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,620</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>831</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7.5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="46" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><FONT size="1"><B>Total</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>14,930</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>14,093</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3,414</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4,255</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>8,010</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>7,668</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>527</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,013</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>26,881</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>27,029</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>147.4</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="46" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><FONT size="1"><B>Commodity contracts</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><FONT size="1">Over the counter (OTC)&nbsp;contracts</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Forward contracts</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,629</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,670</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">346</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">304</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2,980</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2,977</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">24.9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Options</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="46" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><FONT size="1"><B>Total</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>5</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2,629</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2,670</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>346</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>304</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2,980</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2,977</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>24.9</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="46" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><FONT size="1"><B>Total derivative instruments</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>48,665</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>49,161</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>29,228</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>32,155</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>104,847</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>104,486</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>66,329</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>62,457</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>249,069</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>248,259</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><FONT size="1">Replacement value netting</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>166,977</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>166,977</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="46" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><FONT size="1"><B>Replacement values after netting</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>82,092</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>81,282</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="46" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<DIV align="left"><FONT size="1"><SUP>1</SUP> PRV: Positive replacement value.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<SUP>2</SUP>NRV: Negative replacement value.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<SUP>3</SUP>Exchange-traded products include proprietary trades only.
</FONT></DIV>


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






<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B>
</FONT>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P><FONT size="3"><B>Note 23 Derivative Instruments (continued)</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left" colspan="2"><FONT size="1"><B>As at 31 December 2001</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="38"><FONT size="1">Term to maturity</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Total</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">notional</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="1">Within 3 months</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="1">3-12 months</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="1">1-5 years</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="1">over 5 years</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>Total</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>Total</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">amount</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left" colspan="2"><FONT size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CHF million</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">PRV<sup>1</sup></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">NRV<sup>2</sup></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">PRV</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">NRV</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">PRV</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">NRV</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">PRV</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">NRV</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>PRV</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>NRV</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">CHF bn</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="46" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><FONT size="1"><B>Interest rate contracts</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><FONT size="1">Over the counter (OTC)&nbsp;contracts</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Forward contracts</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,844</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,260</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">114</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">530</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">108</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">245</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">48</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">134</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3,114</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4,169</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,768.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Swaps</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,807</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,322</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5,724</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6,393</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">49,043</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">45,029</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">25,232</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">22,866</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>82,806</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>78,610</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,552.4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Options</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">388</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">950</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">670</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,095</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,037</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,048</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,830</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,336</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>6,925</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>10,429</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">784.9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="46" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><FONT size="1">Exchange-traded contracts<SUP>3</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Futures</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">83.6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Options</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">24</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>24</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">63.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="46" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><FONT size="1"><B>Total</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>6,042</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>8,532</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>6,508</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>9,042</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>52,188</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>49,322</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>28,110</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>26,336</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>92,848</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>93,232</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>7,252.8</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="46" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><FONT size="1"><B>Credit derivative contracts</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><FONT size="1">Over the counter (OTC)&nbsp;contracts</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Credit default swaps</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">18</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">707</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,104</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,020</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,490</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">773</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,184</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2,506</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3,796</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">75.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Total rate of return swaps</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">84</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">621</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">636</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">12</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>96</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,257</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="46" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><FONT size="1"><B>Total</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>6</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>18</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>791</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,725</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,020</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2,126</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>785</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,184</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2,602</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>5,053</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>79.3</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="46" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><FONT size="1"><B>Foreign exchange contracts</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><FONT size="1">Over the counter (OTC)&nbsp;contracts</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Forward contracts</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,615</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,163</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,639</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,899</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">755</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">428</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">20</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>6,029</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>5,490</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">279.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Interest and currency swaps</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">19,344</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">11,224</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8,991</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7,763</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7,463</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7,673</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,465</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,312</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>39,263</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>28,972</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,699.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Options</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,138</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,942</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,148</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,888</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">445</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">433</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">23</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4,754</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4,264</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,033.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="46" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><FONT size="1">Exchange-traded contracts<SUP>3</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Futures</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Options</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="46" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><FONT size="1"><B>Total</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>25,097</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>16,329</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>12,779</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>11,552</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>8,663</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>8,534</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3,508</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2,313</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>50,047</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>38,728</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3,013.5</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="46" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><FONT size="1"><B>Precious metals contracts</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><FONT size="1">Over the counter (OTC)&nbsp;contracts</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Forward contracts</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">242</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">223</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">210</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">198</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">195</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">179</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>653</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>600</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">17.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Options</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">177</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">164</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">535</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">507</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">740</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">805</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">90</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">81</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,542</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,557</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">54.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="46" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><FONT size="1">Exchange-traded contracts<SUP>3</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Futures</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Options</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="46" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><FONT size="1"><B>Total</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>419</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>389</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>748</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>706</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>935</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>984</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>96</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>81</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2,198</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2,160</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>72.0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="46" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><FONT size="1"><B>Equity/Index contracts</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><FONT size="1">Over the counter (OTC)&nbsp;contracts</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Forward contracts</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,402</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,422</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">445</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,713</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,461</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,464</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">111</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">85</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3,419</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4,684</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">35.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Options</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6,140</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6,222</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,294</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5,105</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,076</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6,991</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,087</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,844</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>15,597</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>21,162</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">238.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="46" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><FONT size="1">Exchange-traded contracts<SUP>3</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Futures</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">12.4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Options</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,497</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,080</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,187</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,431</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">601</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">463</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">21</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">14</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3,306</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2,988</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">440.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="46" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><FONT size="1"><B>Total</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>9,039</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>8,724</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>5,926</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>8,249</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>6,138</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>8,918</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,219</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2,943</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>22,322</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>28,834</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>726.0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="46" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><FONT size="1"><B>Commodity contracts</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><FONT size="1">Over the counter (OTC)&nbsp;contracts</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Forward contracts</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">14</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>9</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>15</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6.4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Options</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="46" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><FONT size="1"><B>Total</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>8</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>14</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>9</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>15</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>6.4</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="46" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><FONT size="1"><B>Total derivative instruments</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>40,611</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>34,006</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>26,753</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31,275</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>68,944</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>69,884</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>33,718</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>32,857</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>170,026</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>168,022</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><FONT size="1">Replacement value netting</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>96,579</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>96,579</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="46" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><FONT size="1"><B>Replacement values after netting</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>73,447</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>71,443</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="46" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<DIV align="left"><FONT size="1"><SUP>1</SUP>PRV: Positive replacement value.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<SUP>2</SUP>NRV: Negative replacement value.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<SUP>3</SUP>Exchange-traded products include proprietary trades only.
</FONT></DIV>


<P align="left"><FONT size="2"><B>
 126
</B></FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<!-- link1 "Off-Balance Sheet Information" -->
<DIV align="left"><A NAME="076"></A></DIV>
<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="5" color="#7F7F7F">Off-Balance Sheet Information
</FONT></TD>
    </TR>
</TABLE>


<P><DIV style="float: left; width:24%">

</DIV><DIV style="float: right; width: 74%">

<!-- link2 "Note 24 Fiduciary Transactions" -->
<DIV align="left"><A NAME="077"></A></DIV>
<P><FONT size="3"><B>Note 24 Fiduciary Transactions</B>
</FONT>

<P align="left"><FONT size="2">Fiduciary placement represents funds which customers have instructed
the Group to place in foreign banks. The Group is not liable to the
customer for any default by the foreign bank nor do creditors of the
Group have a claim on the assets placed.
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="82%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1"><I>CHF million</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Placements with third parties</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>43,440</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">58,466</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Fiduciary credits and other fiduciary financial transactions</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>774</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,136</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Total fiduciary transactions</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>44,214</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">59,602</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<P align="left"><FONT size="2">The Group also acts in its own name as trustee or in fiduciary
capacities for the account of third parties. The assets managed in
such capacities are not reported on the balance sheet unless they are
invested with UBS. UBS earns commission and fee income from such
transactions and assets. These activities potentially expose UBS to
liability risks in cases of gross negligence with regard to
non-compliance of its fiduciary and contractual duties. The risks
associated with this business are covered by the standard UBS risk
framework.
</FONT>

<!-- link2 "Note 25 Commitments and Contingent Liabilities" -->
<DIV align="left"><A NAME="078"></A></DIV>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P><FONT size="3"><B><BR>
Note 25 Commitments and Contingent Liabilities</B>
</FONT>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">The Group utilizes various
lending-related financial
instruments in order to meet the
financial needs of its customers.
The Group issues commitments to
extend credit, standby and other
letters of credit, guarantees,
commitments to enter into
repurchase agreements, note
issuance facilities and revolving
underwriting facilities.
Guarantees represent irrevocable
assurances, subject to the
satisfaction of certain
conditions, that the Group will
make payment in the event that
the customer fails to fulfill its
obligation to third parties. The
Group also enters into
commitments to extend credit in
the form of credit lines which
are available to secure the
liquidity needs of our customers,
but not yet drawn upon by them,
the majority of which range in
maturity from 1&nbsp;month to 5&nbsp;years.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The contractual amount of
these instruments is the maximum
amount at risk for the Group if
the customer fails to meet its
obligations. The risk is similar
to the risk involved in extending
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<DIV align="left"><FONT size="2">loan facilities and is monitored
with the same risk control
processes and specific credit
risk policies. For the years
ended 31 December&nbsp;2002, 2001 and
2000 the Group recognized expense
in the income statement related
to obligations incurred for
contingencies and commitments of
CHF 13&nbsp;million, CHF 25&nbsp;million
and CHF 1&nbsp;million, respectively.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Group generally enters
into sub-participations to
mitigate the risks from the
Group&#146;s commitments and
contingencies. A
sub-participation is an agreement
with another party to fund a
portion of the credit facility
and to take a share of the loss
in the event that the borrower
fails to fulfill its
obligations. The Group retains
the contractual relationship with
the borrower and the
sub-participant has only an
indirect relationship with the
borrower. The Group will only
enter into sub-participation
agreements with banks whose
rating is at least equal to or
higher than that of the borrower.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">


<P align="right"><FONT size="2"><B>
 127
</B></FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<P><DIV style="float: left; width:24%">

</DIV><DIV style="float: right; width: 74%">

<P><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B><BR>
&nbsp;
</FONT>

<P><FONT size="3"><B><BR>
Note 25 Commitments and Contingent Liabilities (continued)</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2"><FONT color="#0865AB"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">31.12.01</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2"><B>Contingent liabilities</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Credit guarantees and similar instruments<SUP>1</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>11,522</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">18,566</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Sub-participations</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(650</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(4,944</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2"><B>Total</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>10,872</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">13,622</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">Performance guarantees and similar instruments<SUP>2</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3,216</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">4,865</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Sub-participations</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(348</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(4</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2"><B>Total</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2,868</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">4,861</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">Irrevocable commitments under documentary credits</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,856</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2,056</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Sub-participations</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(259</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2"><B>Total</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,597</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2,056</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2"><B>Gross contingent liabilities</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>16,594</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">25,487</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Sub-participations</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(1,257</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(4,948</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2"><B>Net contingent liabilities</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>15,337</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">20,539</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2"><B>Irrevocable commitments</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Undrawn irrevocable credit facilities</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>39,306</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">50,608</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Sub-participations</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(446</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(532</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2"><B>Total</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>38,860</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">50,076</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">Liabilities for calls on shares and other equities</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>21</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">98</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2"><B>Gross irrevocable commitments</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>39,327</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">50,706</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Sub-participations</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(446</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(532</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2"><B>Net irrevocable commitments</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>38,881</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">50,174</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2"><B>Gross commitments and contingent liabilities</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>55,921</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">76,193</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Sub-participations</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(1,703</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(5,480</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2"><B>Net commitments and contingent liabilities</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>54,218</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">70,713</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<DIV align="left"><FONT size="1"><SUP>1</SUP>Credit guarantees in the form of bills of exchange and other
guarantees, including guarantees in the form of irrevocable letters of
credit, endorsement liabilities from bills rediscounted, advance
payment guarantees and similar facilities.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<SUP>2</SUP>Bid bonds, performance
bonds, builders&#146; guarantees, letters of indemnity, other performance
guarantees in the form of irrevocable letters of credit and similar
facilities.
</FONT></DIV>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">Mortgage</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">Other</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">collateral</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">collateral</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">Unsecured</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2"><FONT color="#0865AB"><B>Total</B></FONT></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2"><B>Overview of collateral</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Gross contingent liabilities</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">275</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">8,254</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">8,065</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>16,594</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Gross irrevocable commitments</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,084</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">14,956</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">23,266</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>39,306</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Liabilities for calls on shares and other equities</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">21</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>21</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2"><B>Total 31.12.2002</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,359</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>23,210</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31,352</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>55,921</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">Total 31.12.2001</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,711</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">25,625</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">48,857</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">76,193</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P><FONT size="2"><B>Other commitments</B>
</FONT>

<DIV align="left"><FONT size="2">The Group enters into commitments
to fund external private equity
funds and investments, which
typically expire within five
years. The commitments themselves
do not involve credit or market
risk as the funds purchase
investments at mar-
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<DIV align="left"><FONT size="2">&nbsp;<BR>
ket value at
the time the commitments are
drawn. The maximum amount
available to fund these
investments at 31 December&nbsp;2002
and 31 December&nbsp;2001 was CHF
2,245&nbsp;million and CHF 3,548
million, respectively.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">


<P align="left"><FONT size="2"><B>
 128
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<!-- link2 "Note 26 Operating Lease Commitments" -->
<DIV align="left"><A NAME="079"></A></DIV>
<P><FONT size="3"><B>Note 26 Operating Lease Commitments</B>
</FONT>

<P align="left"><FONT size="2">At 31 December&nbsp;2002, UBS was obligated under a number of
non-cancellable operating leases for premises and equipment used
primarily for banking purposes. The significant premises leases
usually include renewal options and escalation clauses in line with
general office rental market conditions as
well as rent adjustments based on price indices. However, the lease
agreements do not contain contingent rent payment clauses and purchase
options. The leases also do not impose any restrictions on UBS&#146;s
ability to pay dividends, engage in debt financing transactions or
enter into further lease agreements.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our minimum commitments for non-cancellable leases of premises
and equipment are presented as follows:
</FONT></DIV>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="92%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1"><I>CHF million</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="5" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Operating leases due</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,038</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2004</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>913</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2005</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>777</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2006</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>663</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2007</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>623</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2008 and thereafter</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>5,082</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="5" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Total commitments for minimum payments under operating leases</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>9,096</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="5" align="left"><FONT size="1"><B><HR size="4" color="#000000" noshade></B></FONT></TD>
</TR>
 </TABLE>
</DIV>

<P align="left"><FONT size="2">Operating expenses include CHF 1,193&nbsp;million, CHF 1,092&nbsp;million and
CHF 816&nbsp;million in respect of operating lease rentals for the year
ended 31 December&nbsp;2002, 31 December&nbsp;2001 and 31 December&nbsp;2000,
respectively.
</FONT>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">


<P align="right"><FONT size="2"><B>
 129
</B></FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B>
</FONT>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<!-- link1 "Additional Information" -->
<DIV align="left"><A NAME="080"></A></DIV>
<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="5" color="#7F7F7F">Additional Information
</FONT></TD>
    </TR>
</TABLE>


<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<!-- link2 "Note 27 Pledged Assets" -->
<DIV align="left"><A NAME="081"></A></DIV>
<P><FONT size="3"><B>Note 27 Pledged Assets</B>
</FONT>

<P align="left"><FONT size="2">Assets are pledged as collateral for collateralized credit lines with
central banks, loans from central mortgage institutions, deposit
guarantees for savings banks, security deposits relating to stock
exchange membership and mortgages on the Group&#146;s property. The
following table shows additional information about assets pledged or
assigned as security for liabilities and assets subject to reservation
of title for the years ended 31 December&nbsp;2002 and 31 December&nbsp;2001.
The securities presented in the table below include securities pledged
in respect of securities lending and repurchase agreements.
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>Carrying</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>Related</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Carrying</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Related</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>amount</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>liability</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">amount</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">liability</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1"><I>CHF million</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Mortgage loans</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>808</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>506</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,311</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">873</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Securities</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>50,945</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>37,038</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">204,623</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">163,134</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Property and equipment</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>129</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>33</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">160</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">89</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Other</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Total pledged assets</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>51,884</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>37,577</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">206,096</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">164,096</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<!-- link2 "Note 28 Litigation" -->
<DIV align="left"><A NAME="082"></A></DIV>
<P><FONT size="3"><B>Note 28 Litigation</B>
</FONT>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">Due to the nature of their
business, the bank and other
companies within the UBS Group
are involved in various claims,
disputes and legal proceedings,
arising in the ordinary course of
business. The Group makes
provisions for such matters when,
in the opinion of management and
its professional advisors, it is
probable that a payment will be
made by the Group, and the amount
can be reasonably estimated (see
Note 20).
</FONT>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In respect of the further
claims asserted against the Group
of which management is aware (and
which, according to the
principles outlined above, have
not been provided for), it is the
opinion of the management that
such claims are either without
merit, can be successfully
defended or will not have a
material adverse effect on the
Group&#146;s financial condition,
results of operations or
liquidity.
</FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<!-- link2 "Note 29 Financial Instruments Risk Position" -->
<DIV align="left"><A NAME="083"></A></DIV>
<P><FONT size="3"><B>Note 29 Financial Instruments Risk Position</B>
</FONT>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">This section presents information
about the Group&#146;s exposure to and
its management and control of
risks, in particular the primary
risks associated with its use of
financial instruments:
</FONT>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">market
risk is exposure to observable
market variables such as interest
rates, exchange rates and equity
markets
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">credit risk is the risk
of loss resulting from client or
counterparty default and arises
on
</FONT></TD>
</TR>
</TABLE>
</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;&nbsp;</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">credit exposure in all forms,
including settlement risk
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">liquidity and funding risk is the
risk that the Group is unable to
fund assets or meet obligations
at a reasonable price or, in
extreme situations, at any price.
</FONT></TD>
</TR>
</TABLE>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This section also presents
and explains the Group&#146;s
regulatory capital position.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">


<P align="left"><FONT size="2"><B>
 130
</B></FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P><FONT size="3"><B>Note 29 Financial Instruments Risk Position (continued)</B>
</FONT>

<!-- link3 "a) Market Risk" -->
<DIV align="left"><A NAME="084"></A></DIV>
<P><FONT size="3"><B>a) Market Risk</B>
</FONT>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<!-- link4 "(a)(i) Overview" -->
<DIV align="left"><A NAME="085"></A></DIV>
<P><FONT size="2"><B>(a)(i) Overview</B>
</FONT>

<DIV align="left"><FONT size="2">Market risk is the risk of loss
arising from movements in
observable market variables such
as interest rates, exchange rates
and equity markets. In addition
to these and other general market
risk factors, the risk of price
movements specific to an
individual issuer of securities
is considered market risk.
</FONT></DIV>

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

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Group Treasury assumes
non-trading risk positions that
arise from its balance sheet
management activities.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Further market risks arise,
but to a much lesser extent, in
other businesses primarily from
the facilitation of customer
business.
</FONT></DIV>

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

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The principal risk measures
and controls on market risk are
Value at Risk (VaR) and stress
loss. VaR expresses the potential
loss on the current portfolio
assuming a specified time horizon
before positions can be adjusted
(holding period), and measured to
a specified level of confidence,
based on historical market
movements. Stress loss is
assessed against a set of
forward-looking scenarios,
approved by the Board of
Directors, using stress moves in
market variables. Complementary
controls are also applied where
appropriate, to prevent undue
concentrations, including limits
on exposure to individual market
risk variables, such as
individual interest or
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">exchange
rates, and limits on positions in
the securities of individual
issuers. These controls are set
at levels which reflect
variations in price volatility
and market depth and liquidity.
</FONT>

<!-- link4 "(a)(ii) Interest Rate Risk" -->
<DIV align="left"><A NAME="086"></A></DIV>
<P><FONT size="2"><B>(a)(ii) Interest Rate Risk</B>
</FONT>

<DIV align="left"><FONT size="2">Interest rate risk is the risk of
loss resulting from changes in
interest rates. It is controlled
primarily through the limit
structure described in (a)(i)
above. Exposure to interest rate
movements can be expressed for
all interest rate sensitive
positions, whether marked to
market or subject to accrual
accounting, as the impact on
their fair values of a one basis
point (0.01%) change in interest
rates. This sensitivity, analyzed
by time band, is set out
below. Interest rate sensitivity
is one of the inputs to the VaR
model.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It should be noted that, in
management&#146;s view, any
representation of interest rate
risk at a specific date offers
only a snapshot of the risks
taken by the Group, since both
trading and non-trading positions
can vary significantly on a daily
basis, because they are actively
managed. As such, it may not be
representative of the level of
risk at other times, either in
general or in specific currencies
or tenors. Furthermore, the
presence in the portfolio of
option products means that only
limited inferences can be drawn
about exposure to larger
movements in interest rates.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The table sets out the
extent to which the Group was
exposed to interest rate risk at
31 December&nbsp;2001 and 2002. It
shows the net impact of a one
basis point (0.01%) increase in
market interest rates across all
time bands on the fair values of
interest rate sensitive
positions, including balance
sheet assets and liabilities and
derivatives. The impact of such
an increase in interest rates
depends on the net asset or net
liability position of the Group
in each category, currency and
time band in the table. A
negative amount in the table
reflects a potential reduction in
fair value as a result of an
increase in interest rates, while
a positive amount reflects a
potential increase in fair value.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">


<P align="right"><FONT size="2"><B>
 131
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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</DIV><DIV style="float: right; width: 74%">

<P><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B><BR>
&nbsp;<BR>
&nbsp;
</FONT>

<P><FONT size="3"><B>Note 29 Financial Instruments Risk Position (continued)</B>
</FONT>

<P><FONT size="3"><B>a) Market Risk (continued)</B><BR>
&nbsp;</font><BR>
<FONT size="2"><B>Interest rate sensitivity position</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="18"><FONT size="1">Interest rate sensitivity by time bands at 31.12.2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left" colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="18"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left" colspan="5"><FONT size="1"><I>CHF thousand</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Within 1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">1 to 3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">3 to 12</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">1 to 5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Over 5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left" colspan="5"><FONT size="1"><I>per basis point increase</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">month</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">months</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">months</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">years</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">years</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>Total</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="29" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="center"><FONT size="1">CHF</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Trading</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(10</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">211</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(287</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(47</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(18</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(151</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD valign="top" align="right"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD valign="top"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Non-trading</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(42</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(153</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(365</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(6,504</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(5,119</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(12,183</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
</TR>
<TR>
    <TD colspan="29" nowrap align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" nowrap valign="top" align="center"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Trading</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(93</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(256</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(1,021</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(2,668</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,445</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(1,593</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD valign="top" align="right"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD valign="top"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap><FONT size="1">Non-trading</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">26</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(82</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(72</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(927</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(230</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(1,285</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
</TR>
<TR>
    <TD colspan="29" nowrap align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" nowrap valign="top" align="center"><FONT size="1">EUR</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Trading</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">114</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">33</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">12</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(1,387</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">728</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(500</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD valign="top" align="right"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD valign="top"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Non-trading</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(1</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">10</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(2</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(86</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(193</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(272</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
</TR>
<TR>
    <TD colspan="29" nowrap align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" nowrap valign="top" align="center"><FONT size="1">GBP</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Trading</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(78</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">200</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(227</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(453</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(269</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(827</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD valign="top" align="right"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD valign="top"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Non-trading</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(1</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(6</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(39</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">92</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">587</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>633</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="29" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="center"><FONT size="1">JPY</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Trading</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">21</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">12</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(502</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(249</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(204</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(922</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD valign="top" align="right"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD valign="top"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Non-trading</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">18</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(24</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(5</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
</TR>
<TR>
    <TD colspan="29" nowrap align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" nowrap valign="top" align="center"><FONT size="1">Others</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Trading</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(46</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(61</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">500</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(54</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(286</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>53</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD valign="top" align="right"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD valign="top"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Non-trading</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(4</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>



    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(1</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(3</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(8</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
</TR>
<TR>
    <TD colspan="29" nowrap align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="18"><FONT size="1">Interest rate sensitivity by time bands at 31.12.2001</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left" colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="18"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left" colspan="5"><FONT size="1"><I>CHF thousand</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Within 1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">1 to 3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">3 to 12</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">1 to 5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Over 5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left" colspan="5"><FONT size="1"><I>per basis point increase</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">month</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">months</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">months</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">years</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">years</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>Total</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="29" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="center"><FONT size="1">CHF</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Trading</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">22</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(121</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(35</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(297</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(314</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(745</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD valign="top" align="right"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD valign="top"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap><FONT size="1">Non-trading</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(24</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(366</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(7,656</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(6,030</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(14,073</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
</TR>
<TR>
    <TD colspan="29" nowrap align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" nowrap valign="top" align="center"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Trading</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(299</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">35</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">96</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(960</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(2,115</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(3,243</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD valign="top" align="right"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD valign="top"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Non-trading</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">35</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(113</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(157</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(274</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(15</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(524</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
</TR>
<TR>
    <TD colspan="29" nowrap align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" nowrap valign="top" align="center"><FONT size="1">EUR</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Trading</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(129</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">73</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(269</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(308</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(806</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(1,439</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD valign="top" align="right"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD valign="top"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Non-trading</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(2</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(6</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(38</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">182</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>136</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="29" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="center"><FONT size="1">GBP</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Trading</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(89</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">27</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(520</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">65</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">172</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(345</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD valign="top" align="right"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD valign="top"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Non-trading</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(7</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(57</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">175</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">624</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>735</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="29" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="center"><FONT size="1">JPY</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Trading</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">175</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">695</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(98</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(1,386</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">246</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(368</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD valign="top" align="right"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD valign="top"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Non-trading</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(3</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(4</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(5</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
</TR>
<TR>
    <TD colspan="29" nowrap align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" nowrap valign="top" align="center"><FONT size="1">Others</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Trading</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(51</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">167</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">126</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(404</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">369</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>207</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD valign="top" align="right"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD valign="top"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Non-trading</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(1</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(1</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(4</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(6</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
</TR>
<TR>
    <TD colspan="29" nowrap align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<DIV align="left"><FONT size="2">Positions shown as &#147;trading&#148; are
those which contribute to market
risk regulatory capital, i. e.
those considered &#147;trading book&#148;
for regulatory capital purposes
(see section d). &#147;Non-trading&#148;
includes all other interest rate
sensitive assets and liabilities
including derivatives designated
as hedges for accounting purposes
(as explained in Note 23). This
distinction differs somewhat from
the accounting classification of
trading and non-trading assets
and liabilities.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Details of money market
paper and debt instruments
defined as trading portfolio for accounting purposes are included
in Note 11 and of debt
instruments defined as financial
invest-
</FONT></DIV>
</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<DIV align="left"><FONT size="2">ments for accounting
purposes in Note 12. Both
contribute to the interest rate
sensitivity shown in the table.
Details of derivatives are shown
in Note 23 but it should be noted
that interest rate risk arises
not only on interest rate
contracts but also on other
forwards, swaps and options, and,
in particular, on forward foreign
exchange contracts.
</FONT></DIV>

<P><FONT size="2"><B>Trading</B>
</FONT>

<DIV align="left"><FONT size="2">The major part of this risk
arises in UBS Warburg&#146;s fixed
income securities, currency
forwards and other derivatives,
and money market trading
activities.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">


<P align="left"><FONT size="2"><B>
 132
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P><FONT size="3"><B>Note 29 Financial Instruments Risk Position (continued)</B>
</FONT>

<P><FONT size="3"><B>a) Market Risk (continued)</B><BR>
&nbsp;
</FONT>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<DIV style="float: left; padding: 0px 5% 0px 5%; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P><FONT size="2"><B>Non-trading</B>
</FONT>

<DIV align="left"><FONT size="2">Interest rate risk is inherent in
many of UBS&#146;s businesses and
arises from factors such as
differences in timing between
contractual maturity or
re-pricing of assets, liabilities
and derivative instruments, and
the difference in re-pricing
characteristics of floating rate
indices, such as the savings rate
and six-month LIBOR.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Most non-trading interest
rate risk is captured at the point
of business origination and
transferred to a risk management
unit &#151; primarily the Cash and
Collateral Trading unit of UBS
Warburg or Group Treasury &#151; where
it is managed within the market
risk limits described in (a)(i).
The margin risks embedded in
retail products remain and are
subject to additional analysis and
control within the originating
business units.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Many client products have no
contractual maturity date or
directly market-linked rate.
Their interest rate risk is
transferred on a pooled basis
through &#147;replication&#148; portfolios
&#151; portfolios of revolving
transactions between the
originating business unit and
Group Treasury at market rates
designed to approximate their
average cash flow and re-pricing
behavior. The structure and
parameters of the replication
portfolios are set in
accordance with long-term
observations of market and client
behavior, and are reviewed
periodically. The current
extraordinarily low interest rate
environment, especially in Swiss
franc rates, led, at the end of
2002, to some temporary
adjustment of the replication
portfolios for variable rate
liabilities.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate risk also
arises from balance sheet items
such as the financing of the
Group&#146;s real estate and equity
investments in associated
companies and, in particular, the
investment of the Group&#146;s equity.
These items are also transferred
to Group Treasury, through
replicating portfolios designed
to approximate the investment or
funding profile mandated by the
Group Executive Board.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The investment of the
Group&#146;s equity accounts for CHF
14.2&nbsp;million of the non-trading
interest rate sensitivity, with
CHF 11.9&nbsp;million arising in CHF
and the remainder mainly in USD
and a smaller amount in EUR. At
31
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<DIV align="left"><FONT size="2">December&nbsp;2002, the Group&#146;s equity
was invested in a portfolio of
fixed-rate assets with an average
duration of three and a half
years, in line with the strategic
investment targets set by the
Group Executive Board. The
interest rate sensitivity of
these investments is directly
related to the chosen investment
duration and it should be
recognized that, although
investing in significantly
shorter maturities would lead to
a reduction in apparent interest
rate sensitivity, it would lead
to higher volatility in the
Group&#146;s interest earnings.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the currencies EUR and
GBP the additional interest rate
sensitivity arises mainly from
subordinated note issues which
are intentionally unhedged as
they are regarded as part of the
Group&#146;s equity for asset and
liability management purposes.
The additional interest rate
sensitivity in USD results
predominantly from the write-down
of USD intangibles.
</FONT></DIV>

<!-- link4 "(a)(iii) Currency Risk" -->
<DIV align="left"><A NAME="087"></A></DIV>
<P><FONT size="2"><B>(a)(iii) Currency Risk</B>
</FONT>

<DIV align="left"><FONT size="2">Currency risk is the risk of loss
resulting from changes in
exchange rates.
</FONT></DIV>

<P><FONT size="2"><B>Trading</B>
</FONT>

<DIV align="left"><FONT size="2">UBS is an active participant in
currency markets and carries
currency risk from these trading
activities, conducted primarily in
UBS Warburg. These trading
exposures are subject to VaR,
stress and concentration limits as
described in (a)(i). Details of
foreign exchange contracts, most
of which arise from trading
activities and contribute to
currency risk, are shown in Note
23.
</FONT></DIV>

<P><FONT size="2"><B>Non-trading</B>
</FONT>

<DIV align="left"><FONT size="2">The Group&#146;s reporting currency is
the Swiss franc but its assets,
liabilities, income and expense
are denominated in many
currencies, with significant
amounts in USD, EUR and GBP, as
well as CHF.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reported profits or losses
are exchanged monthly into CHF,
reducing volatility in the
Group&#146;s earnings from changes in
exchange rates. Group Treasury
proactively hedges significant
expected foreign currency
earnings/costs (mainly USD, EUR
and GBP) within a time horizon of
one year, in accordance with the
instructions of the
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">


<P align="right"><FONT size="2"><B>
 133
</B></FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B><BR>
&nbsp;<BR>
&nbsp;
</FONT>

<P><FONT size="3"><B>Note 29 Financial Instruments Risk Position (continued)</B>
</FONT>

<P><FONT size="3"><B>a) Market Risk (continued)</B>
</FONT>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">Group Executive Board and subject
to its VaR limit. Economic
hedging strategies employed
include a cost-efficient option
strategy, providing a safety net
against unfavorable currency
fluctuations while preserving
upside potential.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From late 2002 the Group has
begun to diversify the investment
of its equity into CHF, USD and
EUR in proportion to the
currencies of its
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<DIV align="left"><FONT size="2">risk-weighted
assets in order to protect its
Tier 1 capital ratio against
adverse exchange rate movements
against CHF. Other foreign
currency assets and liabilities
of the business units are
required to be match-funded/invested in the relevant currency
or otherwise hedged to avoid
currency risk.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The table below shows the
major currency breakdown of the
Group&#146;s balance sheet.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><FONT size="2"><B>Breakdown of assets and liabilities by currencies</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="14"><FONT size="1"><FONT color="#0865AB"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="14"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="14"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="14"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1"><I>CHF billion</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>CHF</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>USD</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>EUR</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>Other</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">CHF</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">EUR</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Other</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="33" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Assets</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Cash and balances with central banks</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2.4</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0.1</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0.6</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1.2</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">17.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Due from banks</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>5.2</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>11.4</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>7.4</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>8.5</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8.6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Cash collateral on securities borrowed</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0.1</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>126.7</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2.7</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>9.5</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">156.4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2.5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Reverse repurchase agreements</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1.9</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>164.6</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>61.0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>66.5</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">142.9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">40.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">81.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Trading portfolio assets</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>6.1</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>247.6</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>51.7</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>66.0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">9.6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">265.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">47.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">75.9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Positive replacement values</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>10.4</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>8.1</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0.8</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>62.8</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">30.6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">11.4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">30.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Loans</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>147.8</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>39.5</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>11.5</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>12.8</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">151.4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">43.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">11.9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">20.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Financial investments</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1.1</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>5.0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1.5</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0.8</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2.9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7.4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">17.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Accrued income and prepaid expenses</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0.5</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4.0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0.3</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1.7</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Investments in associates</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0.7</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0.0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0.0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0.0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Property and equipment</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>5.6</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1.3</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0.1</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0.9</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Goodwill and other intangible assets</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0.7</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>12.7</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0.0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0.3</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">18.5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Other assets</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1.4</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>5.0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1.0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1.6</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5.6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="33" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Total assets</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>183.9</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>626.0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>138.6</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>232.6</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>217.7</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>665.8</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>112.0</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>257.8</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="33" align="left"><FONT size="1"><B><HR size="4" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Liabilities</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Due to banks</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>7.6</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>48.0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>13.8</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>13.8</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">68.6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">12.9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">17.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Cash collateral on securities lent</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0.0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>21.6</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>5.2</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>10.1</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">24.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2.8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Repurchase agreements</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>17.8</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>260.8</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>51.9</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>36.4</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">12.8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">271.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">30.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">54.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Trading portfolio liabilities</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3.7</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>68.6</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>11.3</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>22.9</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2.8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">65.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">12.5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">25.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Negative replacement values</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>10.1</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>7.1</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0.7</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>63.5</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">25.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6.5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">37.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Due to customers</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>123.5</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>111.5</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>43.6</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>28.2</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">123.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">138.8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">41.5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">30.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Accrued expenses and deferred income</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1.9</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>8.1</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0.9</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4.3</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2.4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">10.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Debt issued</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>11.4</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>96.1</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>14.3</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>7.6</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">15.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">120.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8.8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">11.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Other liabilities</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>5.4</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4.1</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0.9</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1.9</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Minority interests</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0.0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3.4</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0.0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0.1</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Shareholders&#146; equity</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>39.0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0.0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0.0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0.0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">43.5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="33" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Total liabilities, minority interests<BR>
and shareholders&#146; equity</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>220.4</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>629.3</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>142.6</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>188.8</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>241.5</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>714.5</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>113.0</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>184.3</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="33" align="left"><FONT size="1"><B><HR size="4" color="#000000" noshade></B></FONT></TD>
</TR>
 </TABLE>
</DIV>


<P align="left"><FONT size="2"><B>
 134
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P><FONT size="3"><B>Note 29 Financial Instruments Risk Position (continued)</B>
</FONT>

<P><FONT size="3"><B>a) Market Risk (continued)</B>
</FONT>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<!-- link4 "(a)(iv) Equity Risk" -->
<DIV align="left"><A NAME="088"></A></DIV>
<P align="left"><FONT size="2"><B>(a)(iv) Equity Risk</B>
</FONT>

<DIV align="left"><FONT size="2">Equity risk is the risk of loss
resulting from changes in the
levels of equity indices and
values of individual stocks.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS Warburg is a significant
player in major equity markets
and carries equity risk from
these activities. These exposures
are subject to VaR, stress and
concentration limits as described
in (a)(i) and, in the case of
individual stocks, to issuer risk
controls as described in (a)(v).
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Details of equity
derivatives contracts (on indices
and individual equities), which
arise primarily from these
activities, are shown in Note 23.
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<!-- link4 "(a)(v) Issuer Risk" -->
<DIV align="left"><A NAME="089"></A></DIV>
<P align="left"><FONT size="2"><B>(a)(v) Issuer Risk</B>
</FONT>
<DIV align="left"><FONT size="2">The values of tradable assets &#151;
equities, bonds and other traded
debt instruments &#151; are affected
by factors specific to individual
issuers as well as general market
moves. This can include short
term factors influencing price
but also more fundamental causes
including severe financial
deterioration.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As an active trader and
market maker in equities and
bonds, UBS Warburg holds
positions in tradable assets,
which are not only included in
VaR, but are also subject to
concentration limits on
individual issuers, including
positions arising from
derivatives as well as physical
holdings.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<!-- link3 "b) Credit Risk" -->
<DIV align="left"><A NAME="090"></A></DIV>
<P><FONT size="3"><B>b) Credit Risk</B>
</FONT>

<P align="left"><FONT size="2">Credit risk represents the loss
which UBS would suffer if a client
or counterparty failed to meet its
contractual obligations. It is
inherent in traditional banking
products &#151; loans, commitments to
lend and other contingent
liabilities, such as letters of
credit &#151; and in foreign exchange
and derivatives contracts, such as
swaps and options (&#147;traded
products&#148;).
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To ensure a consistent and
unified approach, with
appropriate checks and balances,
all Business Groups where
material credit risk is taken
have independent credit risk
control (CRC)&nbsp;functions within
which credit approval authority
is exercised by authorized credit
officers. CRC has authority over
counterparty rating, credit risk
assessment and approval, and the
establishment of allowances and
provisions.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Group restricts its
credit exposure to both individual
counterparties and counterparty
groups by credit limits. The size
of limit depends on the assessment
of their financial strength,
particularly the sustainable free
cash flow to service obligations,
and on the economic environment,
industry position, and qualitative
factors such as management
strength. Exposure against limits
is measured on a continuous basis
and is subject to standard
exception reporting.
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">&nbsp;<BR>&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exposure

against limits for
banking products is measured at
face value. For loans, this is
shown on the balance sheet and
detailed in Note 9a), and
for commitments detailed in
Note 25. Both are included in the
table below.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For all traded products,
credit exposure is measured for
internal risk control purposes
based on not only the current
replacement value of contracts
but also potential future changes
in replacement value, and credit
limits are applied on this basis.
The replacement values of
derivatives are included in the
balance sheet and in the table
below. For further information
about derivatives see Note 23.
Securities borrowing and lending
transactions are represented on
the balance sheet by the values
of cash collateral placed with or
received from counterparties
while repo/reverse repo
transactions are represented by
the amounts of the forward
commitments &#151; for details see Note
10. The credit exposure is
generally only a small percentage
of the balance sheet amounts. The
amounts shown in the table below
represent the mark to market
values of these transactions,
i.e. the difference in value
between the cash or securities
lent or given as collateral by
UBS and the value of cash or
securities borrowed or taken as
collateral by UBS.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">


<P align="right"><FONT size="2"><B>
 135
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B><BR>
&nbsp;<BR>
&nbsp;<BR>
&nbsp;
</FONT>

<P><FONT size="3"><B>Note 29 Financial Instruments Risk Position (continued)</B>
</FONT>

<P><FONT size="3"><B>b) Credit Risk (continued)</B><BR>
&nbsp;<BR>
</FONT>
<FONT size="2"><B>Breakdown of credit exposure</B><BR>
&nbsp;<BR>
Amounts for each product type are shown gross before allowances and provisions.
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="82%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1"><I>CHF million</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Banking products</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Loans and due from banks<SUP>1</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>249,370</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">261,984</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Contingent liabilities (gross &#151; before participations)<SUP>2</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>16,594</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">25,487</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Undrawn irrevocable commitments (gross &#151; before participations)<SUP>2</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>39,306</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">50,608</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Traded products</B><SUP><B>3</B></SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Derivatives positive replacement values (before collateral but after netting)<SUP>4</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>82,092</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">73,447</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Securities borrowing and lending, repos and reverse repos<SUP>5, 6</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>20,120</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">14,074</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Allowances and provisions</B><SUP><B>7</B></SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(5,621</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(8,218</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="9" align="left"><FONT size="1"><B><HR size="4" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Total credit exposure net of allowances and provisions</B><SUP><B>8</B></SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>401,861</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">417,382</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><FONT size="1"><B><HR size="4" color="#000000" noshade></B></FONT></TD>
</TR>
 </TABLE>
</DIV>

<DIV align="left"><FONT size="1"><SUP>1</SUP> See Note 9a &#151; Due from Banks and Loans and the section about the
Information Required by Industry Guide 3 in the Additional Disclosures
Required under SEC Regulations for further information.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<SUP>2</SUP>See Note 25
&#151; Commitments and Contingent Liabilities for further information.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<SUP>3</SUP>Does not include future potential credit exposure arising from changes
in value of products with variable value, i.e. traded products.
Potential future credit exposure is however included in internal
measures of credit exposure for risk management and control
purposes.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<SUP>4</SUP>See Note 23 &#151; Derivative Instruments: Positive Replacement Values for
further information.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<SUP>5</SUP>This figure represents the difference in value
between the cash or securities lent or given as collateral to
counterparties, and the value of cash or securities borrowed or taken
as collateral from the same counterparties under stock borrow/lend
and repo/reverse repo transactions.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<SUP>6</SUP>See Note 10 &#151; Securities
Borrowing, Securities Lending, Repurchase and Reverse Repurchase
Agreements for further information for these types of transactions.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<SUP>7</SUP>See Note 9b &#151; Allowances and Provisions for Credit Losses for further
information.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<SUP>8</SUP>The values of bonds, equities and other tradable
obligations in the Group&#146;s trading business area are also affected by
credit events and default. They are not included in this table &#151; exposure is
controlled under the market risk control structure described in Note
29 &#151; Financial Instruments Risk Position, section a).
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">


<P align="left"><FONT size="2"><B>
 136
</B></FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P><FONT size="3"><B>Note 29 Financial Instruments Risk Position (continued)</B>
</FONT>

<P><FONT size="3"><B>b) Credit Risk (continued)</B>
</FONT>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<DIV align="left"><FONT size="2">The Group is an active user of
credit derivatives to hedge
credit risk in banking and traded
products. It also makes use of
master netting agreements where
possible in its OTC derivatives
trading and, in line with general
market trends, UBS Warburg has
also entered into bilateral
collateral agreements with market
participants. Further information
is given in Note 23.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Concentrations of credit
risk exist if clients are engaged
in similar activities, or are
located in the same geographic
region or have comparable
economic characteristics such
that their ability to meet
contractual obligations would be
similarly affected by changes in
economic, political or other
conditions. The Group therefore
applies stress measures to assess
the impact of variations in
bankruptcy rates and asset
values, taking into account risk
concentrations in each portfolio.
Stress loss limits are applied
where considered necessary,
including limits on exposure to
all but the best rated countries.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Group classifies a claim
as impaired if the book value of
the claim exceeds the present
value of the cash flows actually
expected in future periods &#151;
interest payments, scheduled
principal repayments, or other
payments due (for example on
derivatives transactions), and
including liqui-
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<DIV align="left"><FONT size="2">dation of
collateral where available.
Allowances or provisions are
established to ensure that the
carrying values of impaired
claims are determined in
accordance with the principles of
IAS 39. For further information
about accounting policy for
allowance and provision for
credit losses see Note 1 l). For
the amounts of allowance and
provision for credit losses and
amounts of impaired and
non-performing loans, see Note 9
b), c) and d).
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The occurrence of actual
credit losses is erratic in both
timing and amount and those that
arise usually relate to
transactions entered into in
previous accounting periods. In
order to make the business
ultimately accountable for any
credit losses they suffer but
also to give them the incentive
to align their credit risk
decisions and risk adjusted
pricing with the medium term risk
profile of their credit
transactions, the Group uses the
concept of &#147;expected loss&#148; for
management purposes. Expected
loss is a statistically based
measure intended to reflect the
annual cost that will arise, on
average, over time, from
transactions that become
impaired, and is a function of
the probability of default (given
by the rating), current and
likely future exposure to the
counterparty and the likely
severity of the loss should
default actually occur.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">


<P align="right"><FONT size="2"><B>
 137
</B></FONT>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B><BR>
&nbsp;<BR>
&nbsp;
</FONT>

<P><FONT size="3"><B>Note 29 Financial Instruments Risk Position (continued)</B>
</FONT>

<!-- link3 "c) Liquidity Risk" -->
<DIV align="left"><A NAME="091"></A></DIV>
<P><FONT size="3"><B>c) Liquidity Risk</B>
</FONT>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">The Group&#146;s approach to liquidity
management is to ensure, as far
as possible, that it will always
have sufficient liquidity to meet
its liabilities when due, without
compromising its ability to
respond quickly to strategic
market opportunities. The Group&#146;s
centralized approach is based on
an integrated framework
incorporating the assessment of
expected cash flows and the
availability of high-grade
collateral which could be used to
secure additional funding if
required. The liquidity position
is assessed and managed under a
variety of scenarios, giving due
consideration to stress factors.
Scenarios
</FONT>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">encompass both normal
market conditions and stressed
conditions, including both
UBS-specific and general market
crises. The impact on both
trading and client businesses is
considered, taking account of
potential collateral with which
funds might be raised, and the
possibility that customers might
seek to withdraw funds or draw
down unutilized committed credit
lines.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The breakdown by contractual
maturity of assets and
liabilities, which is the basis
of the &#147;normal market conditions&#148;
scenario, at 31 December&nbsp;2002 is
shown in the table below.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P><FONT size="2"><B>Maturity analysis of assets and liabilities</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Due</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Due</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Due</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">between</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">between</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Due</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">On</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Subject</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">within</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">3 and</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">1 and</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">after</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1"><I>CHF billion</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">demand</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">to notice<SUP>1</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">3 mths</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">12 mths</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">5 years</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">5 years</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Total</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="29" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Assets</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Cash and balances with central banks</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Due from banks</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">10.5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">20.5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">32.5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Cash collateral on securities borrowed</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">138.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">139.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Reverse repurchase agreements</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">230.8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">55.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">294.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Trading portfolio assets</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">371.4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">371.4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Positive replacement values</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">82.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">82.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Loans</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">21.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">86.6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">34.4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">64.6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">211.5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Financial investments</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5.9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8.4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Accrued income and prepaid expenses</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6.5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6.5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Investments in associates</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Property and equipment</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7.9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7.9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Goodwill and other intangible assets</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">13.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">13.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Other assets</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">9.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">9.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="29" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Total 31.12.2002</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>489.7</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>23.7</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>478.1</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>90.7</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>69.7</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>29.2</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,181.1</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="29" align="left"><FONT size="1"><B><HR size="4" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Total 31.12.2001</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">529.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">30.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">513.4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">74.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">63.6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">42.4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,253.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="29" align="left"><FONT size="1"><B><HR size="4" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Liabilities</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Due to banks</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">10.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2.9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">64.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2.5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">83.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Cash collateral on securities lent</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">36.8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">36.8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Repurchase agreements</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">329.5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">36.9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">366.9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Trading portfolio liabilities</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">106.5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">106.5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Negative replacement values</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">81.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">81.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Due to customers</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">147.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">150.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">307.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Accrued expenses and deferred income</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">15.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">15.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Debt issued</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">54.8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">21.6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">33.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">19.9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">129.4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Other liabilities</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">12.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">12.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="29" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Total 31.12.2002</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>373.4</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>5.4</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>636.0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>66.1</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>36.7</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>21.0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,138.6</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="29" align="left"><FONT size="1"><B><HR size="4" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Total 31.12.2001</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">362.8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6.4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">700.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">93.9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">29.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">13.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,205.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="29" align="left"><FONT size="1"><B><HR size="4" color="#000000" noshade></B></FONT></TD>
</TR>
 </TABLE>
</DIV>

<DIV align="left"><FONT size="1"><SUP>1</SUP> Deposits without a fixed term, on which notice of withdrawal or termination has not been given (such funds may be withdrawn by the depositor
or repaid by the borrower subject to an agreed period of notice).
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 138
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P><FONT size="3"><B>Note 29 Financial Instruments Risk Position (continued)</B>
</FONT>

<P><FONT size="3"><B>d) Capital Adequacy</B>
</FONT>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">The Group monitors the adequacy
of its capital using, among other
measures, the rules and ratios
established by the Basel
Committee on Banking Supervision
(&#147;BIS rules/ratios&#148;). The BIS
ratios compare the amount of the
Group&#146;s eligible capital (in
total and Tier 1) with the total
of its risk weighted assets
(RWAs).
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While the Group monitors and
reports its capital ratios under
BIS rules, it is the rules
established by the Swiss
regulator, the EBK, which
ultimately determine the capital
required to underpin its
business, and these rules, on
balance, result in higher RWAs
than the BIS rules. As a result,
UBS&#146;s ratios are lower when
calculated under the EBK
regulations than they would be if
calculated under the BIS
guidelines.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Group has complied with
all BIS and EBK regulatory capital
rules for all periods reported.
</FONT></DIV>

<P><FONT size="2"><B>BIS Eligible capital</B>
</FONT>

<DIV align="left"><FONT size="2">BIS eligible capital consists of
two parts: Tier 1 capital
comprises share capital, share
premium, retained earnings
including current year profit,
foreign currency translation and
minority interests, less accrued
dividends, net long positions in
own shares and goodwill; Tier 2
capital includes the Group&#146;s
subordinated long-term debt. Tier
1 capital is required to be at
least 4% and Total eligible
capital at least 8% of RWAs.
</FONT></DIV>

<P><FONT size="2"><B>BIS Risk-Weighted Assets (RWAs)</B>
</FONT>

<DIV align="left"><FONT size="2">Three elements make up total RWAs
- credit risk, other assets and
market risk, each of which is
described below.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The credit risk component
consists of on and off-balance
sheet claims, measured according
to regulatory formulae outlined
below, weighted according to type
of counterparty and collateral at
0%, 20%, 50% or 100%. The least
risky claims, such as claims on
OECD governments and claims
collateralized by cash, are
weighted at 0%, meaning that no
capital support is required,
while the claims deemed most
risky, including unsecured claims
on corporates and
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">private
customers, are weighted at 100%,
meaning that 8% capital support
is required.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities not held for
trading are included as claims,
based on the net long position in
the securities of each issuer,
including both physical holdings
and positions derived from other
transactions such as options.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Claims arising from
derivatives transactions include
not only the current positive
replacement value (shown in the
table below under Balance sheet
assets), but also an &#147;add-on&#148; to
reflect their potential future
exposure (shown in the table
below under Off-balance sheet and
other positions &#151; Forward and
swap contracts, and Purchased
options).
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Claims arising from
contingent commitments and
irrevocable facilities granted
are converted to
credit equivalent amounts
based on specified percentages of
nominal value.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There are other assets, most
notably property and equipment,
investments and intangibles,
which, while not subject to
credit risk, represent a risk to
the bank in respect of their
potential for write-down and
impairment and which therefore
require capital underpinning.
They are weighted at 100% of book
value under BIS rules but EBK
weightings are generally higher.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital is required to
support market risk arising in
all foreign exchange, precious
metals and energy positions, and
all positions held for trading in
interest rate instruments and
equities, including risks on
individual equities, and traded
debt obligations such as bonds.
UBS computes this risk using a
Value at Risk model approved in
1999 by the EBK, from which the
market risk capital requirement
is derived. Unlike the
calculations for credit risk and
other assets, this produces the
capital requirement itself rather
than the RWA amount. In order to
compute a total capital ratio,
the market risk capital
requirement is therefore
converted to a &#147;RWA equivalent&#148;
(shown in the table below as
Market risk positions) such that
the capital requirement is 8% of
this RWA equivalent, i. e. the
market risk capital requirement
is multiplied by 12.5.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 139
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B>
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="3"><B>Note 29 Financial Instruments Risk Position (continued)</B>
</FONT>

<P><FONT size="3"><B>d) Capital Adequacy (continued)</B>
</FONT>

<P><FONT size="2"><B>Risk-weighted assets (BIS)</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>Balance</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Balance</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>sheet/</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>Risk-</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">sheet/</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Risk-</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>notional</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>weighted</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">notional</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">weighted</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>amount</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>amount</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">amount</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">amount</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1"><I>CHF million</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="17" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Balance sheet assets</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Due from banks and other collateralized lendings<SUP>1</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>356,501</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>8,877</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">380,641</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7,640</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Net positions in securities<SUP>2</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>9,096</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>8,193</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">29,500</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">10,992</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Positive replacement values<SUP>3</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>82,092</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>21,680</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">73,447</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">19,556</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Loans and other collateralized lendings<SUP>1</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>320,752</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>147,703</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">305,624</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">154,908</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Accrued income and prepaid expenses</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>6,453</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3,025</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7,554</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,679</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Property and equipment</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>10,384</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>10,149</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">13,202</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">13,202</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Other assets</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>8,952</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>5,774</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">9,875</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,504</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Off-balance sheet and other positions</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Contingent liabilities</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>16,594</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>8,224</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">25,487</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">9,868</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Irrevocable commitments</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>39,327</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4,622</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">50,705</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5,034</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Forward and swap contracts<SUP>4</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>9,455,928</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4,253</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8,362,374</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">9,256</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Purchased options<SUP>4</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>298,800</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,023</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">365,100</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,777</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Market risk positions</B><SUP><B>5</B></SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>15,267</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">13,319</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Total risk-weighted assets</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>238,790</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">253,735</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><FONT size="1"><B><HR size="4" color="#000000" noshade></B></FONT></TD>
</TR>
 </TABLE>
</DIV>

<DIV align="left"><FONT size="1"><SUP>1</SUP> Includes securities lending and reverse repo transactions.&nbsp;&nbsp;&nbsp;&nbsp;<SUP>2</SUP>
Excluding positions in the trading book, which are included in Market
risk positions.&nbsp;&nbsp;&nbsp;&nbsp;<SUP>3</SUP> Represents the mark to market values of Forward and
swap contracts and Purchased options, where positive.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<SUP>4</SUP> Risk-weighted
amount represents the &#147;add-ons&#148; for these contracts.&nbsp;&nbsp;&nbsp;&nbsp;<SUP>5</SUP> Regulatory
capital adequacy requirements for market risk, calculated using the
approved Value at Risk model, multiplied by 12.5 to give the
&#147;risk-weighted asset equivalent&#148;.
</FONT></DIV>

<P><FONT size="2"><B>BIS capital ratios</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>Capital</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>Ratio</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Capital</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Ratio</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>CHF million</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>%</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">CHF million</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">%</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="17" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Tier 1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>27,047</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>11.3</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">29,322</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">11.6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">of which hybrid Tier 1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3,182</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1.3</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,848</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Tier 2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>5,962</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2.5</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8,149</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Total BIS</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>33,009</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>13.8</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">37,471</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">14.8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><FONT size="1"><B><HR size="4" color="#000000" noshade></B></FONT></TD>
</TR>
 </TABLE>
</DIV>

<P align="left"><FONT size="2">The Tier 1 capital includes CHF 3,182&nbsp;million (USD 2,300&nbsp;million) trust preferred securities at
31 December&nbsp;2002 and CHF 3,848&nbsp;million (USD 2,300&nbsp;million) at 31 December&nbsp;2001.
</FONT>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 140
</B></FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<!-- link2 "Note 30 Fair Value of Financial Instruments" -->
<DIV align="left"><A NAME="092"></A></DIV>
<P><FONT size="3"><B>Note 30 Fair Value of Financial Instruments</B>
</FONT>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">The following table presents the
fair value of financial
instruments based on the
following valuation methods and
assumptions. It is presented
because not all financial
instruments are reflected in the
financial statements at fair
value.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value is the amount for
which an asset could be
exchanged, or a liability
settled, between knowledgeable,
willing parties in an
arm&#146;s-length transaction. Market
prices are used to determine fair
value, where an active market
(such as a recognized stock
exchange) exists, as it is the
best evidence of the fair value
of a financial instrument. Market
prices are not, however,
available for a significant
number of the financial assets
and liabilities held and issued
by the Group. Therefore, for
financial instruments where no
market price is available, the
fair values presented in the
following table have been
estimated using present value or
other estimation and valuation
techniques based on market
conditions existing at balance
sheet dates.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The values derived from
applying these techniques are
significantly affected by the
underlying assumptions made
concerning both the amounts and
timing of future cash flows and
the discount rates. The following
methods and assumptions have been
used:
</FONT></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">(a)
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">trading assets,
derivatives and other transactions
undertaken for trading purposes
are measured at fair value by
reference to quoted market prices
when available. If quoted market
prices are not available, then
fair values are estimated on the
basis of pricing models, or
discounted cash flows. Fair value
is equal to the carrying amount
for these items;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">(b)
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">financial
investments classified as
available for sale are measured at
fair value by reference to quoted
market prices when available.
If quoted market prices are not
available, then fair values are
estimated on the basis of
pricing models or other
recognized valuation
techniques. Prior to the
adoption of IAS 39 in 2001,
financial investments were
carried at cost or if
considered held for sale, at
the
</FONT></TD>
</TR>
</TABLE>
</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">lower of cost or market.
Upon the adoption of the
standard, all financial
investments are carried at fair
value. Unrealized gains and
unrealized losses, excluding
impairment writedowns, are
recorded in Shareholders&#146;
equity until an asset is sold,
collected or otherwise disposed
of;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">(c)
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">the carrying amount of
liquid assets and other
assets maturing within 12
months is assumed to
approximate their fair value.
This assumption is applied to
liquid assets and the short term
elements of all other financial
assets and financial liabilities;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">(d)
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">the fair value of demand
deposits and savings accounts with
no specific maturity is assumed to
be the amount payable on demand at
the balance sheet date;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">(e)
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">the
fair value of variable rate
financial instruments is assumed
to be approximated by their
carrying amounts and, in the case
of loans, does not, therefore,
reflect changes in their credit
quality as the impact of credit
risk is recognized separately by
deducting the amount of the
allowance for credit losses from
both book and fair values;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">(f)
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">the
fair value of fixed rate loans and
mortgages is estimated by
comparing market interest rates
when the loans were granted with
current market rates offered on
similar loans. Changes in the
credit quality of loans within the
portfolio are not taken into
account in determining gross fair
values as the impact of credit
risk is recognized separately by
deducting the amount of the
allowance for credit losses from
both book and fair values.
</FONT></TD>
</TR>
</TABLE>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The assumptions and
techniques have been developed to
provide a consistent measurement
of fair value for the Group&#146;s
assets and liabilities in the
following table. However, because
other institutions may use
different methods and
assumptions, such fair value
disclosures in this Note cannot
necessarily be compared from one
financial institution to another.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">


<P align="right"><FONT size="2"><B>
 141
</B></FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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<P><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B>
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<P><FONT size="2">&nbsp;
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<P><FONT size="2">&nbsp;
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<P><FONT size="3"><B>Note 30 Fair Value of Financial Instruments (continued)</B>
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<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="49%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
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    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
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    <TD width="3%">&nbsp;</TD>
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    <TD width="1%">&nbsp;</TD>
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    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>Carrying</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>Fair</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>Unrealized</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Carrying</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Fair</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Unrealized</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>value</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>value</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>gain/(loss)</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">value</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">value</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">gain/(loss)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left" colspan="2"><FONT size="1"><I>CHF billion</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="26" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><FONT size="1"><B>Assets</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><FONT size="1">Cash and balances with central banks</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4.3</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4.3</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0.0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">21.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">21.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><FONT size="1">Due from banks</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>32.5</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>32.5</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0.0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">27.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">27.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><FONT size="1">Cash collateral on securities borrowed</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>139.1</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>139.1</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0.0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">162.9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">162.9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><FONT size="1">Reverse repurchase agreements</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>294.1</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>294.1</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0.0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">269.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">269.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><FONT size="1">Trading portfolio assets</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>371.4</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>371.4</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0.0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">397.9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">397.9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><FONT size="1">Positive replacement values</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>82.1</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>82.1</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0.0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">73.4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">73.4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><FONT size="1">Loans</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>211.8</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>214.1</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2.3</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">226.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">227.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><FONT size="1">Financial investments</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>8.4</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>8.4</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0.0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">28.8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">28.8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="26" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><FONT size="1"><B>Liabilities</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><FONT size="1">Due to banks</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>83.4</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>83.4</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0.0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">107.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">107.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><FONT size="1">Cash collateral on securities lent</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>36.9</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>36.9</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0.0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">30.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">30.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><FONT size="1">Repurchase agreements</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>366.9</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>366.9</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0.0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">368.6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">368.6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><FONT size="1">Trading portfolio liabilities</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>106.5</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>106.5</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0.0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">105.8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">105.8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><FONT size="1">Negative replacement values</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>81.3</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>81.3</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0.0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">71.4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">71.4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><FONT size="1">Due to customers</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>307.4</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>307.5</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(0.1</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">334.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">334.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><FONT size="1">Debt issued</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>129.8</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>131.7</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(1.9</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">157.5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">158.6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(1.1</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="26" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><FONT size="1">Subtotal</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0.3</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(0.8</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="26" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><FONT size="1">Unrealized gains and losses recorded
in shareholders&#146; equity before tax on:</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>




<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>
 </TD>
    <TD><FONT size="1">Financial investments</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1.1</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Derivative instruments designated
as cash flow hedges</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(0.3</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(0.6</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">

<TD colspan="2"><FONT size="1"><B>Net&nbsp;unrealized&nbsp;gains&nbsp;and&nbsp;losses&nbsp;not&nbsp;recognized&nbsp;in&nbsp;the&nbsp;income&nbsp;statement</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1.1</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>(0.2</B></FONT></TD>
    <TD nowrap><FONT size="1"><B>)</B></FONT></TD>
</TR>
<TR>
    <TD colspan="26" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">The table does not reflect the
fair values of non-financial
assets and liabilities such as
property, equipment, goodwill,
prepayments and non-interest
accruals. Where applicable, the
interest accrued to date on
financial instruments is
included, for purposes of the
above fair value disclosure, in
the carrying value of the
financial instruments.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Substantially all of the
Group&#146;s commitments to extend
credit are at variable rates.
Accordingly, the Group has no
significant exposure to fair
value fluctuations resulting from
interest rate movements related
to these commitments.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The fair values of the
Group&#146;s fixed rate loans, long-
and medium-term notes and bonds
issued are predominantly hedged
by derivative instruments, mainly
interest rate swaps, as explained
in Note 23. The interest rate
risk inherent in balance sheet
positions with no specific
maturity is also hedged with
derivative instruments based on
management&#146;s view on the
effective interest repricing date
of the products.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The hedging derivative
instruments are carried on the
balance sheet at fair values,
which are
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">included in the
Positive or Negative replacement
values in the above table. When
the interest rate risk on a fixed
rate financial instrument is
hedged with a derivative in a
fair value hedge, the fixed rate
financial instrument (or hedged
portion thereof) is reflected in
the above table at fair value
only in relation to the interest
rate risk, not the credit risk as
explained in (f)&nbsp;above. Fair
value changes are recorded in net
profit. The treatment of
derivatives designated as cash
flow hedges is explained in Note
1v). The amount shown in the
table as &#147;derivative instruments
designated as cash flow hedges&#148;
is the net change in fair values
on such derivatives that is
recorded in Shareholders&#146; equity
and not yet transferred to income
or expense.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The increase in the Net
unrealized gains and losses
during 2002 of CHF 1.3&nbsp;billion is
mainly attributable to the change
in the unrealized gains and
losses of fixed rate long-term
assets, which have increased by
CHF 2.0&nbsp;billion from the prior
year as a result of declining
interest rates during 2002. This
was partially offset by an
increase in fair value loss from
fixed rate long-term debt.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 142
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P><FONT size="3"><B>Note 31 Retirement Benefit Plans and Other Employee Benefits</B>
</FONT>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P><FONT size="2"><B>Defined benefit plans</B>
</FONT>

<DIV align="left"><FONT size="2">The Group has established various
pension plans inside and outside
of Switzerland. The major plans
are located in Switzerland, the
UK, the US and Germany.
Independent actuarial valuations
are performed for the plans in
these locations.
</FONT></DIV>

<P><FONT size="2"><B>Swiss pension plan</B>
</FONT>

<DIV align="left"><FONT size="2">The pension plan covers
practically all employees in
Switzerland and exceeds the
minimum benefit requirements
under Swiss law. Contributions to
the pension plan are paid for by
employees and the Group. The
employee contributions are
calculated as a percentage of
insured annual salary and are
deducted monthly. The percentages
deducted from salary for full
benefit coverage (including risk
benefits) depend on age and vary
between 7% and 10%. The Group
pays a variable contribution that
ranges between 150% and 220% of
the sum of employees&#146;
contributions.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The pension plan formula is
based on years of contributions
and final covered salary. The
benefits covered include
retirement benefits, disability,
death and survivor pension.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 1999, the Group
recognized a prepaid pension
asset of CHF 456&nbsp;million
representing excess employer
contributions. In 2002, CHF 323
million (2001 CHF 0&nbsp;million, 2000
CHF 100&nbsp;million) of this asset
was used to fund the employer
contributions and was recognized
as pension expenses.
</FONT></DIV>

<P><FONT size="2"><B>Foreign pension plans</B>
</FONT>

<DIV align="left"><FONT size="2">The foreign locations of UBS
operate various pension plans in
accordance with local regulations
and practices. Among these plans
are defined contribution plans as
well as defined benefit plans. The
locations with defined benefit
plans of a material nature are in
the UK, the US and Germany. The UK
and the US defined benefit plans
are closed to new entrants who are
covered by defined contribution
plans.
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The retirement plans provide
benefits in the event of
retirement, death, disability or
employment termination. The plans&#146;
retirement benefits depend on age,
contributions and level of
compensation. The principal plans
are financed in full by the Group.
The funding policy for these plans
is consistent with local
government and tax requirements.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The assumptions used in
foreign plans take into account
local economic conditions.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The amounts shown for
foreign plans reflect the net
funded positions of the major
foreign plans.
</FONT></DIV>

<P><FONT size="2"><B>Post-retirement medical and life plans</B>
</FONT>

<DIV align="left"><FONT size="2">In the US and the UK the Group
offers retiree medical benefits
that contribute to the health
care coverage of employees and
beneficiaries after retirement.
In addition to retiree medical
benefits, the Group in the US
also provides retiree life
insurance benefits.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The benefit obligation in
excess of fair value of plan
assets for those plans amounts to
CHF 164&nbsp;million as of 31 December
2002 (2001 CHF 142&nbsp;million, 2000
CHF 111&nbsp;million) and the total
accrued post-retirement cost to
CHF 130&nbsp;million as of 31 December
2002 (2001 CHF 130&nbsp;million, 2000
CHF 108&nbsp;million). The net
periodic post-retirement costs
for the years ended 31 December
2002, 31 December&nbsp;2001 and 31
December&nbsp;2000 were CHF 25
million, CHF 24&nbsp;million and CHF
22&nbsp;million, respectively.
</FONT></DIV>

<P><FONT size="2"><B>Defined contribution plans</B>
</FONT>

<DIV align="left"><FONT size="2">The Group also sponsors a number
of defined contribution plans
primarily in the UK and the US.
Certain plans permit employees to
make contributions and earn
matching or other contributions
from the Group. The contributions
to these plans recognized as
expense for the years ended
31 December&nbsp;2002, 31 December&nbsp;2001
and 31 December&nbsp;2000 were CHF 133
million, CHF 117&nbsp;million and CHF
66&nbsp;million, respectively.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 143
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B>
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="3"><B>Note 31 Retirement Benefit Plans and Other Employee Benefits (continued)</B>
</FONT>

<P><FONT size="2"><B>Defined benefit plans</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="46%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="10"><FONT size="1">Swiss</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="10"><FONT size="1">Foreign</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="10"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="10"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1"><I>CHF million</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Defined benefit obligation<br>at the beginning of the year</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(17,879</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(17,712</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(17,011</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(3,553</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(3,406</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(2,444</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Service cost</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(554</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(541</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(545</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(108</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(121</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(165</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Interest cost</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(699</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(674</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(666</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(210</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(204</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(162</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Plan amendments</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(1</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Special termination benefits</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(209</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(262</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(211</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(3</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Actuarial gain/(loss)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(681</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">421</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(177</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(345</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(99</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Benefits paid</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>818</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">889</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">721</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>111</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">107</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">84</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Curtailment/settlement</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>74</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Acquisition of PaineWebber</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(740</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Foreign currency translation</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>427</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(12</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">123</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Other</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">429</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Defined benefit obligation<br>at the end of the year</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(19,204</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(17,879</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(17,712</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(3,436</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(3,553</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(3,406</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Fair value of plan assets<BR>
at the beginning of the year</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>18,289</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">19,074</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">18,565</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2,887</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,378</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,880</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Actual return on plan assets</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(1,350</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(765</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">535</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(240</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(220</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Employer contributions</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>236</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">656</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">490</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>164</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">258</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">13</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Plan participant contributions</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>209</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">213</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">205</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">23</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Benefits paid</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(818</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(889</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(721</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(111</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(107</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(84</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Acquisition of PaineWebber</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">676</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Foreign currency translation</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(318</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(130</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Other</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(429</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Fair value of plan assets
at the end of the year</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>16,566</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">18,289</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">19,074</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2,382</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,887</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,378</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Funded status</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(2,638</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">410</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,362</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(1,054</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(666</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(28</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Unrecognized net actuarial (gains)/losses</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3,892</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">961</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(331</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,126</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">673</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(81</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Unrecognized transition amount</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Unrecognized prior service cost</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Unrecognized asset</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(1,221</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(1,015</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(675</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(47</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>(Accrued)/prepaid pension cost</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>33</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">356</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">356</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>73</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(153</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Movement in the net (liability)&nbsp;or asset</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">(Accrued)/prepaid pension cost
at the beginning of the year</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>356</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">356</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">456</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>9</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(153</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(63</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Net periodic pension cost</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(559</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(656</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(590</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(83</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(97</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(55</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Employer contributions</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>236</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">656</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">490</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>164</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">258</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">13</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Acquisition of PaineWebber</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(63</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Foreign currency translation</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(17</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">15</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>(Accrued)/prepaid pension cost</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>33</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">356</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">356</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>73</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(153</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Amounts recognized in the Balance Sheet</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Prepaid pension cost</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>33</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">356</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">356</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>220</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">185</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">53</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Accrued pension liability</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(147</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(176</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(206</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>(Accrued)/prepaid pension cost</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>33</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">356</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">356</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>73</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(153</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 144
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P><FONT size="3"><B>Note 31 Retirement Benefit Plans and Other Employee Benefits<BR>
(continued)</B>
</FONT>

<P><FONT size="2"><B>Defined benefit plans (continued)</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="10"><FONT size="1">Swiss</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="10"><FONT size="1">Foreign</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="10"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="10"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1"><I>CHF million</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1">For the year ended</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Components of net periodic pension cost</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Current service cost</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>554</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">541</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">545</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>108</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">121</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">165</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Interest cost</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>699</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">674</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">666</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>210</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">204</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">162</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Expected return on plan assets</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(900</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(947</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(927</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(199</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(228</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(243</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Adjustment to limit prepaid pension cost</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>206</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">339</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">300</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Amortization of unrecognized prior service cost</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>209</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">262</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">211</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Amortization of unrecognized net (gains)/losses</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>22</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(9</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Curtailment/settlement</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(59</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Employee contributions</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(209</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(213</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(205</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(23</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Net periodic pension cost</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>559</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">656</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">590</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>83</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">97</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">55</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Actual return on plan assets (%)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(7.5</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(4.0</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2.9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(8.7</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(7.3</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(0.9</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1"><B>Principal actuarial assumptions used (%)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Discount rate</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3.8</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>5.8</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Expected rate of return on plan assets</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>5.0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>7.3</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7.9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Expected rate of salary increase</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2.5</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2.5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2.5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4.4</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Rate of pension increase</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1.5</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1.5</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="11" align="center"><FONT size="1">Swiss<BR>
<HR size="1" color="#000000" noshade></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Additional details to fair value
of plan assets</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">UBS financial instruments and
UBS bank accounts</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>814</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">476</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">920</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS AG shares<SUP>1</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>206</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">305</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">291</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Securities lent to UBS
included in plan assets</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2,645</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">824</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,432</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Other assets used by UBS
included in plan assets</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>90</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">104</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">179</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<DIV align="left"><FONT size="1"><SUP>1</SUP> The number of UBS AG shares were 3,072,500, 3,639,800 and 3,295,800
as of 31 December&nbsp;2002, 31 December&nbsp;2001 and 31 December&nbsp;2000,
respectively. The amount of capital repayment and dividend received on
UBS AG shares for the years ended 31 December&nbsp;2002, 31 December&nbsp;2001
and 31 December&nbsp;2000 were CHF 7&nbsp;million, CHF 2&nbsp;million and CHF 11
million, respectively.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 145
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B>
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="3"><B>Note 31 Retirement Benefit Plans and Other
Employee Benefits <BR>
(continued)</B>
</FONT>

<P><FONT size="2"><B>Post-retirement medical and life plans</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="79%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1"><I>CHF million</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Post-retirement benefit obligation at the beginning of the year</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(145</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(115</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(117</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Service cost</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(8</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(7</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(6</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Interest cost</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(9</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(9</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(8</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Plan amendments</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(3</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(10</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(7</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Actuarial gain/(loss)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(31</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(6</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">27</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Benefits paid</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Acquisition of PaineWebber</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(9</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Foreign currency translation</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>26</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(2</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Post-retirement benefit obligation at the end of the year</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(166</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(145</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(115</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Fair value of plan assets at the beginning of the year</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Actual return on plan assets</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Employer contributions</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Benefits paid</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(4</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(4</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(4</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Fair value of plan assets at the end of the year</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<P align="left"><FONT size="2">The assumed average health care cost trend rates used in determining
post-retirement benefit expense is assumed to be 10.4% for 2002 and to
decrease to an ultimate trend rate of 5% in 2008. Assumed health care
cost trend rates have a significant effect on the amounts reported for
the health care plan. A one-percentage-point change in the assumed
health care cost trend rates would change the US post-retirement
benefit obligation and the service and interest cost components of the
net periodic post-retirement benefit costs as follows:
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="84%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1"><I>CHF million</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>1% increase</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">1% decrease</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Effect on total service and interest cost</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(3</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Effect on the post-retirement benefit obligation</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>17</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(13</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 146
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<!-- link2 "Note 32 Equity Participation Plans" -->
<DIV align="left"><A NAME="093"></A></DIV>
<P><FONT size="3"><B>Note 32 Equity Participation Plans</B>
</FONT>

<!-- link3 "a) Equity Participation Plans Offered" -->
<DIV align="left"><A NAME="094"></A></DIV>
<P><FONT size="3"><B>a) Equity Participation Plans Offered</B>
</FONT>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">UBS has established several equity
participation plans to further
align the long-term interests of
executives, managers, staff and
shareholders. The plans are
offered to eligible employees in
approximately 50 countries and are
designed to meet the complex
legal, tax and regulatory
requirements of each country in
which they are offered. The
explanations below describe the
most significant plans in general,
but specific plan rules and
investment offerings may vary by
country.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity Plus Program (EPP):
This voluntary plan replaced the
Equity Investment Plan (EIP)&nbsp;in
2002 (see below). Prior to that
time, it was only available to
UBS PaineWebber employees. EPP
gives eligible employees the
opportunity to purchase UBS
shares at fair market value on
the purchase date and receive at
no additional cost two UBS
options for each share purchased,
up to a maximum limit. The
options have a strike price equal
to the fair market value of the
stock on the date the option is
granted. Share purchases can be
made annually from bonus
compensation or quarterly based
on regular deductions from
salary. Shares purchased under
EPP are restricted from resale
for two years from the time of
purchase, and the options granted
have either a two- or three-year
vesting requirement and expire
either seven or ten years after
the date of grant.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discounted Purchase Plans:
All employees in Switzerland are
entitled to purchase a specified
number of UBS shares at a
predetermined discounted price
each year. The number of shares
that can be purchased depends
primarily on years of service and
rank. Any such shares purchased
must be held for a specified
period of time. The discount is
recorded as compensation expense.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity Ownership Plan (EOP):
Selected personnel receive a
mandatory portion of their
performance-related compensation
in UBS shares or options and are
also awarded a matching
contribution in the form of UBS
options. Participants in certain
countries are eligible to receive
a portion of their award in
Alternative Investment Vehicles
(AIVs). These are generally money
market funds,
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">UBS and non-UBS mutual funds and
other UBS sponsored funds. EOP
awards normally vest in one-third
increments over a three-year
vesting period. Under certain
conditions, these awards are
fully forfeitable by the
employee.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Key employee option plans:
Under these plans, key and high
potential employees are granted
UBS options with a strike
price not less than the fair
market value of the shares on the
date the option is granted. Some
option grants have a three- to
five-year vesting period during
which they cannot be exercised.
Other grants vest in one-third
increments over a three-year
period. Expiration of the options
is generally from six to ten and
one-half years. One option gives
the right to purchase one
registered UBS share at the
option&#146;s strike price. In some
grants, accelerated vesting or
non-forfeitability may occur if
certain share appreciation
targets are met.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other deferred compensation
plans: UBS sponsors other
deferred compensation plans for
selected eligible employees.
Generally, contributions are made
on a tax deferred basis.
Participants are allowed to
invest in UBS shares or AIVs. No
additional company match is
granted, and the plan is
generally not forfeitable. In
addition, UBS also grants
deferred compensation awards to
new recruits, senior management
and other key employees in the
form of UBS shares, options or
other leveraged interests in
non-UBS instruments.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity Investment Plan (EIP)
(now discontinued): Prior to the
discontinuance of new awards
under this plan in 2001,
employees had the choice to
invest part of their annual bonus
in UBS shares, warrants or other
derivatives on UBS shares. A
holding period, generally three
years, applied during which the
instruments could not be sold or
exercised. In addition,
participants in the plan received
a matching contribution of
additional UBS shares or
derivatives. Only the
UBS-matching contribution was
forfeitable. The last EIP vesting
will take place in 2004. Staff
who had the possibility to take
part in EIP are now offered the
opportunity to take part in EPP.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 147
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B>
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="3"><B>Note 32 Equity Participation Plans (continued)</B>
</FONT>

<!-- link3 "b) UBS share awards" -->
<DIV align="left"><A NAME="095"></A></DIV>
<P><FONT size="3"><B>b) UBS share awards</B>
</FONT>

<P><FONT size="2"><B>i) Stock compensation plans</B>
</FONT>

<P align="left"><FONT size="2">Shares granted under the various equity participation plans are as follows:
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="57%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1"><B>Stock bonus plans</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Unvested shares outstanding, at the beginning of the year</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>52,299,332</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">47,458,928</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">14,418,646</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Shares awarded during the year</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>13,511,655</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">16,850,859</FONT></TD>
    <TD nowrap><FONT size="1"><SUP>1</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">39,188,528</FONT></TD>
    <TD nowrap><FONT size="1"><SUP>1</SUP></FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Vested during the year</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(16,333,832</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(10,740,466</FONT></TD>
    <TD nowrap><FONT size="1">)<SUP>1</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(5,215,503</FONT></TD>
    <TD nowrap><FONT size="1">)<SUP>1</SUP></FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Forfeited during the year</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(1,340,594</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(1,269,989</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(932,743</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Unvested shares outstanding, at the end of the year</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>48,136,561</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">52,299,332</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">47,458,928</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Weighted-average fair market value of
shares awarded (in CHF)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>71</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">90</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">76</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Fair market value of outstanding shares
at the end of the year (CHF billion)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3.2</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<DIV align="left"><FONT size="1"><SUP>1</SUP> Restated for shares granted and fully vested at grant date.
</FONT></DIV>

<P align="left"><FONT size="2">The stock bonus awards for 2000 include approximately 19.8&nbsp;million
shares granted under the retention agreements with key employees of
UBS PaineWebber at the time of merger.
</FONT>

<P align="left"><FONT size="2">&nbsp;
</FONT>

<P align="left"><FONT size="2">&nbsp;
</FONT>

<P><FONT size="2"><B>ii) Stock purchase plans</B>
</FONT>

<P align="left"><FONT size="2">The following table shows the shares awarded and the weighted-average
fair value per share for the Group&#146;s stock purchase plans.
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1"><B>Stock purchase plans</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Share quantity purchased</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3,822,907</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,922,515</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,264,725</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Weighted-average purchase price (in CHF)<SUP>1</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>63</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">63</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">44</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<DIV align="left"><FONT size="1"><SUP>1</SUP> Some of the shares purchased are denominated in US dollars and were converted
into CHF for purposes of this table.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 148
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><FONT size="3"><B>Note 32 Equity Participation Plans (continued)</B>
</FONT>

<!-- link3 "c) UBS option awards" -->
<DIV align="left"><A NAME="096"></A></DIV>
<P><FONT size="3"><B>c) UBS option awards</B>
</FONT>

<P align="left"><FONT size="2">Movements in options granted under the various equity participation plans
mentioned above are as follows:
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>Weighted</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Weighted</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Weighted</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>average</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">average</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">average</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>exercise</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">exercise</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">exercise</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>Number of</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>price</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Number of</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">price</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Number of</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">price</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>options</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>(in CHF)</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">options</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">(in CHF)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">options</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">(in CHF)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02<SUP>1</SUP></B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01<SUP>1</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Outstanding, at the beginning of the year</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>63,286,669</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>66</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">63,308,502</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">58</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">30,415,386</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">66</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Options due to the acquisition of PaineWebber</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">18,975,810<SUP>2</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">34</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Granted during the year</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>37,060,178</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>71</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">11,070,992</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">94</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">21,248,046<SUP>3</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">72</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Exercised during the year</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(9,595,133</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>54</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(10,083,075</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">49</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(5,390,307</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">50</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Forfeited during the year</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(2,082,356</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>71</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(1,009,750</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">74</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(1,940,433</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">64</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Expired unexercised</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(505,131</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>77</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Outstanding, at the end of the year</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>88,164,227</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>67</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">63,286,669</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">66</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">63,308,502</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">58</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Exercisable, at the end of the year</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>21,765,482</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>51</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">25,550,932</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">50</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">18,310,839</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">34</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<DIV align="left"><FONT size="1"><SUP>1</SUP> Some of the options in this table have exercise prices denominated in US
dollars which have been converted into CHF at the year-end spot exchange rate
for purposes of this table.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<SUP>2</SUP> UBS AG issued options in exchange for options of
PaineWebber which have been included in the purchase price for PaineWebber at a
fair value of CHF 992&nbsp;million.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<SUP>3</SUP> Includes options granted to key employees of
UBS PaineWebber, vesting over a 3-year period, subject to employee&#146;s continued
employment and other restrictions.
</FONT></DIV>

<P align="left"><FONT size="2">The following table summarizes additional information about stock options
outstanding at 31 December&nbsp;2002:
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="10"><FONT size="1">Options outstanding</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="1">Options exercisable</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="10"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="6"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1">Range of exercise</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Number of options</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Weighted-average</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Weighted-average</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Number of</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Weighted-average</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1">prices per share</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">outstanding</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">exercise price</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">remaining contractual life</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">options exercisable</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">exercise price</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B><I>CHF</I></B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1"><B><I>CHF</I></B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1"><B><I>Years</I></B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1"><B><I>CHF</I></B></FONT></TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">56.67-70.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">18,132,696</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">63.02</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5,643,680</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">58.37</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">70.01-85.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">25,733,308</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">77.99</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6,406,246</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">79.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">85.01-106.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5,565,873</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">98.51</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31,800</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">90.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>56.67-106.00</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>49,431,877</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>74.81</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>5.1</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>12,081,726</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>69.39</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B><I>USD</I></B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1"><B><I>USD</I></B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1"><B><I>Years</I></B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1"><B><I>USD</I></B></FONT></TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">6.34-15.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,986,289</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8.91</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,986,289</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8.91</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">15.01-25.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,340,754</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">22.52</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,340,754</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">22.52</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">25.01-35.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,870,675</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">27.05</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,870,675</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">27.05</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">35.01-45.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">222,175</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">39.24</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">9.6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">45.01-55.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">27,328,610</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">46.85</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">451,038</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">47.72</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">55.01-66.08</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,983,847</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">57.96</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">35,000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">57.80</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>6.34-66.08</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>38,732,350</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>40.54</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>6.4</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>9,683,756</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>19.56</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<P align="left"><FONT size="2">Options are normally granted with a strike price either equal to fair market
value or approximately 10% greater than the fair value of the underlying share
on the grant date.
</FONT>


<P align="right"><FONT size="2"><B>
 149
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<P><DIV style="float: left; width:24%">

</DIV><DIV style="float: right; width: 74%">

<P><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B>
</FONT>

<P><FONT size="3"><B>Note 32 Equity Participation Plans (continued)</B><BR>
&nbsp;<BR>
</FONT>
<!-- link3 "d) Compensation Expense" -->
<DIV align="left"><A NAME="097"></A></DIV>
<FONT size="3"><B>d) Compensation Expense</B>
</FONT>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">Generally, the Group&#146;s policy is
to recognize expense at the date
of grant for equity participation
instruments (shares, warrants,
options and other derivatives for
which the underlying is the
Group&#146;s own shares). The amount
of expense recognized is equal to
the intrinsic value of the
instrument at such date and is
calculated as follows: 1) For
stock options, it is the
difference between the strike
price and fair market value of
shares at the date of grant, if
any. 2) For UBS shares and other
</FONT>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">derivative instruments, it is the fair market value. 3) For discounted share plans, the
expense is equal to the difference
between the fair market value and
discounted value. Management&#146;s
estimate of the accrued expense
before tax for share-based
compensation for the years ended
31 December&nbsp;2002, 2001 and 2000
was CHF 592&nbsp;million, CHF 974
million and CHF 1,749&nbsp;million,
respectively. The accruals include
awards earned currently but issued
in the following year.
</FONT>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<!-- link3 "e) Pro-Forma Net Income" -->
<DIV align="left"><A NAME="098"></A></DIV>
<P align="left"><FONT size="3"><B>e) Pro-Forma Net Income</B>
</FONT>

<P align="left"><FONT size="2">The following table presents Net
income and Earnings per share for
2002, 2001 and 2000 as if the
Group had adopted the fair value
method of accounting for its
equity participation plans,
rather than the intrinsic value
method described
</FONT>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">&nbsp;<BR>&nbsp;<BR>
in
paragraph d)
above. In addition, the table
shows amounts already recorded in
the Income statement for equity
participation plans and the total
expense that would have been
recognized had the fair value
method been applied.
</FONT>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

</DIV><DIV style="float: right; width: 74%">

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="67%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><FONT size="1"><I>CHF million, except per share data</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="14" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><FONT size="1">Net Income, as reported</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3,535</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,973</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7,792</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><FONT size="1">Add: Equity-based employee compensation expense
<br>included in reported net income, net of tax</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>493</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">769</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,347</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><FONT size="1">Deduct: Total equity-based employee compensation expense
<br>determined under the fair-value-based method for all awards,
net of tax</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(1,183</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(1,116</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(1,505</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><FONT size="1">Net income, pro-forma</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2,845</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,626</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7,634</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><FONT size="1">Earnings per share</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2"><FONT size="1">Basic, as reported</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2.92</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.93</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6.44</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Basic, pro-forma</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2.35</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.65</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6.31</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Diluted, as reported</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2.87</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.78</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6.35</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Diluted, pro-forma</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2.31</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.51</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6.22</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="14" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<P align="left"><FONT size="2">The fair value of options granted was determined using a proprietary
option pricing model, substantially similar to the Black-Scholes
model, with the following assumptions:
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Expected volatility</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>35</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>%</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">30</FONT></TD>
    <TD nowrap><FONT size="1">%</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">30</FONT></TD>
    <TD nowrap><FONT size="1">%</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Risk free interest rate (CHF)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3.28</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>%</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.51</FONT></TD>
    <TD nowrap><FONT size="1">%</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.27</FONT></TD>
    <TD nowrap><FONT size="1">%</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Risk free interest rate (USD)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4.65</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>%</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5.81</FONT></TD>
    <TD nowrap><FONT size="1">%</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5.66</FONT></TD>
    <TD nowrap><FONT size="1">%</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Expected dividend rate</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3.35</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>%</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2.67</FONT></TD>
    <TD nowrap><FONT size="1">%</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2.44</FONT></TD>
    <TD nowrap><FONT size="1">%</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Expected life (years)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4.5</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<P align="left"><FONT size="2">The weighted-average fair value of options granted in 2002, 2001 and
2000 was CHF 20, CHF 23 and CHF 16 per share, respectively.
</FONT>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">



<P align="left"><FONT size="2"><B>
 150
</B></FONT>


<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<!-- link2 "Note 33 Related Parties" -->
<DIV align="left"><A NAME="099"></A></DIV>
<P><FONT size="3"><B>Note 33 Related Parties</B>
</FONT>

<P align="left"><FONT size="2">For its 2002 Financial
Statements, the Group defines
related parties as Associated
companies,
private equity investees, the
Board of Directors, the Group
Executive Board, close family
members and enterprises which are
controlled by these individuals
through their majority
shareholding or their role as
chairman and/or CEO in those
companies. In 2001 and 2000, the
Group Managing Board was also
included in the above definition.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The change in definition is due
to the &#147;Directive on Information
Relating to Corporate Governance&#148;
issued by the SWX Swiss Exchange,
effective from 1&nbsp;July&nbsp;2002 for
all listed companies in
Switzerland. Included in the new
rules are specific disclosure
requirements for members of the
Board of Directors and
&#147;management board&#148;. For UBS, the
Group Executive Board meets the
definition of &#147;management board&#148;
under the directive. Members of
the Group Managing Board,
however, are excluded from the
new SWX requirements. The
modification is also a response
to the expansion of the Group
Executive Board and the Group
Managing Board during 2002. The
number of Group Executive Board
members increased from six to ten
and the Group Managing Board
members from thirty to fifty-two.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior period figures and share
and option quantities are based
on the definition applied for
2001 and 2000.
</FONT></DIV>

<P><FONT size="2"><B>a) Remuneration and equity holdings</B>
</FONT>

<DIV align="left"><FONT size="2">The executive members of the
Board of Directors have
top-management employment
contracts and receive pension
benefits upon retirement. Total
remuneration to the executive
members of the Board of Directors
and Group Executive Board
recognized in the income
statement including cash, shares
and accrued pension benefits
amounted to CHF 131.8&nbsp;million in
2002. Total remuneration to the
executive members of the Board of
Directors, Group Executive Board
and Group Managing Board
including accrued pension
benefits amounted to CHF 321.4
million in 2001 and CHF 272.3
million in 2000.
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P><FONT size="3">&nbsp;
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The external members of the
Board of Directors do not have
employment or service contracts
with UBS, and thus are not
entitled to benefits upon
termination of their service on
the Board of Directors. Total fees
paid to these individuals for
their services as external board
members amounted to CHF 3.5
million in 2002, CHF 3.3&nbsp;million
in 2001 and CHF 3.3&nbsp;million in
2000.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The number of long-term
stock options and warrants
outstanding to the executive
members of the Board of Directors
and Group Executive Board from
equity participation plans was
5,410,172 (equivalent to the same
number of shares) and 24,558,529
(equivalent to 1,473,217 UBS
shares) at 31 December&nbsp;2002. The
number of long-term stock options
and warrants to these two groups
plus the Group Managing Board
amounted to 8,366,103 (equivalent
to the same number of shares) and
60,578,417 (equivalent to
6,002,599 shares) at 31 December
2001. These plans are further
explained in Note 32 Equity
Participation Plans.</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The total
number of shares held by members
of the Board of Directors and the
Group Executive Board was
2,139,371 at 31 December&nbsp;2002.
The
total number of shares held by
these two groups plus the Group
Managing Board was 4,068,918 at 31
December
2001. No member of the Board
of Directors, Group Executive
Board or Group Managing Board is
the beneficial owner of more than
1% of the Group&#146;s shares at 31
December&nbsp;2002 and 31 December
2001.
</FONT></DIV>

<P><FONT size="2"><B>b) Loans and advances to Board of Directors and senior executives</B>
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The outstanding balance of
loans to the Board of Directors
and the Group Executive Board
amounted to CHF 28&nbsp;million at 31
December&nbsp;2002. The outstanding
balance of loans to these two
groups plus the Group Managing
Board amounted to CHF 32&nbsp;million
at 31 December&nbsp;2001. The 2001
amount only included mortgages.
Loans and advances are granted
with the same terms and
conditions that are available to
other employees. The terms and
conditions are based on those
granted to third parties adjusted
for reduced credit risk.
</FONT></DIV>

</DIV><!--  &nbsp; --><P>&nbsp;<BR clear="all">


<P align="right"><FONT size="2"><B>
 151
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P><FONT size="3"><B>Note 33 Related Parties (continued)</B>
</FONT>

<P><FONT size="2"><B>c) Loans, advances to and transactions with significant associated companies</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="66%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1"><I>CHF million</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Balance at the beginning of the year</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>65</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Additions</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>10</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">65</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Reductions</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(35</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Balance at the end of the year</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>40</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">65</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<P align="left"><FONT size="2">All loans and advances to associated companies are transacted at arm&#146;s
length. At 31 December&nbsp;2002 and 2001, there were trading exposures and
guarantees to significant associated companies of CHF 136&nbsp;million and
CHF 306&nbsp;million, respectively. In addition, the Group routinely
receives services from associated companies at arm&#146;s length terms. For
the years ended 31&nbsp;December&nbsp;2002 and 31 December&nbsp;2001, the amount paid
to significant associates for these services was CHF 60&nbsp;million and
CHF 98&nbsp;million, respectively.&nbsp; Note 35 provides a list of significant
associates.
</FONT>

<P><FONT size="2"><B>d) Loans, advances to and transactions with private equity investees</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="66%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1"><I>CHF million</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Balance at the beginning of the year</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>489</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">682</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Additions</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>328</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">65</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Reductions</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(479</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(258</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Balance at the end of the year</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>338</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">489</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<P align="left"><FONT size="2">At 31 December&nbsp;2002 and 31 December&nbsp;2001 there were trading exposures
and guarantees or commitments to private equity companies of CHF 73
million and CHF 177&nbsp;million, respectively. In addition the Group
purchased services from private equity companies at arm&#146;s length terms
for the years ended 31 December&nbsp;2002 and 31 December&nbsp;2001 in the amount
of CHF 116&nbsp;million and CHF 196&nbsp;million, respectively.
</FONT>

<P><FONT size="2"><B>e) Other related party transactions</B>
</FONT>

<DIV align="left"><FONT size="2">During 2001 and 2002, UBS entered into the following transactions at
arm&#146;s length with companies whose Chairman and/or CEO is an external
member of UBS&#146; Board of Directors or of which an external director is
a controlling shareholder.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2001 these companies included Unisys (Switzerland), a wholly
owned subsidiary of Unisys Corporation (USA)&nbsp;and J Sainsbury plc.
(UK). In 2002, in addition to those previously mentioned,
related parties included Serono Group and its various subsidiary
companies and Bertarelli &#038; Cie (Switzerland).
</FONT></DIV>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="84%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1"><I>CHF million</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2002</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2001</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Goods sold and services provided by related parties to UBS</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>54</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">38</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Services provided to related parties by UBS (fees received)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>13</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">17</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Loans granted to related parties by UBS</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>140</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<P align="left"><FONT size="2">As part of its sponsorship of Team Alinghi, UBS paid CHF 12&nbsp;million to
AC 2003 SA during 2002. AC 2003 SA, whose controlling shareholder is
UBS board member Ernesto Bertarelli, is Team Alinghi&#146;s management
company.
</FONT>

</DIV><!--  &nbsp; --><P>&nbsp;<BR clear="all">


<P align="left"><FONT size="2"><B>
 152
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<!-- link2 "Note 34 Post-Balance Sheet Events" -->
<DIV align="left"><A NAME="100"></A></DIV>
<P><FONT size="3"><B>Note 34 Post-Balance Sheet Events</B>
</FONT>

</DIV><!--  &nbsp; --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">There have been no material
post-balance sheet events which
would require disclosure or
adjustment to the 31 December
2002 Financial Statements.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bond issues have decreased
by CHF 850&nbsp;million from the
balance sheet date to 11 February
2003.
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On 11 February&nbsp;2003, the
Board of Directors reviewed the
Financial Statements and
authorized them for issue. These
Financial Statements will be
submitted to the Annual General
Meeting of Shareholders to be
held on 16 April&nbsp;2003 for
approval.
</FONT>
</DIV><!--  &nbsp; --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<!-- link2 "Note 35 Significant Subsidiaries and Associates" -->
<DIV align="left"><A NAME="101"></A></DIV>
<P><FONT size="3"><B>Note 35 Significant Subsidiaries and Associates</B>
</FONT>

</DIV><!--  &nbsp; --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">The legal entity group structure
of UBS is designed to support the
Group&#146;s businesses within an
efficient legal, tax, regulatory
and funding framework. Neither
the Business Groups of UBS
(namely UBS Warburg, UBS
PaineWebber, UBS Wealth
Management &#038; Business Banking and
UBS Asset Management) nor
Corporate Center are replicated
in their own individual legal
entities but rather they
generally operate out of the
parent bank, UBS AG, through its
Swiss and foreign branches.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The parent bank structure
allows UBS to capitalize on the
advantages offered by the&nbsp;use
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<DIV align="left"><FONT size="2">of
one legal platform by all the
Business Groups. It provides for
the most cost-efficient and
flexible structure and facilitates
efficient allocation and use of
capital, comprehensive risk
management and straightforward
funding processes.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Where, usually due to local
legal, tax or regulatory rules or
due to additional legal entities
joining the UBS Group via
acquisition, it is either not
possible or not efficient to
operate out of the parent bank
then local subsidiary companies
host the appropriate businesses.
The significant operating
subsidiary companies in the Group
are listed below:
</FONT></DIV>

</DIV><!--  &nbsp; --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<BR>&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P><FONT size="1"><B>Footnotes</B>
</FONT>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup><SUP>1</SUP>
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">WB: UBS Wealth
Management &#038;
Business
Banking, AM: UBS
Global Asset
Management, WA:
UBS Warburg, PW:
UBS PaineWebber,
CC: Corporate
Center.
</FONT></TD>
</TR>
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup><SUP>2</SUP>
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">Share Capital and Share Premium.
</FONT></TD>
</TR>
</TABLE>

</DIV><DIV style="float: right; width: 74%">

<P><FONT size="2"><B>Significant subsidiaries</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="41%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Equity</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Share</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">interest</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="1">Jurisdiction</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="1">Business</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">capital</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">accumul-</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1">Company</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="1">of incorporation</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="1">Group <SUP>1</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">in millions</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">ated in %</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="15" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Armand von Ernst &#038; Cie AG</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Berne, Switzerland</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WB</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">CHF</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Aventic AG</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Zurich, Switzerland</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WB</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">CHF</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">30.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Banco UBS Warburg SA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Rio de Janeiro, Brazil</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">BRL</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">52.9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Bank Ehinger &#038; Cie AG</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Basel, Switzerland</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WB</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">CHF</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">BDL Banco di Lugano</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Lugano, Switzerland</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WB</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">CHF</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">50.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">BDL Banco di Lugano (Singapore) Ltd</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Singapore, Singapore</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WB</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">CHF</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">22.5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Brunswick UBS Warburg Ltd</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">George Town, Cayman Islands</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">25.0</FONT></TD>
    <TD nowrap><FONT size="1"><SUP>2</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">50.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Cantrade Privatbank AG</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Zurich, Switzerland</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WB</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">CHF</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">10.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Cantrade Private Bank</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Switzerland (CI)&nbsp;Limited</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">St. Helier, Jersey</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WB</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">GBP</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Cr&#233;dit Industriel SA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Zurich, Switzerland</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WB</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">CHF</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">10.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">EIBA AG</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Zurich, Switzerland</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">CHF</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Factors AG</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Zurich, Switzerland</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WB</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">CHF</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Ferrier Lullin &#038; Cie SA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Geneva, Switzerland</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WB</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">CHF</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">30.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Fondvest AG</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Zurich, Switzerland</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">AM</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">CHF</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">GAM Holding AG</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Zurich, Switzerland</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">AM</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">CHF</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">200.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Global Asset Management Limited, Bermuda</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Hamilton, Bermuda</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">AM</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">IL Immobilien-Leasing AG</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Opfikon, Switzerland</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WB</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">CHF</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Noriba Bank BSC</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Manama, Bahrain</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WB</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">10.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">PaineWebber Capital Inc</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Delaware, USA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">PW</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">25.8</FONT></TD>
    <TD nowrap><FONT size="1"><SUP>2</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">PT UBS Warburg Indonesia</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Jakarta, Indonesia</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">IDR</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">11,000.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">85.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">PW Trust Company</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">New Jersey, USA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">PW</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.4</FONT></TD>
    <TD nowrap><FONT size="1"><SUP>2</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">99.6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">SG Warburg &#038; Co International BV</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Amsterdam, the Netherlands</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">GBP</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">40.5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="15" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

</DIV><!--  &nbsp; --><P>&nbsp;<BR clear="all">


<P align="right"><FONT size="2"><B>
 153
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<P><DIV style="float: left; width:24%">
<P align="left"><FONT size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
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</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P><FONT size="1"><B>Footnotes</B>
</FONT>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup><SUP>1</SUP>
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">WB: UBS Wealth
Management &#038;
Business
Banking, AM: UBS
Global Asset
Management, WA:
UBS Warburg, PW:
UBS PaineWebber,
CC: Corporate
Center.
</FONT></TD>
</TR>
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup><SUP>2</SUP>
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">Share Capital and Share
Premium.<BR>
</FONT></TD>
</TR>
</TABLE>

</DIV><DIV style="float: right; width: 74%">

<P><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P><FONT size="3"><B>Note 35 Significant Subsidiaries and Associates (continued)</B>
</FONT>

<P><FONT size="2"><B>Significant subsidiaries (continued)</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Equity</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Share</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">interest</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="1">Jurisdiction</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="1">Business</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">capital</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">accumul-</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1">Company</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="1">of incorporation</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="1">Group<SUP>1</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">in millions</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">ated in %</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="15" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Thesaurus Continentale</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Effekten-Gesellschaft in Z&#252;rich</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Zurich, Switzerland</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WB</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">CHF</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">30.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS (Bahamas) Ltd</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Nassau, Bahamas</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WB</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS (France) SA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Paris, France</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WB</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">EUR</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">10.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS (Italia) SpA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Milan, Italy</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WB</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">EUR</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">22.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS (Luxembourg) SA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Luxembourg, Luxembourg</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WB</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">CHF</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">150.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS (Monaco) SA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Monte Carlo, Monaco</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WB</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">EUR</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">9.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS (Sydney) Limited</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Sydney, Australia</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">AUD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">12.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS (Trust and Banking) Limited</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Tokyo, Japan</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">AM</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">JPY</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">10,900.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS (USA)&nbsp;Inc</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Delaware, USA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">315.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Americas Inc</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Delaware, USA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,490.8<SUP>2</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Australia Limited</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Sydney, Australia</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">AUD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">50.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Bank (Canada)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Toronto, Canada</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WB</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">CAD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">20.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Beteiligungs-GmbH &#038; Co KG</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Frankfurt, Germany</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">EUR</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">398.8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Bunting Warburg Inc</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Toronto, Canada</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">CAD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">33.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">50.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Capital (Jersey) Ltd</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">St. Helier, Jersey</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">GBP</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">226.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Capital AG</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Zurich, Switzerland</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">CHF</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Capital Americas Investments II LLC</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Delaware, USA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">130.0</FONT></TD>
    <TD nowrap><FONT size="1"><SUP>2</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Capital Americas Investments III Ltd</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">George Town, Cayman Islands</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">61.0</FONT></TD>
    <TD nowrap><FONT size="1"><SUP>2</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Capital Asia Pacific Limited</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">George Town, Cayman Islands</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Capital BV</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Amsterdam, the Netherlands</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">EUR</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">104.1</FONT></TD>
    <TD nowrap><FONT size="1"><SUP>2</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Capital II LLC</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Delaware, USA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2.6</FONT></TD>
    <TD nowrap><FONT size="1"><SUP>2</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Capital Latin America LDC</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">George Town, Cayman Islands</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">113.0</FONT></TD>
    <TD nowrap><FONT size="1"><SUP>2</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Capital LLC</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Delaware, USA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">378.5</FONT></TD>
    <TD nowrap><FONT size="1"><SUP>2</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Capital Partners Limited</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">London, Great Britain</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">GBP</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Capital SpA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Milan, Italy</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">EUR</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">25.8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Card Center AG</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Glattbrugg, Switzerland</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WB</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">CHF</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">40.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Employee Benefits Trust Limited</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">St. Helier, Jersey</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">CC</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">CHF</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Espa&#241;a SA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Madrid, Spain</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WB</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">EUR</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">85.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Fiduciaria SpA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Milan, Italy</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WB</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">EUR</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Finance (Cayman Islands) Ltd</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">George Town, Cayman Islands</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">CC</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Finance (Cura&#231;&#227;o) NV</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Willemstad, Netherlands</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">CC</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Antilles</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Finance (Delaware) LLC</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Delaware, USA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">37.3</FONT></TD>
    <TD nowrap><FONT size="1"><SUP>2</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Finanzholding AG</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Zurich, Switzerland</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">CC</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">CHF</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">10.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Fund Holding (Luxembourg) SA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Luxembourg, Luxembourg</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">AM</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">CHF</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">42.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Fund Holding (Switzerland) AG</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Basel, Switzerland</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">AM</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">CHF</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">18.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Fund Management (Switzerland) AG</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Basel, Switzerland</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">AM</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">CHF</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Fund Services (Cayman) Ltd</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">George Town, Cayman Islands</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">AM</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5.6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Fund Services (Luxembourg) SA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Luxembourg, Luxembourg</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">AM</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">CHF</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2.5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Global Asset Management (Americas) Inc</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Delaware, USA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">AM</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Global Asset Management (Australia) Ltd</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Sydney, Australia</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">AM</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">AUD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Global Asset Management (Canada) Co</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Halifax, Canada</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">AM</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">CAD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">117.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Global Asset Management (France) SA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Paris, France</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">AM</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">EUR</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Global Asset Management</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">(Hong Kong) Limited</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Hong Kong, China</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">AM</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">HKD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">25.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Global Asset Management</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">(Italia) SIM SpA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Milan, Italy</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">AM</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">EUR</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Global Asset Management (Japan) Ltd</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Tokyo, Japan</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">AM</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">JPY</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,200.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Global Asset Management</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">(New York) Inc</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">New York, USA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">AM</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Global Asset Management</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">(Singapore) Ltd</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Singapore, Singapore</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">AM</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">SGD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Global Asset Management (Taiwan) Ltd</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Taipei, Taiwan</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">AM</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">TWD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">340.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">84.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Global Asset Management (US)&nbsp;Inc</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Delaware, USA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">AM</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">35.3</FONT></TD>
    <TD nowrap><FONT size="1"><SUP>2</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="15" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

</DIV><!--  &nbsp; --><P>&nbsp;<BR clear="all">


<P align="left"><FONT size="2"><B>
 154
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<P><DIV style="float: left; width:24%">
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>
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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P><FONT size="1"><B>Footnotes</B>
</FONT>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup><SUP>1</SUP>
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">WB: UBS Wealth
Management &#038;
Business
Banking, AM: UBS
Global Asset
Management, WA:
UBS Warburg, PW:
UBS PaineWebber,
CC: Corporate
Center.
</FONT></TD>
</TR>
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup><SUP>2</SUP>
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">Share Capital and Share Premium.
</FONT></TD>
</TR>
</TABLE>

</DIV><DIV style="float: right; width: 74%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P><FONT size="3"><B>Note 35 Significant Subsidiaries and Associates (continued)</B>
</FONT>

<P><FONT size="2"><B>Significant subsidiaries (continued)</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="42%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Equity</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Share</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">interest</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="1">Jurisdiction</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="1">Business</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="4"><FONT size="1">capital</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">accumul-</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1">Company</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="1">of incorporation</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="1">Group <SUP>1</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="4"><FONT size="1">in millions</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">ated in %</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="15" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">UBS Global Asset Management Holding Ltd</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">London, Great Britain</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">AM</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">GBP</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8.0</FONT></TD>
    <TD nowrap><FONT size="1"><SUP>2</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Global Trust Corporation</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">St. John, Canada</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WB</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">CAD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Immoleasing AG</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Zurich, Switzerland</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WB</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">CHF</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS International Holdings BV</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Amsterdam, the Netherlands</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">CC</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">CHF</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">13.8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Invest Kapitalanlagegesellschaft mbH</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Frankfurt, Germany</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">AM</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">EUR</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6.4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Investment Bank Limited</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">London, Great Britain</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">GBP</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">10.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Leasing AG</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Brugg, Switzerland</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WB</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">CHF</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">10.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Life AG</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Zurich, Switzerland</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WB</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">CHF</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">25.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Limited</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">London, Great Britain</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">GBP</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">10.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS O&#146;Connor LLC</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Delaware, USA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">AM</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS O&#146;Connor Trading Limited</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">George Town, Cayman Islands</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">AM</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">350.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS PaineWebber Inc</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Delaware, USA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">PW</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,707.5</FONT></TD>
    <TD nowrap><FONT size="1"><SUP>2</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS PaineWebber Incorporated of</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Puerto Rico</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Hato Rey, Puerto Rico</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">PW</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.6</FONT></TD>
    <TD nowrap><FONT size="1"><SUP>2</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS PaineWebber Life Insurance Company</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">California, USA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">PW</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">39.3</FONT></TD>
    <TD nowrap><FONT size="1"><SUP>2</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Portfolio LLC</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">New York, USA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Preferred Funding Company LLC I</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Delaware, USA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Preferred Funding Company LLC II</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Delaware, USA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Preferred Funding Company LLC III</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Delaware, USA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Principal Finance LLC</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Delaware, USA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Private Banking (Belgium) SA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Brussels, Belgium</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WB</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">EUR</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Private Banking Deutschland AG</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Hamburg, Germany</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WB</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">EUR</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">51.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Realty Investors LLC</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Massachusetts, USA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">AM</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Trust (Canada)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Toronto, Canada</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WB</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">CAD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">12.5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Trustees (Bahamas) Ltd</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Nassau, Bahamas</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WB</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Trustees (Cayman) Ltd</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">George Town, Cayman Islands</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WB</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Trustees (Jersey) Ltd</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">St. Helier, Jersey</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WB</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">GBP</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Trustees (Singapore) Limited</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Singapore, Singapore</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WB</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">SGD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS UK Holding Limited</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">London, Great Britain</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">GBP</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS UK Limited</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">London, Great Britain</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">GBP</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">609.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Warburg (France) SA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Paris, France</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">EUR</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">22.9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Warburg (Italia) SpA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Milan, Italy</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">EUR</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Warburg (Japan) Limited</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">George Town, Cayman Islands</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">JPY</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">50,000.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Warburg (Malaysia) Sdn Bhd</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Kuala Lumpur, Malaysia</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">MYR</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">70.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Warburg (Nederland) BV</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Amsterdam, the Netherlands</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">EUR</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">10.9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Warburg AG</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Frankfurt, Germany</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">EUR</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">155.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Warburg Asia Limited</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Hong Kong, China</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">HKD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">20.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Warburg</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Australia Corporate Finance Ltd</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Sydney, Australia</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">AUD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Warburg</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Australia Corporation Pty Limited</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Sydney, Australia</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">AUD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">50.4</FONT></TD>
    <TD nowrap><FONT size="1"><SUP>2</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Warburg Australia Equities Ltd</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Sydney, Australia</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">AUD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">190.0</FONT></TD>
    <TD nowrap><FONT size="1"><SUP>2</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Warburg Australia Limited</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Sydney, Australia</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">AUD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">571.5</FONT></TD>
    <TD nowrap><FONT size="1"><SUP>2</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Warburg Derivatives Limited</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Hong Kong, China</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">HKD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">20.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Warburg Hong Kong Limited</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Hong Kong, China</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">HKD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">30.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Warburg International Ltd</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">London, Great Britain</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">GBP</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">18.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Warburg Investments Ltd</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Sydney, Australia</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">AUD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Warburg LLC</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Delaware, USA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">948.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Warburg Ltd</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">London, Great Britain</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">GBP</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">17.5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Warburg New Zealand Equities Ltd</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Auckland, New Zealand</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">NZD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7.5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Warburg Private Clients Ltd</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Melbourne, Australia</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">AUD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">53.9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Warburg Pte Ltd</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Singapore, Singapore</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">SGD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">55.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Warburg Real Estate Securities Inc</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Delaware, USA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Warburg Securities (Espa&#241;a) SV SA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Madrid, Spain</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">EUR</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">15.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="15" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

</DIV><!--  &nbsp; --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>155</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P><FONT size="3"><B>Note 35 Significant Subsidiaries and Associates (continued)</B>
</FONT>

<P><FONT size="2"><B>Significant subsidiaries (continued)</B>
</FONT>
<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Equity</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Share</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">interest</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="1">Jurisdiction</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="1">Business</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">capital</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">accumul-</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1">Company</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="1">of incorporation</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="1">Group <SUP>1</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">in millions</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">ated in %</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="15" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">UBS Warburg Securities</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">(South Africa) (Pty) Limited</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Sandton, South Africa</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">ZAR</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">87.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Warburg Securities Co Ltd</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Bangkok, Thailand</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">THB</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">400.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Warburg Securities India Private Limited</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Mumbai, India</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">INR</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">237.8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">75.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Warburg Securities Ltd</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">London, Great Britain</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">GBP</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">140.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Warburg Securities Philippines Inc</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Makati City, Philippines</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">WA</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">PHP</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">150.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="15" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P><FONT size="2"><B>Consolidated companies: changes in 2002</B>
</FONT>

<P><FONT size="1"> Significant new companies</FONT><BR>
<HR align="left" color="#000000" size="1" width="100%" noshade>
<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >

<TR>
<TD><FONT size="1">BDL Banco di Lugano (Singapore) Ltd &#151; Singapore, Singapore</FONT>
</TR>
<TR>
<TD><FONT size="1">GAM Holding AG &#151; Zurich, Switzerland</FONT>
</TR>
<TR>
<TD><FONT size="1">Noriba Bank BSC &#151; Manama, Bahrain</FONT>
</TR>
<TR>
<TD><FONT size="1">UBS Fiduciaria SpA &#151; Milan, Italy</FONT>
</TR>
<TR>
<TD><FONT size="1">UBS Private Banking (Belgium) SA &#151; Brussels, Belgium</FONT>
</TR>
</TABLE>
<HR align="left" color="#000000" size="1" width="100%" noshade>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P><FONT size="2"><B>Deconsolidated companies</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="94%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1">Significant deconsolidated companies</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Reason for deconsolidation</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="5" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Hirslanden Holding AG &#151; Zurich, Switzerland</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">Sold</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">HYPOSWISS Schweizerische Hypotheken- und Handelsbank &#151; Zurich, Switzerland</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">Sold</FONT></TD>
</TR>
<TR>
    <TD colspan="5" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P><FONT size="2"><B>Significant associates</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="67%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Equity interest</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="6"><FONT size="1">Share capital</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1">Company</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="1">Industry</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">in %</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="6"><FONT size="1">in millions</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="15" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">SIS Swiss Financial Services Group AG &#151; Zurich, Switzerland</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Financial</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">32.9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">CHF</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">26</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Giubergia UBS Warburg SIM SpA &#151; Milan, Italy</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Financial</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">49.9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">EUR</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">15</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Motor Columbus AG &#151; Baden, Switzerland</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Electricity</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">35.6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">CHF</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">253</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Telekurs Holding AG &#151; Zurich, Switzerland</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Financial</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">33.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">CHF</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">45</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Volbroker.com Limited &#151; London, Great Britain</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Financial</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">21.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="right"><FONT size="1">GBP</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">18</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="15" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<P align="left"><FONT size="2">None of the above investments carry voting rights that are
significantly different from the proportion of shares held.
</FONT>
</DIV>

</DIV><!--  &nbsp; --><P>&nbsp;<BR clear="all">


<P align="left"><FONT size="2"><B>
 156
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<!-- link2 "Note 36 Acquisition of Paine Webber Group, Inc." -->
<DIV align="left"><A NAME="102"></A></DIV>
<P><FONT size="3"><B>Note 36 Acquisition of Paine Webber Group, Inc.</B>
</FONT>

</DIV><!--  &nbsp; --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">On 3 November&nbsp;2000, UBS completed
its acquisition of 100% of the
outstanding common stock of the
Paine Webber Group, Inc.
(&#147;Paine-Webber&#148;), a full-service
broker-dealer and one of the
largest securities and commodities
firms in the United States
servicing both individual and
institutional clients. The
transaction was accounted for
using the purchase method of
accounting, making PaineWebber a
wholly owned subsidiary of UBS.
Results of operations of
PaineWebber have been included in
the consolidated results beginning
on the date of acquisition. Under
IFRS, the valuation of shares and
</FONT>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">options issued was measured on
the date of acquisition, 3
November&nbsp;2000.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase consideration
amounted to CHF 22.0&nbsp;billion (USD
12.5&nbsp;billion) consisting of
shares, options and cash. Total
goodwill recorded in connection
with the acquisition amounted to
CHF 12.8&nbsp;billion (USD 7.3
billion) at 3 November&nbsp;2000 and
is being amortized using the
straight-line method over an
estimated useful life of 20
years. At 31 December&nbsp;2002 and
2001, the net book value of
goodwill related to the
Paine-Webber acquisition amounted
to CHF 9.0&nbsp;billion and CHF 11.6
billion respectively.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></DIV>

</DIV><!--  &nbsp; --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<!-- link2 "Note 37 Currency Translation Rates" -->
<DIV align="left"><A NAME="103"></A></DIV>
<P><FONT size="3"><B>Note 37 Currency Translation Rates</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table shows the principal rates used to translate the
financial statements of foreign entities into Swiss francs:
</FONT>
<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="13%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="1"><B>Spot rate</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="10"><FONT size="1"><B>Average rate</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="1">As at</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="10"><FONT size="1">Year ended</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="6"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="10"><HR size="1" color="#000000" noshade></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">1 USD</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1.38</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.67</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1.54</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.69</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.69</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">1 EUR</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1.45</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.48</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1.46</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.50</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.56</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">1 GBP</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2.23</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2.43</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2.33</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2.44</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2.57</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">100 JPY</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1.17</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.27</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1.24</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.40</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.57</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

</DIV><!--  &nbsp; --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<!-- link2 "Note 38 Swiss Banking Law Requirements" -->
<DIV align="left"><A NAME="104"></A></DIV>
<P><FONT size="3"><B>Note 38 Swiss Banking Law Requirements</B>
</FONT>

</DIV><!--  &nbsp; --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">The consolidated financial
statements of UBS are prepared in
accordance with International
Financial Reporting Standards.
Set out below are the deviations
which would result if the
provisions of the Banking
Ordinance and the Guidelines of
the Swiss Federal Banking
Commission governing financial
statement reporting pursuant to
Article&nbsp;23 through Article&nbsp;27 of
the Banking Ordinance were
applied in the preparation of the
consolidated financial statements
of UBS.
</FONT>

<P><FONT size="2"><B>1. Treasury shares</B>
</FONT>

<DIV align="left"><FONT size="2">Under IFRS, treasury shares are
presented in the balance sheet as
a deduction from Shareholders&#146;
equity and accounted for at
weighted average cost. Contracts
that require physical settlement
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<DIV align="left"><FONT size="2">or net share settlement in UBS AG
shares are classified in
Shareholders&#146; equity as Share
premium and accounted for at
weighted average cost. The
difference between the proceeds
from sales of treasury shares or
contracts that require physical
settlement
or contracts that
require net share settlement and
their cost (net of tax) is
reported as Share premium. The
par value of shares repurchased
and cancelled is debited to the
issued and paid up share capital
for the par value, with the
remainder of the cost of the
repurchased shares debited to
Share premium. No dividends are
paid on treasury shares.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under Swiss law, own shares
held for market-making purposes
are presented in the balance
sheet as Trading portfolio
assets. Own shares
</FONT></DIV>

</DIV><!--  &nbsp; --><P>&nbsp;<BR clear="all">


<P align="right"><FONT size="2"><B>
 157
</B></FONT>
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<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">held
for other purposes are
classified as Financial
investments and a
corresponding reserve for
own shares is established
within Shareholders&#146;
equity. All derivative
contracts on own shares
are reported as Positive
or Negative replacement
values. Traded
own shares and
derivatives on own shares
are carried at fair
value. Gains and losses
realized on disposal and
unrealized gains and
losses from changes in
the fair value are
recorded as Net trading
income. Own shares
reported within Financial
investments are reported
at the lower of cost or
market value. Reductions
to market value and
reversals of such
reductions, as well as
gains and losses on
disposal, are included in
Other income. Own shares
repurchased for
cancellation are reported
as financial investments
and accounted for at
cost. Upon cancellation,
the par value of shares
repurchased and cancelled
is debited against Share
capital for the par
value, with the remainder
of the purchase cost
debited against General
statutory reserve.
</FONT>

<P><FONT size="2"><B>2. Financial investments</B>
</FONT>

<DIV align="left"><FONT size="2">Under IFRS, available for sale
financial investments are carried
at fair value. Changes in the
fair value of available for sale
financial investments are
recorded as increases or
decreases to Shareholders&#146; equity
until an investment is sold,
collected or otherwise disposed
of, or until an investment is
determined to be impaired. At the
time an available for sale
investment is determined to be
impaired, the cumulative
unrealized loss previously
recognized in Shareholders&#146;
equity is included in net profit
or loss for the period. On
disposal of an available for sale
investment, the difference
between the net disposal proceeds
and the carrying amount,
including any previously
recognized unrealized gain or
loss arising from a change in
fair value reported within
Shareholders&#146; equity, is included
in net profit or loss for the
period.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under Swiss law financial
investments are carried at the
lower of cost or market value.
Reductions to market value and
reversals of such reductions as
well as gains and losses on
disposal are included in Other
income.
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>
&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P><FONT size="2"><B>3. Cash flow hedges</B>
</FONT>

<DIV align="left"><FONT size="2">The Group also uses derivative
instruments to hedge against the
exposure from varying cash flows
receivable and payable. Under
IFRS, when hedge accounting is
applied for these instruments,
the unrealized gain or loss on
the effective portion of the
derivatives is recorded in
Shareholders&#146; equity until the
hedged cash flows occur, at which
time the accumulated gain or loss
is realized and released to
income.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under Swiss law, the
unrealized gains or losses on the
effective portion of the
derivative instruments used to
hedge cash flow exposures are
deferred on the balance sheet.
The deferred amounts are released
to income when the hedged cash
flows occur.
</FONT></DIV>

<P><FONT size="2"><B>4. Gains/losses not recognized in the income statement</B>
</FONT>

<DIV align="left"><FONT size="2">Gains/losses not recognized in
the income statement is a
separate line within
Shareholders&#146;
equity where under IFRS
unrealized gains and losses from
currency translation, changes in
fair value of financial
investments available for sale
and of derivative instruments
designated as cash flow hedges
are reported.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under Swiss law, only foreign
currency translation differences
are reported in Shareholders&#146;
equity. The other two components
are reported according to the
methods described in captions 2.
and 3. above.
</FONT></DIV>

<P><FONT size="2"><B>5. Extraordinary income and expense</B>
</FONT>

<DIV align="left"><FONT size="2">Under IFRS, items of income and
expense can only be classified as
extraordinary if they are clearly
distinct from the ordinary
activities and their occurrence
is expected to be rare.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under Swiss law, income and
expense related to other
accounting periods and/or not
directly related to the core
business activities of the
enterprise (e. g. realized gains
or losses on sale of Investments
in associated companies or
Property and equipment) are
recorded as extraordinary income
or expense.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The significant differences
between IFRS and Swiss banking
law are as follows:
</FONT></DIV>

</DIV><!--  &nbsp; --><P>&nbsp;<BR clear="all">


<P align="left"><FONT size="2"><B>
 158
</B></FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P><FONT size="3"><B>Note 38 Swiss Banking Law Requirements (continued)</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="69%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><FONT size="1"><I>CHF million</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="10" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><FONT size="1"><B>Differences in the Balance Sheet</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><FONT size="1">Treasury shares</FONT>
</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Trading portfolio</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>371</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">128</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Financial investments</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>6,623</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,253</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Due to banks</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>23</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">24</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Negative replacement values</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(2</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Other liabilities</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>293</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Shareholders&#146; equity</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>6,680</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,357</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>


<TR valign="bottom">
    <TD colspan="2"><FONT size="1"><BR>Financial investments</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Financial investments</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(1,314</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(1,856</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Other liabilities</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(113</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(215</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Shareholders&#146; equity</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(1,201</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(1,641</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><FONT size="1"><BR>Cash flow hedges</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">
Other liabilities</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(256</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(459</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Shareholders&#146; equity</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>256</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">459</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="10" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><FONT size="1"><B>Differences in the Income Statement</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><FONT size="1">Treasury shares</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Net trading income</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(70</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(70</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Other income</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(269</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(231</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Personnel expenses</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Tax expenses</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(53</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(71</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><FONT size="1">Financial investments</FONT>
</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Other income</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(255</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(607</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><FONT size="1"><BR>Reclassification of extraordinary
income and expense</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Other income</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(350</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(95</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Extraordinary income</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>361</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">109</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">Extraordinary expense</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>11</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">14</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="10" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

</DIV><!--  &nbsp; --><P>&nbsp;<BR clear="all">


<P align="right"><FONT size="2"><B>
 159
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<!-- link2 "Reconciliation to US GAAP" -->
<DIV align="left"><A NAME="105"></A></DIV>
<P><FONT size="3"><B>Note 39 Reconciliation of International Financial Reporting Standards (IFRS)&nbsp;to United States Generally Accepted Accounting Principles (US GAAP)</B>
</FONT>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="3" color="#0865AB"><B>Note 39.1 Valuation and income recognition differences between IFRS and US GAAP</B>
</FONT></TD>
    </TR>
</TABLE>


</DIV><!--  &nbsp; --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">The consolidated financial
statements of the Group have been
prepared in accordance with IFRS.
The principles of IFRS differ in
certain respects from United
States Generally Accepted
Accounting Principles (&#147;US
GAAP&#148;). The following is a
summary of the relevant
significant accounting and
valuation differences between
IFRS and US GAAP.
</FONT>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#0865AB"><B>a. Purchase accounting (merger of Union Bank of Switzerland and Swiss Bank Corporation)</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">Under IFRS, the Group accounted
for the 1998 merger of Union Bank
of Switzerland and Swiss Bank
Corporation under the uniting of
interests method. The balance
sheets and income statements of
the banks were combined, and no
adjustments were made to the
carrying values of the assets and
liabilities. Under US GAAP, the
business combination creating UBS
AG is accounted for under the
purchase method with Union Bank
of Switzerland being considered
the acquirer. Under the purchase
method, the cost of acquisition
is measured at fair value and the
acquirer&#146;s interests in
identifiable tangible assets and
liabilities of the acquiree are
restated to fair values at the
date of acquisition. Any excess
consideration paid over the fair
value of net tangible assets
acquired is allocated, first to
identifiable intangible assets
based on their fair values, if
determinable, with the remainder
allocated to goodwill.
</FONT>

<P><FONT size="2"><B>Goodwill and intangible assets</B>
</FONT>

<DIV align="left"><FONT size="2">For US GAAP purposes, the excess
of the consideration paid for
Swiss Bank Corporation over the
fair value of the net tangible
assets received has been recorded
as goodwill and was amortized on a
straight line basis using a
weighted average life of 13&nbsp;years
from 29 June&nbsp;1998 to 31 December
2001.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under US GAAP until 31
December&nbsp;2001, goodwill acquired
before 30 June&nbsp;2001 was
capitalized and amortized over
its estimated useful life with
adjustments for any impairment.
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On 1 January&nbsp;2002, the Group
adopted SFAS 141, &#147;Business
Combinations&#148; and SFAS 142,
&#147;Goodwill and Other Intangible
Assets&#148;. SFAS 141 requires
reclassification of intangible
assets to goodwill which no
longer meet the recognition
criteria under the new standard.
SFAS 142 requires that goodwill
and intangible assets with
indefinite lives no longer be
amortized but be tested annually
for impairment. Identifiable
intangible assets with finite
lives will continue to be
amortized.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon adoption, the
amortization charges related to
the 1998 business combination of
Union Bank of Switzerland and
Swiss Bank Corporation ceased to
be recorded under US GAAP. For
the year ended 31 December&nbsp;2002,
these charges would have been CHF
1,477&nbsp;million.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2002 and 2001, goodwill
recorded under US GAAP was
reduced by CHF 43&nbsp;million and CHF
53&nbsp;million respectively, due to
recognition of deferred tax
assets of Swiss Bank Corporation
which had previously been subject
to valuation reserves.
</FONT></DIV>

<P><FONT size="2"><B>Other purchase accounting adjustments</B>
</FONT>

<DIV align="left"><FONT size="2">The restatement of Swiss Bank
Corporation&#146;s net assets to fair
value in 1998 resulted in
decreasing net tangible assets by
CHF 1,077&nbsp;million for US GAAP.
This amount is being amortized
over periods ranging from two
years to 20&nbsp;years.
</FONT></DIV>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#0865AB"><B>b. Reversal of IFRS goodwill amortization</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">The adoption of SFAS 142 &#147;Goodwill
and Intangible Assets&#148; resulted in
two new reconciling items 1)
Intangible assets on the IFRS
Balance sheet with a book value of
CHF 1.8&nbsp;billion at 31 December
2001 were reclassified to goodwill
for US GAAP. 2) The amortization
of IFRS goodwill and the
intangible assets reclassified to
goodwill for US GAAP (CHF 1,017
million for the year ended 31
December&nbsp;2002) was reversed for US
GAAP.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Had the Group been required
to adopt SFAS 142 for its US GAAP
Financial Statements in prior
years, reported Net profit and
Earnings per share would have
been as follows:
</FONT></DIV>

</DIV><!--  &nbsp; --><P>&nbsp;<BR clear="all">


<P align="left"><FONT size="2"><B>
 160
</B></FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="70%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1"><I>CHF million, except for per share data</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">For the year ended</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Reported Net profit under US GAAP</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>5,546</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,234</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,437</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>


<TR>
    <TD><FONT size="1">Add back: SBC purchase accounting goodwill</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,657</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,679</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Add back: Amortization of intangibles reclassified to goodwill
for US GAAP and/or IFRS goodwill</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">886</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">315</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Adjusted net profit under US GAAP</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>5,546</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5,777</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6,431</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Reported basic earnings per share under US GAAP</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4.59</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2.58</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.70</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR>
    <TD><FONT size="1">Add back: SBC purchase accounting goodwill</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0.00</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.32</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.40</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Add back: Amortization of intangibles reclassified to goodwill
for US GAAP and/or IFRS goodwill</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0.00</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.71</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.26</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Adjusted basic earnings per share under US GAAP</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4.59</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.61</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5.36</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Reported diluted earnings per share under US GAAP</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4.51</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2.46</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.64</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR>
    <TD><FONT size="1">Add back: SBC purchase accounting goodwill</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0.00</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.30</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.38</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Add back: Amortization of intangibles reclassified to goodwill
for US GAAP and/or IFRS goodwill</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0.00</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.70</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.26</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Adjusted diluted earnings per share under US GAAP</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4.51</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.46</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5.28</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<P align="left"><FONT size="2">The table below shows the estimated, aggregated amortization expenses
for other intangible assets, which are still subject to an annual
amortization, on a US GAAP basis:
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="90%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1"><I>CHF million</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="5" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Estimated, aggregated amortization expense for:</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>116</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2004</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>97</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2005</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>93</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2006</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>80</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2007</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>71</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">2008 and thereafter</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>765</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="5" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Total</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,222</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="5" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

</DIV><!--  &nbsp; --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#0865AB"><B>c. Restructuring provision</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">Under IFRS, restructuring
provisions are recognized when a
legal or constructive obligation
has been incurred. In 1997, the
Group recognized
a CHF 7,000&nbsp;million restructuring
provision to cover personnel, IT,
premises and other costs
associated with combining and
restructuring the merged Group. A
further CHF 300&nbsp;million provision
was recognized in 1999,
reflecting the impact of
increased precision in the
estimation of certain leased and
owned property costs.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under US GAAP, the criteria
for establishing restructuring
provisions were more stringent
than under IFRS prior to 2000. For
US GAAP, the aggregate CHF 7,300
million restructuring provision
was reversed. As a result of the
business combination with Swiss
Bank Corporation and the decision
to combine and streamline certain
activities of the banks for the
purpose of reducing costs and
improving efficiencies, Union Bank
of Switzerland recognized a
restruc-
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">turing provision of CHF
1,575&nbsp;million during 1998 for US
GAAP. CHF 759&nbsp;million of this
provision related to estimated
costs for restructuring the
operations and activities of Swiss
Bank Corporation, and that amount
was recorded as a liability of the
acquired business. The remaining
CHF 816&nbsp;million of estimated costs
were charged to restructuring
expense during 1998. The US GAAP
restructuring provision was
increased by CHF 600&nbsp;million and
CHF 130&nbsp;million in 1999 and 2000,
respectively.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During 2001, CHF 112&nbsp;million
restructuring costs were expensed
as incurred under US GAAP. These
costs were already part of the
restructuring provision under
IFRS, but were not eligible for
recognition under US GAAP until
2001. The restructuring plan was
completed and the remaining
balance of the US GAAP
restructuring provision was used
substantially in accordance with
previously disclosed plans. At 31
December&nbsp;2001, the restructuring
provision for both IFRS and US
GAAP had been fully utilized.
</FONT></DIV>

</DIV><!--  &nbsp; --><P>&nbsp;<BR clear="all">


<P align="right"><FONT size="2"><B>
 161
</B></FONT>
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<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#0865AB"><B>d. Derivative instruments</B>
</FONT></TD>
    </TR>
</TABLE>


<P><FONT size="2"><B>Derivative instruments held or issued for hedging activities</B>
</FONT>

<DIV align="left"><FONT size="2">Prior to 1 January&nbsp;2001, the
Group applied no hedge accounting
for derivative instruments under
US GAAP. As a result, all
derivative instruments were
carried on the balance sheet at
fair value, with changes in fair
value recorded in the Income
statement. Under IFRS, the Group
accounted for derivative
instruments hedging non-trading
positions in the Income statement
using the accrual or deferral
method, which was the same as the
accounting methodology applied to
the underlying item hedged.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On 1 January&nbsp;2001, the Group
adopted IAS 39 for its IFRS
Financial Statements and SFAS
133, &#147;Accounting for Derivative
Instruments and Hedging
Activities&#148; for its US GAAP
Financial Statements. These
standards introduce new rules for
the accounting and reporting of
derivative instruments, including
certain derivative instruments
embedded in other contracts, and
of hedging activities. The
adoption of SFAS 133 did not
result in any transition items
for the Group on 1 January&nbsp;2001
as the Group previously did not
apply hedge accounting under
US GAAP for derivative
instruments.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With the adoption of IAS 39
on 1 January&nbsp;2001, an opening
adjustment was made in 2001 to
reduce Retained earnings by CHF
61&nbsp;million, consisting of CHF 19
million reflecting the impact of
the new hedge accounting rules
and CHF 42&nbsp;million reflecting the
impact of remeasuring assets to
either amortized cost or fair
value as required under the
standard. For US GAAP purposes,
the first adjustment was not
required (because all derivatives
were previously recorded in the
Income statement) and was
reversed, and the second
adjustment was recorded in the
Income statement.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under IAS 39, the Group is
permitted to hedge interest rate
risk based on forecasted cash
inflows and outflows on a group
basis. For this purpose, the
Group accumulates information
about financial assets, financial
liabilities, and forward
commitments which is then used to
estimate and aggregate cash flows
and to schedule the future
periods in which these cash flows
are expected to occur.
Appropriate derivative
instruments are then used to
hedge the estimated future cash
flows. SFAS 133 does not permit
hedge accounting for hedges of
future cash flows determined by
this methodology.
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<DIV align="left"><FONT size="2">Accordingly, for US GAAP such
items continue to be carried at
fair value with changes in fair
value recognized in Net trading
income.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since 1 January&nbsp;2001, the
Group&#146;s derivative hedging
relationships have been treated
the same under both IFRS and US
GAAP, except for hedges of
interest rate risk of forecasted
cash flows on a group basis as
mentioned in the previous
paragraph.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, amounts
deferred under previous hedging
relationships that now do not
qualify as hedges under IAS 39
are being amortized against IFRS
net profit over the remaining
life of the hedging relationship.
Such amounts have been reversed
for US GAAP as they have never
been treated as hedges.
</FONT></DIV>

<P><FONT size="2"><B>Derivative instruments indexed to UBS shares</B>
</FONT>

<DIV align="left"><FONT size="2">US GAAP, like IFRS, generally
requires that derivatives indexed
to a company&#146;s own stock be
recorded as an equity instrument
if settlement is required in
actual shares or the company has
the choice to settle the contract
by delivery or receipt of its own
shares. If, however, the
derivative contract requires cash
settlement or the counterparty
may choose cash settlement, then
the derivative must be classified
as an asset or liability, with
changes in fair value recorded in
income.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset or liability
classification is also required
under US GAAP if a company may
not have sufficient issuable
shares available to settle a
contract in its own shares. This
is determined by the maximum
number of shares a company could
be forced to issue to settle a
contract. Under IFRS, however,
such contracts are recorded in
Shareholders&#146; equity.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2001 and
2000, the Group had no contracts
for which the accounting
treatment under US GAAP differed
from IFRS, and there was no
reconciling item for these
derivative instruments. In 2002,
however, the Group issued
net-share settled put options as
part of its share repurchases in
2002. Such contracts are recorded
under IFRS in Shareholders&#146;
equity and under US GAAP as a
liability with changes in fair
value reflected in Net income.
Such contracts increased US GAAP
Net income by CHF 12&nbsp;million in
2002.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS Warburg acts as a
liquidity provider to the equity
futures markets and as a market
maker in UBS shares and
derivatives. Trading income of
CHF 125&nbsp;million under IFRS (CHF
137&nbsp;million under US GAAP) in
2002, CHF 261&nbsp;million under both
IFRS and US GAAP in 2001 and CHF
</FONT></DIV>

</DIV><!--  &nbsp; --><P>&nbsp;<BR clear="all">


<P align="left"><FONT size="2"><B>
 162
</B></FONT>
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<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<DIV align="left"><FONT size="2">42&nbsp;million under both IFRS and US
GAAP in 2000 was recorded in the
financial statements from trading
in cash settled derivative
instruments indexed to UBS
shares.
</FONT></DIV>

<P><FONT size="2"><B>Bifurcation of embedded issuer calls out of structured debt instruments</B>
</FONT>

<DIV align="left"><FONT size="2">The Group issues certain
structured debt instruments that
contain an embedded issuer call
option. If the embedded
derivatives contained in the
structured debt are not clearly
and closely related to the host
debt instrument, IFRS requires
that a combined derivative is
separated, including the issuer
call, and accounted for as a
stand alone derivative contract.
Under US GAAP, however, certain
issuer calls must remain with the
host contract and are therefore
not separated. The impact of not
separating these issuer call
features was to reduce US GAAP
Net income by CHF 55&nbsp;million
before tax at 31 December&nbsp;2002.
</FONT></DIV>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#0865AB"><B>e. Financial investments<BR>
(prior to the adoption of IAS 39)</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">Prior to the adoption of IAS 39
on 1 January&nbsp;2001, financial
investments were classified as
either current investments or
long-term investments under IFRS.
The Group considered current
financial investments to be held
for sale and carried at lower of
cost or market value (&#147;LOCOM&#148;).
The Group accounted for long-term
financial investments at cost,
less any impairments. Under US
GAAP, the Group&#146;s financial
investments are classified as
available for sale (debt and
marketable equity securities),
and are carried at fair value
with changes in fair value
recorded in Other comprehensive
income. Gains and losses are
recognized in Net profit in the
period sold, and losses are
recognized in the period of
impairment for IFRS and US GAAP.
For the IFRS to US GAAP
reconciliation, debt and
marketable equity securities were
adjusted from LOCOM to fair value
and classified as available for
sale investments. Unrealized
gains or unrealized losses
relating to these investments
were recorded in Other
comprehensive income.
</FONT>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#0865AB"><B>f. Financial investments and private equity</B>
</FONT></TD>
    </TR>
</TABLE>


<P><FONT size="2"><B>Financial investments available for sale</B>
</FONT>

<DIV align="left"><FONT size="2">With the adoption of IAS 39 on 1
January&nbsp;2001, the accounting for
financial investments avail-
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<DIV align="left"><FONT size="2">able
for sale generally became the
same under IFRS
and US GAAP. Three exceptions
exist, however: 1) Non-marketable
equity financial investments
(excluding private equity
investments discussed below),
which are classified as available
for sale and carried at fair
value under IFRS, continue to be
carried at cost less &#147;other than
temporary&#148; impairments under US
GAAP. The opening adjustment and
subsequent changes in fair value
recorded directly in
Shareholders&#146; equity on
non-marketable equity financial
instruments due to the
implementation on IAS 39 have
been reversed under US GAAP to
reflect the difference between
the two standards in measuring
such investments. 2) Write-downs
on impaired assets can be fully
or partially reversed under IFRS
if the value of the impaired
assets increases. Such reversals
of impairment write-downs are not
allowed under US GAAP. Reversals
under IFRS were not significant
in 2002 or 2001. 3) Private
equity investments, as described
below.
</FONT></DIV>

<P><FONT size="2"><B>Private equity investments</B>
</FONT>

<DIV align="left"><FONT size="2">Since the adoption of IAS 39 on 1
January&nbsp;2001, the Group has
accounted for private equity
investments as available for sale
securities in its primary
Financial Statements under IFRS,
with changes in fair value
recognized in Shareholders&#146;
equity. Under US GAAP, these
investments continued to be
accounted for at cost less &#147;other
than temporary&#148; impairments.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On 1 January&nbsp;2002, the Group
adopted the provisions of
Statement of Financial Accounting
Standards (&#147;SFAS&#148;) 144
&#147;Accounting for the Impairment or
Disposal of Long-Lived Assets&#148;
for its US GAAP Financial
Statements. The statement
primarily addresses financial
accounting and reporting for the
impairment or disposal of
long-lived assets. In addition,
SFAS 144 eliminated the exception
to consolidation for subsidiaries
for which control is likely to be
temporary, as previously
contained in Accounting Research
Bulletin
51 &#147;Consolidated Financial
Statements&#148; as amended by SFAS 94
&#147;Consolidation of All
Majority-Owned Subsidiaries&#148;.
Therefore, on adopting SFAS 144,
the Group changed its US GAAP
accounting for certain private
equity investments by accounting
for those investments held within
separate investment subsidiaries
in accordance with the &#147;AICPA
Audit and Accounting Guide,
Audits of Investment Companies&#148;.
The effect of this change for US
GAAP reporting pur-
</FONT></DIV>

</DIV><!--  &nbsp; --><P>&nbsp;<BR clear="all">


<P align="right"><FONT size="2"><B>
 163
</B></FONT>
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<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">poses is that certain
private equity
investments are now
recorded at fair value,
with changes in fair
value recognized in US
GAAP net profit. The
remaining private equity
investments continue to
be accounted for at cost
less impairment.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the IFRS to US GAAP
reconciliation, fair value
adjustments on certain private
equity investments recorded
directly in Shareholders&#146; equity
under IFRS had to be shown in the
Income statement for US GAAP
purposes. At 1 January&nbsp;2002, the
date of adoption of SFAS 144, the
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">&nbsp;<BR>
&nbsp;
</FONT>

<P align="left"><FONT size="2">&nbsp;
</FONT>

<P align="left"><FONT size="2">cumulative effect of this
change in accounting on US GAAP
net profit was an increase of CHF
639&nbsp;million, after tax. For the
year ended 31 December&nbsp;2002, the
effect of applying the new
standard on the reconciliation of
IFRS net profit to US GAAP was to
increase US GAAP net profit by an
additional CHF 83&nbsp;million, after
tax.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The pro-forma Net profit
assuming that the change in
accounting principle were applied
retroactively for all periods
presented, would be as follows:
</FONT></DIV>

</DIV><!--  &nbsp; --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1"><I>CHF million, except for per share data</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">For the year ended</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31.12.02</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Net profit under US GAAP</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4,907</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,763</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5,523</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Basic earnings per share</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4.06</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2.21</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.61</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Diluted earnings per share</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3.99</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2.09</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.53</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<P align="left"><FONT size="2">See Note 2 for information regarding impairment charges recorded for private
equity investments.
</FONT>

<P align="left"><FONT size="2">&nbsp;
</FONT>

</DIV><!--  &nbsp; --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#0865AB"><B>g. Retirement benefit plans</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">Under IFRS, the Group recognizes
pension expense based on a
specific method of actuarial
valuation used to determine the
projected plan liabilities for
accrued service, including future
expected salary increases, and
expected return on plan assets.
Plan assets are recorded at fair
value and are held in a separate
trust to satisfy plan
liabilities. Under IFRS the
recognition of a prepaid asset is
subject to certain limitations,
and any unrecognized prepaid
asset is recorded as pension
expense. US GAAP does not allow a
limitation on the recognition of
prepaid assets recorded in the
Balance Sheet.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under US GAAP, pension
expense is based on the same
actuarial method of valuation of
liabilities and assets as under
IFRS. Differences in the amounts
of expense and liabilities (or
prepaid assets) exist due to
different transition date rules,
stricter provisions for
recognition of a prepaid asset,
and the treatment of the 1998
merger of Union Bank of
Switzerland and Swiss Bank
Corporation.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, under US GAAP,
if the fair value of plan assets
falls below the accumulated
benefit obligation (current value
of accrued benefits without
allowance for future salary
increases), an additional minimum
liability must be shown in the
balance sheet. If an additional
minimum
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">liability is recognized,
an equal amount will be
recognized as an intangible asset
up to the amount of any
unrecognized past service cost.
Any amount not recognized as an
intangible asset is reported in
Other comprehensive income. The
additional minimum liability
required under US GAAP before tax
amounts to CHF 1,225&nbsp;million and
CHF 306&nbsp;million as at 31 December
2002 and 2001, respectively. The
amount recognized in intangible
assets was CHF 2&nbsp;million and CHF
3&nbsp;million and the amount
recognized in Other comprehensive
income was CHF 1,223&nbsp;million,
before taxes and CHF 303&nbsp;million,
before taxes as at 31 December
2002 and 2001 respectively.
</FONT>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#0865AB"><B>h. Other employee benefits</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">Under IFRS, the Group has
recorded expenses and liabilities
for post-retirement, medical and
life insurance benefits,
determined under a
methodology similar to that
described above under retirement
benefit plans.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under US GAAP, expenses and
liabilities for post-retirement
medical and life insurance
benefits are determined under the
same methodology as under IFRS.
Differences in the levels of
expenses and liabilities have
occurred due to different
transition date rules and the
treatment of the merger of Union
Bank of Switzerland and Swiss
Bank Corporation under the
purchase method.
</FONT></DIV>

</DIV><!--  &nbsp; --><P>&nbsp;<BR clear="all">


<P align="left"><FONT size="2"><B>
 164
</B></FONT>
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<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#0865AB"><B>i. Equity participation plans</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">IFRS does not specifically
address the recognition and
measurement requirements for
equity participation plans.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US GAAP permits the
recognition of compensation cost
on the grant date for the
estimated fair value of equity
instruments issued (SFAS 123) or
based on the intrinsic value of
equity instruments issued
(Accounting Principles Board
&#147;APB&#148; No.&nbsp;25), with the
disclosure of the pro-forma
effects of equity participation
plans on net profit and earnings
per share, as if the fair value
had been recorded on the grant
date. Under IFRS, the Group
recognizes only intrinsic values
at the grant date with subsequent
changes in value not recognized.
Under US GAAP, the Group applies
the APB No.&nbsp;25 intrinsic value
method, which requires
adjustments to intrinsic values
subsequent to the grant date in
certain circumstances.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The shares and other
diversified instruments of the
Group&#146;s equity participation plans
are held in trusts on behalf of
the participants. Certain of these
trusts are recorded on the Group&#146;s
balance sheet for US GAAP
presentation, the effect of which
is to increase assets by CHF 396
million and CHF 1,485&nbsp;million,
liabilities by CHF 429&nbsp;million and
CHF 1,607&nbsp;million, and decrease
Shareholders&#146; equity by CHF 33
million and CHF 122&nbsp;million (for
UBS AG shares held by the trusts
which are treated as treasury
shares) at 31 December&nbsp;2002 and
2001 respectively.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For US GAAP,
certain of the Group&#146;s option
awards have been determined to be
variable pursuant to APB No.&nbsp;25,
primarily because they may be
settled in cash or because the
Group has offered to hedge the
value of the award. The effect of
applying variable accounting to
the option awards in the US GAAP
reconciliation for the years ended
31 December&nbsp;2002, 2001 and 2000,
is a CHF 51&nbsp;million decrease in
compensation expense, CHF 30
million decrease in compensation
expense and CHF 85&nbsp;million
increase in compensation expense,
respectively. In addition, certain
of the Group&#146;s share plans have
been deemed variable under APB No.
25 or required a new expense
measurement date due to
diversification or cash settlement
of awards. Additional expense was
also recorded related to social
tax payments on exercised options
recorded directly in Shareholders&#146;
equity for IFRS. For US GAAP, the
net effect of these transactions
is
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>
&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<DIV align="left"><FONT size="2">a decrease to compensation
expense of CHF 12&nbsp;million, an
increase to compensation expense
of CHF 41&nbsp;million and an increase
to compensation
expense of CHF 82&nbsp;million for
the years ended 31 December&nbsp;2002,
2001 and 2000, respectively.
</FONT></DIV>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#0865AB"><B>j. Software capitalization</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">Under IFRS, effective 1 January
2000, certain costs associated
with the acquisitions or
development of internal use
software must be capitalized. Once
the software is ready for its
intended use, the costs
capitalized are amortized to the
Income statement over the
estimated life of the software.
Under US GAAP, the same principle
applies, however this standard was
effective 1 January&nbsp;1999. For US
GAAP, the costs associated with
the acquisition or development of
internal use software that met the
US GAAP software capitalization
criteria in 1999 have been
reversed from Operating expenses
and amortized over a life of two
years from the time that the
software is ready for its intended
use. From 1 January&nbsp;2000, the only
remaining reconciliation item is
the amortization of software
capitalized in 1999 for US GAAP
purposes. At 31 December&nbsp;2002,
this amount was fully utilized and
there is no longer a difference
between IFRS and US GAAP.
</FONT>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#0865AB"><B>k. Recently issued US accounting standards</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">In April&nbsp;2002, the Financial
Accounting Standards Board (FASB)
issued SFAS No.&nbsp;145, &#147;Rescission
of FASB Statements No.&nbsp;4, 44, and
64, Amendment of FASB Statement
No.&nbsp;13, and Technical
Corrections&#148;. The new standard is
effective for fiscal years
beginning after 15 May&nbsp;2002. UBS
will adopt the new standard for
its fiscal year 2003, but does
not expect that it will have a
significant effect on the
financial statements.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In June&nbsp;2002, the FASB
issued SFAS No.&nbsp;146, &#147;Accounting
for Costs Associated with Exit or
Disposal Activities&#148;. SFAS No.
146 addresses primarily
recognition and measurement of
cost for employee termination
benefits, contract terminations,
closure or consolidation of
facilities, relocation, and
similar items associated with
exit or disposal activities. The
new standard requires that a
liability for such costs should
be recog-
</FONT></DIV>

</DIV><!--  &nbsp; --><P>&nbsp;<BR clear="all">


<P align="right"><FONT size="2"><B>
 165
</B></FONT>
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<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">nized at its fair value
in the period in which
the liability is incurred
and not at the time an
entity commits to an exit
or disposal plan. SFAS
No.&nbsp;146 is applicable
prospectively for exit or
disposal activities
initiated after 31
December&nbsp;2002. UBS does
not expect that the new
standard will have a
significant impact on its
financial statements.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In December&nbsp;2002, the FASB
issued SFAS No.&nbsp;148, &#147;Accounting
for Stock-based Compensation -
Transition and Disclosure&#148;, an
amendment of FASB Statement No.
123, which was effective for
financial years ending after 15
December&nbsp;2002. UBS adopted SFAS
No.&nbsp;148 for the year ended 31
December&nbsp;2002. The new standard
requires additional disclosures
in respect to pro-forma
disclosures had the fair value
based method for
valuing employee stock
option awards been applied. These
additional disclosures are
included in Note 32. Other than
additional disclosures, SFAS No.
148 currently has no impact on
the financial statements.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In January&nbsp;2003, the FASB
issued FASB Interpretation (FIN)
No.&nbsp;46, &#147;Consolidation of
Variable Interest Entities&#148;, an
interpretation of Accounting
Research Bulletin No.&nbsp;51. FIN 46
applies to certain entities in
which equity investors do not
have the characteristics of a
controlling financial interest or
do not have sufficient equity at
risk for the entity to finance
its activities without additional
subordinated financial support
from other parties. Such entities
are called variable interest
entities (VIE)&nbsp;under the new
interpretation, which requires
consolidation of a VIE if the
variable interest either absorbs
the majority of the expected
losses, or receives the majority
of the expected gains, or both.
FIN 46 applies to all VIEs
created before 1 February&nbsp;2003 no
later than the beginning of the
first interim or annual reporting
period beginning after 15 June
2003. The new interpretation
applies immediately to all VIEs
created after 31 January&nbsp;2003.
FIN 46 also establishes
disclosure requirements
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">&nbsp;<BR>
&nbsp;
</FONT>

<P align="left"><FONT size="2">&nbsp;
</FONT>

<P align="left"><FONT size="2">for VIEs
that an enterprise will
consolidate or in which it will
have a significant variable
interest. These disclosure
requirements became effective for
financial statements issued after
31 January&nbsp;2003 and are provided
in Note 40.2.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In November&nbsp;2002, the
Emerging Issues Task Force (EITF)
reached a consensus on EITF Issue
No.&nbsp;02-3, &#147;Issues Involved in the
Accounting for Derivative
Contracts Held for Trading
Purposes and Contracts Involved
in Energy Trading and Risk
Management&#148;. The consensus
precludes mark-to-market
accounting for energy trading
contracts that are not
derivatives pursuant to SFAS No.
133, &#147;Accounting for Derivative
Instruments and Hedging
Activities&#148;. UBS has adopted the
provisions of EITF Issue 02-3
related to energy trading
contracts as at 1 January&nbsp;2003
for contracts that existed on or
before 25 October&nbsp;2002, the date
when this consensus was issued.
For contracts entered into after
25 October&nbsp;2002, the consensus
was applied with immediate
effect. The effect of adoption
was not material either for
contracts entered into after or
those that existed on 25 October
2002.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in EITF Issue 02-3
is the FASB staff&#146;s view that an
entity should not recognize an
unrealized gain or loss at
inception of a derivative
instrument unless the fair value
of that instrument is obtained
from a quoted market price in an
active market or is otherwise
evidenced by comparison to
observable market data. Management
is in the process of completing
the evaluation of the impact of
this view on the Group&#146;s financial
condition and profit. As required,
the Group applied this view to
transactions entered into after
the effective date of 21 November
2002. The impact was not
significant. The impact of this
issue is dependent upon the level
of transactions executed that rely
on data not observable in the
market. Accordingly, it is not
possible to project the
impact this matter could have on
the Group&#146;s 2003 financial
statements.
</FONT></DIV>

</DIV><!--  &nbsp; --><P>&nbsp;<BR clear="all">


<P align="left"><FONT size="2"><B>
 166
</B></FONT>
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<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="3" color="#0865AB"><B>Note 39.2 Reconciliation of IFRS Shareholders&#146; equity and Net profit to US GAAP</B>
</FONT></TD>
    </TR>
</TABLE>


<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

<TD nowrap align="center" colspan="6"><FONT size="1">Shareholders&#146; equity</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="10"><FONT size="1">Net profit</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Note 39.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="6"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="10"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1"><I>CHF million</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Reference</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Amounts determined in accordance
with IFRS</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>38,991</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">43,530</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3,535</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,973</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7,792</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Adjustments in respect of:</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">SBC purchase accounting goodwill and other
purchase accounting adjustments</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">a</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>15,285</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">15,413</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(128</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(1,614</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(1,669</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Reversal of IFRS goodwill amortization</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">b</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,017</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,017</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Restructuring provision</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">c</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(112</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(238</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Derivative instruments</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">d</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB">(<B>138</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(169</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>354</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">25</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(1,353</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Financial investments (prior to the
adoption of IAS 39)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">e</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">28</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Financial investments and private equity</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">f</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(30</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(709</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>767</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Retirement benefit plans</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">g</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>621</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,714</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(156</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">119</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">59</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Other employee benefits</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">h</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(1</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(8</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>7</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Equity participation plans</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">i</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(164</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(186</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>63</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(12</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(167</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Software capitalization</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">j</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">60</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(60</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(169</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(160</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Tax adjustments</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(5</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(363</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>147</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">16</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">137</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Total adjustments</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>16,585</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">15,752</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2,011</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(1,739</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(3,355</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Amounts determined in accordance
with US GAAP</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>55,576</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">59,282</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>5,546</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,234</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,437</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

</DIV><!--  &nbsp; --><P>&nbsp;<BR clear="all">

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="3" color="#0865AB"><B>Note 39.3 Earnings per share</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">Under both IFRS and US GAAP, basic earnings per share (&#147;EPS&#148;) is computed by
dividing income available to common shareholders by the weighted-average number
of common shares outstanding. Diluted EPS includes the determinants of basic
EPS and, in addition, gives effect to dilutive potential common shares that
were outstanding during the period.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The computations of basic and diluted EPS for the years ended 31 December
2002, 31 December&nbsp;2001 and 31 December&nbsp;2000 are presented in the following
table.
</FONT></DIV>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="1"><FONT color="#0865AB"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="6"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="6"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="6"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1">For the year ended</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>US GAAP</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>IFRS</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">US GAAP</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">IFRS</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">US GAAP</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">IFRS</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Net profit available for ordinary shares (CHF million)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>5,546</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3,535</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,234</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,973</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,437</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7,792</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Net profit for diluted EPS (CHF million)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>5,520</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3,515</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,135</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,874</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,423</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7,778</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Weighted-average shares outstanding</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,208,055,132</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,208,586,678</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,251,180,815</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,266,038,193</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,198,680,193</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,209,087,927</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Diluted weighted average shares outstanding</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,222,862,165</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,223,382,942</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,273,720,560</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,288,577,938</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,215,169,966</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,225,577,700</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Basic earnings per share (CHF)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4.59</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2.92</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2.58</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.93</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.70</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6.44</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Diluted earnings per share (CHF)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4.51</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2.87</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2.46</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.78</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.64</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6.35</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>


<P align="right"><FONT size="2"><B>
 167
</B></FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P>
<FONT size="3" color="#0865AB"><B>Note 39.4 Presentation differences between IFRS and US GAAP</B></FONT>


</DIV><!--  &nbsp; --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">In addition to the differences in
valuation and income recognition,
other differences, essentially
related to presentation, exist
between IFRS and US GAAP.
Although there is no impact on
IFRS and US GAAP reported
Shareholders&#146; equity and Net
profit due to these differences,
it may be useful to understand
them to interpret the financial
statements presented in
accordance with US GAAP. The
following is a summary of
presentation differences that
relate to the basic IFRS
financial statements.
</FONT>

<P><FONT size="2"><B>1. Settlement date vs. trade date accounting</B>
</FONT>

<DIV align="left"><FONT size="2">The Group&#146;s transactions from
securities activities are
recorded under IFRS on the
settlement date. This results in
recording a forward transaction
during the period between the
trade date and the settlement
date. Forward positions relating
to trading activities are
revalued to fair value and any
unrealized profits and losses are
recognized in Net profit.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under US GAAP, trade date
accounting is required for spot
purchases and sales of
securities. Therefore, all such
transactions with a trade date on
or before the balance sheet date
with a settlement date after the
balance sheet date have been
recorded at trade date for US
GAAP. This has resulted in
receivables and payables to
broker-dealers and clearing
organizations recorded in Other
assets and Other liabilities in
the US GAAP Balance sheet.
</FONT></DIV>

<P><FONT size="2"><B>2. Financial investments</B>
</FONT>

<DIV align="left"><FONT size="2">Under IFRS, the Group&#146;s private
equity investments and
non-marketable equity financial
investments are included in
Financial investments. For US
GAAP presentation, non-marketable
equity financial investments are
reclassified to Other assets, and
private equity investments are
shown separately on the Balance
sheet.
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P><FONT size="2"><B>3. Securities received as proceeds in a securities for securities lending transaction</B>
</FONT>

<DIV align="left"><FONT size="2">When the Group acts as the lender
in a securities lending agreement
and receives securities as
collateral that can be pledged or
sold, it recognizes the
securities received and a
corresponding obligation to
return them. These securities are
reflected on the US GAAP balance
sheet in the line &#147;Securities
received as collateral&#148; on the
asset side of the balance sheet.
The offsetting liability is
presented in the line &#147;Obligation
to return securities received as
collateral&#148;.
</FONT></DIV>

<P><FONT size="2"><B>4. Reverse repurchase, repurchase, securities borrowing and securities lending transactions</B>
</FONT>

<DIV align="left"><FONT size="2">The Group enters into certain
specific reverse repurchase,
repurchase, securities borrowing
and securities lending
transactions that result in a
difference between IFRS and US
GAAP. Under IFRS, they are
considered borrowing and lending
transactions which are not
reflected in the balance sheet
except to the extent of cash
collateral advanced or received.
Under US GAAP, however, they are
considered purchase and sale
transactions due to the fact that
the contracts do not meet
specific collateral or margining
requirements under SFAS 140. Due
to the different treatment of
these transactions under IFRS and
US GAAP, interest income and
expense recorded under IFRS must
be reclassified to Net trading
income or Other income for US
GAAP. Additionally under US GAAP,
the securities received are
recognized on the balance sheet
as a spot purchase (Trading
portfolio assets) with a
corresponding forward sale
transaction
(Replacement values) and a
receivable (Cash collateral on
securities borrowed) is
reclassified, as applicable. The
securities delivered are
recognized as a spot sale
(Trading portfolio liabilities)
with a corresponding forward
repurchase transaction
(Replacement values) and a
liability (Cash collateral on
securities lent) is reclassified,
as applicable.
</FONT></DIV>

</DIV><!--  &nbsp; --><P>&nbsp;<BR clear="all">


<P align="left"><FONT size="2"><B>
 168
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="3" color="#0865AB"><B>Note 39.5 Consolidated Income Statement</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">The following is a Consolidated Income Statement of the Group, for the
years ended 31 December&nbsp;2002, 31 December&nbsp;2001 and 31 December&nbsp;2000,
restated to reflect the impact of valuation and income recognition
differences and presentation differences between IFRS and US GAAP.
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="39%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="1"><FONT color="#0865AB"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1"><I>CHF million</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="6"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="6"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="6"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1">For the year ended</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Reference</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>US GAAP</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>IFRS</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">US GAAP</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">IFRS</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">US GAAP</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">IFRS</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="29" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Operating income</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Interest income</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">a, d, 4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>39,679</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>39,963</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">51,907</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">52,277</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">51,565</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">51,745</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Interest expense</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">a, 4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(29,334</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(29,417</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(44,096</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(44,236</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(43,584</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(43,615</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="29" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Net interest income</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>10,345</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>10,546</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7,811</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8,041</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7,981</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8,130</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Credit loss expense/(recovery)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(206</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(206</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(498</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(498</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">130</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">130</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="29" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Net interest income after credit loss
expense/(recovery)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>10,139</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>10,340</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7,313</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7,543</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8,111</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8,260</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="29" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Net fee and commission income</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>18,221</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>18,221</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">20,211</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">20,211</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">16,703</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">16,703</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Net trading income</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">d, 4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>6,031</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>5,572</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8,959</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8,802</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8,597</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">9,953</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Other income<SUP>1</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">e, f, 4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>96</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(12</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">534</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">558</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,514</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,486</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="29" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Total operating income</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>34,487</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>34,121</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">37,017</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">37,114</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">34,925</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">36,402</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="29" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Operating expenses</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Personnel expenses</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" nowrap><FONT size="1">c, g, h, i</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>18,610</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>18,524</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">19,713</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">19,828</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">17,262</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">17,163</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">General and administrative expenses</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">c</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>7,072</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>7,072</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7,631</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7,631</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6,813</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6,765</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Depreciation of property
and equipment</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">a, j</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,613</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,521</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,815</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,614</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,800</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,608</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Amortization of goodwill</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">a, b</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>930</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,484</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,025</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,018</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">533</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Amortization of other
intangible assets</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">b</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,443</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,530</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">298</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">298</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">134</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">134</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Restructuring costs</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">c</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">112</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">191</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="29" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Total operating expenses</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>28,738</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>29,577</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">32,053</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">30,396</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">28,218</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">26,203</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="29" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Operating profit/(loss)
before tax and minority interests</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>5,749</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4,544</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,964</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6,718</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6,707</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">10,199</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="29" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Tax expense/(benefit)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>511</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>678</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,386</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,401</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,183</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,320</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="29" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Net profit/(loss)
before minority interests</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>5,238</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3,866</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,578</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5,317</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,524</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7,879</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="29" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Minority interests</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(331</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(331</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(344</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(344</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(87</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(87</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Change in accounting principle:</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">cumulative effect of adoption of &#147;AICPA Audit
and Accounting Guide, Audits of
Investment Companies&#148; on certain
financial investments, net of tax</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">f</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>639</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="29" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Net profit</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>5,546</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3,535</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,234</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,973</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,437</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7,792</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="29" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<DIV align="left"><FONT size="1"><SUP>1</SUP> CHF 108&nbsp;million of the difference in Other income between IFRS and
US GAAP at 31 December&nbsp;2002 is due to the Group&#146;s adoption of the
&#147;AICPA Audit and Accounting Guide, Audits of Investment Companies&#148; on
certain private equity investments for its US GAAP financial
statements. This amount represents the increase in fair value of these
investments during 2002.
</FONT></DIV>

<DIV align="left"><FONT size="1">Note: References above coincide with the discussions in Note 39.1 and
Note 39.4. These references indicate which IFRS to US GAAP differences
affect an individual financial statement caption. Certain prior year
amounts have been reclassified to conform to the current year&#146;s
presentation.
</FONT></DIV>

</DIV><!--  &nbsp; --><P>&nbsp;<BR clear="all">


<P align="right"><FONT size="2"><B>
 169
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="3" color="#0865AB"><B>Note 39.6 Condensed Consolidated Balance Sheet</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">The following is a Condensed Consolidated Balance Sheet of the Group,
as of 31 December&nbsp;2002 and 31 December&nbsp;2001, restated to reflect the
impact of valuation and income recognition principles and presentation
differences between IFRS and US GAAP.
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="1"><FONT color="#0865AB"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="6"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="6"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1"><I>CHF million</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Reference</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>US GAAP</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>IFRS</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">US GAAP</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">IFRS</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2"><B>Assets</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Cash and balances with central banks</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4,271</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4,271</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">20,990</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">20,990</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Due from banks</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">a</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>32,481</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>32,468</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">27,550</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">27,526</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Cash collateral on securities borrowed</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>139,073</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>139,052</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">162,566</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">162,938</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Reverse repurchase agreements</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>294,086</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>294,086</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">269,256</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">269,256</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Trading portfolio assets
(including assets pledged as collateral of
CHF 110,365&nbsp;million at 31.12.02
and CHF 121,456&nbsp;million at 31.12.01)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1, 4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>441,845</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>371,436</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">455,406</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">397,886</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Positive replacement values</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1, 4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>83,757</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>82,092</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">73,474</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">73,447</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Loans</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">a, d</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>211,755</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>211,647</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">226,747</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">226,545</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Financial investments</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">f, 2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2,846</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>8,391</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">20,676</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">28,803</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Securities received as collateral</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>16,308</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">10,931</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Accrued income and prepaid expenses</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>6,462</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>6,453</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7,545</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7,554</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Investments in associates</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>705</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>705</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">697</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">697</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Property and equipment</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">a, j</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>8,358</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>7,869</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">9,276</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8,695</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Goodwill</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">a, b</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>28,127</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>11,181</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">29,255</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">14,578</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Other intangible assets</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">b, g</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,222</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2,515</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,510</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,507</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Private equity investments</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4,328</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6,069</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Other assets</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" nowrap><FONT size="1">d, f, g, h, i, 1, 2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>21,314</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>8,952</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">36,972</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">9,875</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Total assets</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,296,938</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,181,118</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,361,920</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,253,297</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2"><B>Liabilities</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Due to banks</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>83,178</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>83,178</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">106,531</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">106,531</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Cash collateral on securities lent</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>36,870</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>36,870</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">30,317</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">30,317</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Repurchase agreements</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>366,858</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>366,858</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">368,620</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">368,620</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Trading portfolio liabilities</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1, 4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>117,721</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>106,453</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">119,528</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">105,798</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Obligation to return securities
received as collateral</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>16,308</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">10,931</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Negative replacement values</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1, 4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>132,354</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>81,282</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">116,666</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">71,443</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Due to customers</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">a, d</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>306,872</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>306,876</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">333,766</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">333,781</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Accrued expenses and deferred income</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>15,330</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>15,331</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">17,289</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">17,289</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Debt issued</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">a, d</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>129,527</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>129,411</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">156,462</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">156,218</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Other liabilities</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">d, g, h, i, 1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>32,815</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>12,339</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">38,416</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">15,658</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Total liabilities</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,237,833</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,138,598</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,298,526</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,205,655</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Minority interests</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3,529</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3,529</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,112</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,112</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Total shareholders&#146; equity</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>55,576</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>38,991</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">59,282</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">43,530</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Total liabilities, minority interests
and shareholders&#146; equity</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,296,938</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,181,118</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,361,920</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,253,297</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<DIV align="left"><FONT size="1">Note: References above coincide with the discussions in Note 39.1 and
Note 39.4. These references indicate which IFRS to US GAAP differences
affect an individual financial statement caption. Amounts have been
adjusted to reflect the treatment of reverse repurchase, repurchase,
securities borrowing and securities lending transactions on a
consistent basis. See Note 39.4.4 for details.
</FONT></DIV>

</DIV><!--  &nbsp; --><P>&nbsp;<BR clear="all">


<P align="left"><FONT size="2"><B>
 170
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="3" color="#0865AB"><B>Note 39.7 Comprehensive Income</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">Comprehensive income under US GAAP is defined as the change in Shareholders&#146;
equity excluding transactions with shareholders. Comprehensive income has two
major components: Net profit, as reported in the income statement, and Other
comprehensive income. Other comprehensive income includes such items as foreign
currency translation, unrealized gains/losses on available for sale
securities, unrealized gains/losses on changes in fair value of derivative
instruments designated as cash flow hedges and additional minimum pension
liability. The components and accumulated other comprehensive income amounts on
a US GAAP basis for the years ended 31 December&nbsp;2002, 31 December&nbsp;2001 and 31
December&nbsp;2000 are as follows:
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR  bgcolor="#FFFFFF" valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1" color="#0865AB"><B>Unrealized</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1" color="#0865AB"><B>Unrealized</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1" color="#0865AB"><B>Additional</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1" color="#0865AB"><B>Accumulated</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1" color="#0865AB">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  bgcolor="#FFFFFF" valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1" color="#0865AB"><B>Foreign</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1" color="#0865AB"><B>gains/(losses)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1" color="#0865AB"><B>gains/(losses)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1" color="#0865AB"><B>minimum</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1" color="#0865AB"><B>other</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1" color="#0865AB">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  bgcolor="#FFFFFF" valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1" color="#0865AB"><B>currency</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1" color="#0865AB"><B>on available for</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1" color="#0865AB"><B>on cash flow</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1" color="#0865AB"><B>pension</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1" color="#0865AB"><B>comprehensive</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1" color="#0865AB"><B>Comprehensive</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  bgcolor="#FFFFFF" valign="bottom">
    <TD nowrap align="left"><FONT size="1" color="#0865AB"><I>CHF million</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1" color="#0865AB"><B>translation</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1" color="#0865AB"><B>sale securities</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1" color="#0865AB"><B>hedges</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1" color="#0865AB"><B>liability</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1" color="#0865AB"><B>income/(loss)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1" color="#0865AB"><B>income/(loss)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Balance at 1 January&nbsp;2000</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(442</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>16</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(426</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Net profit</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">4,437</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Other comprehensive income:</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="top">
    <TD><FONT size="1">Foreign currency translation</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">(245</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">(245</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="top">
    <TD><FONT size="1">Net unrealized gains on available for sale investments
arising during the year, net of CHF 152&nbsp;million tax</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">456</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">456</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="top">
    <TD><FONT size="1">Reclassification adjustment for gains on available for sale
investments realized in net profit, net of CHF 40&nbsp;million tax</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(121</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(121</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="top">
    <TD><FONT size="1"><B>Other comprehensive income/(loss)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">90</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Comprehensive income</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,527</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Balance at 31 December&nbsp;2000</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(687</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>351</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(336</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Net profit</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,234</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Other comprehensive income:</FONT></TD>
</TR>

<TR valign="top">
    <TD><FONT size="1">Foreign currency translation</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">(82</FONT></TD>
    <TD><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">(82</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="top">
    <TD><FONT size="1">Net unrealized gains on available for sale investments
arising during the year, net of CHF 27&nbsp;million tax</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">109</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">109</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Reclassification adjustment for gains on available for sale
investments realized in net profit, net of CHF 26&nbsp;million tax</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">(104</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">(104</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Net unrealized gains on cash flow hedges
arising during the year, net of CHF 1&nbsp;million tax</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Reclassification adjustment for losses on cash flow
hedges realized in net profit, net of CHF 1&nbsp;million tax</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Additional minimum pension liability, net of CHF 108&nbsp;million
tax</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">(195</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">(195</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1"><B>Other comprehensive income/(loss)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">(265</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1"><B>Comprehensive income</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,969</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Balance at 31 December&nbsp;2001</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(769</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>356</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>7</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(195</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(601</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="25" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1"><B>Net profit</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">5,546</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Other comprehensive income:</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Foreign currency translation</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">(80</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">(80</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Net unrealized gains on available for sale investments
arising during the year, net of CHF 34&nbsp;million tax</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">109</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">109</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Impairment charges reclassified to the income statement,
net of CHF 26&nbsp;million tax</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">95</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">95</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="top">
    <TD><FONT size="1">Reclassification adjustment for gains on available for sale
investments realized in net profit, net of CHF 102&nbsp;million
tax</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(368</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(368</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="top">
    <TD><FONT size="1">Net unrealized losses on cash flow hedges arising during
the year, net of CHF 3&nbsp;million tax</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(1</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(1</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="top">
    <TD><FONT size="1">Reclassification adjustment for gains on cash flow
hedges realized in net profit, net of CHF 0&nbsp;million tax</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(8</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(8</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="top">
    <TD><FONT size="1">Additional minimum pension liability, net of CHF 93&nbsp;million
tax</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(827</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(827</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Other comprehensive income/(loss)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(1,080</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Comprehensive income</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,466</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Balance at 31 December&nbsp;2002</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(849</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>192</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(2</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(1,022</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(1,681</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>


<P align="right"><FONT size="2"><B>
 171
</B></FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<!-- link2 "Note 40 Additional Disclosures Required under US GAAP and SEC Rules" -->
<DIV align="left"><A NAME="106"></A></DIV>
<P><FONT size="3"><B>Note 40 Additional Disclosures Required under US GAAP and SEC Rules</B>
</FONT>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="3" color="#0865AB"><B>Note 40.1 Sales of financial assets in securitizations</B>
</FONT></TD>
    </TR>
</TABLE>


</DIV><!--  &nbsp; --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">During the years ended 31
December&nbsp;2002 and 2001, the Group
securitized (i.e., transformed
owned financial assets into
securities through sales
transactions) residential
mortgage loans and securities,
commercial mortgage loans and
other financial assets, acting as
lead or co-manager. The Group&#146;s
continuing involvement in these
transactions was primarily
limited to the temporary
retention of various security
interests. Proceeds received at
the time of securitization from
residential mortgage, commercial
mortgage and other financial
asset securitizations were CHF
143.5&nbsp;billion, CHF 4.0&nbsp;billion
and CHF 5.8&nbsp;billion, respectively
in 2002 and CHF 67.6&nbsp;billion, CHF
4.1&nbsp;billion and CHF 2.8&nbsp;billion,
respectively in 2001. Related
pre-tax gains (losses)
recognized, including unrealized
gains (losses)&nbsp;on retained
interests, at the time of
securitization were CHF 523.9
million, CHF 206.4&nbsp;million and
CHF (4.5) million, respectively
in 2002 and CHF 112.9&nbsp;million,
CHF 129.7 mil-
</FONT>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">ion and CHF 20.6
million, respectively in 2001. A
significant portion of the
securitization activities
conducted in 2002 and 2001 were
derived from businesses acquired
in the purchase of PaineWebber
Group Inc. in November&nbsp;2000.
During 2000, the Group did not
engage in significant
securitization transactions
involving the transfer of its
financial assets.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At 31 December&nbsp;2002 and
2001, the Group retained CHF 5.2
billion and CHF 6.8&nbsp;billion,
respectively in agency
residential mortgage securities,
backed by the Government National
Mortgage Association (GNMA), the
Federal National Mortgage
Association (FNMA)&nbsp;and the
Federal Home Loan Mortgage
Corporation (FHLMC). The fair
value of retained interests in
residential mortgage securities
is generally determined using
observable market prices.
Retained interests in other
residential mortgage, commercial
mortgage and other securities
were not material at 31 December
2002 and 2001.
</FONT></DIV>

</DIV><!--  &nbsp; --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="3" color="#0865AB"><B>Note 40.2 Variable interest entities</B>
</FONT></TD>
    </TR>
</TABLE>


</DIV><!--  &nbsp; --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;
</FONT>

</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">FASB interpretation (FIN)&nbsp;No.&nbsp;46,
Consolidation of Variable Interest
Entities, was issued on 17 January
2003 and provides guidance for
determining whether or not such
entities are subject to
consolidation. FIN 46 requires
that control over a special
purpose entity be first assessed
based on voting interests, and
only if voting interests do not
exist or differ significantly from
economic interests, the assessment
of control is based on variable
interests. Such entities are
referred to as Variable Interest
Entities. (&#147;VIE&#146;s&#148;).
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variable interests are
contractual, ownership, or other
pecuniary interests in an entity
that vary with changes in that
entity&#146;s net asset value,
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">including fee payments to
decision makers and to providers
of guarantees (including writers
of put
options and other
instruments with similar results)
as well as the interests of
related parties (including
management, employees, affiliates
and agents).
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FIN 46 is effective after 31
January&nbsp;2003 for all newly
acquired or created interests in
VIE&#146;s and for periods beginning
after 15 June&nbsp;2003 for all
interests in VIE&#146;s existing and
owned prior to 1 February&nbsp;2003.
The table below includes
information for all entities
where it is reasonably possible
that UBS holds a significant
interest which will be
characterized as a VIE.
</FONT></DIV>

</DIV><!--  &nbsp; --><P>&nbsp;<BR clear="all">


<P align="left"><FONT size="2"><B>
 172
</B></FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="3" color="#0865AB"><B>Note 40.2 Variable interest entities (continued)</B>
</FONT></TD>
    </TR>
</TABLE>


<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="33%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="43%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1"><I>(in CHF million)</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Notional amount</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Maximum loss</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1"><I>S</I>PE category</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Total assets</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">of derivatives</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="1"><I>Description of primary assets</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">exposure</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="15" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Trust vehicles for awards to UBS employees</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,624.6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">37,717.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">UBS shares and derivatives thereon, alternative</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">investments</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,982.2</FONT></TD>
    <TD nowrap><FONT size="1"><SUP>1</SUP></FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Private equity investments</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">784.6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Private equity investments</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">318.4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Hedge fund products including</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Bonds, equities, derivatives</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">direct investment funds and funds of funds</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,970.6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8,665.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">and alternative investments</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,643.6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Passive intermediary to a derivative
transaction <SUP>2</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,131.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">37,248.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Cash/corporate securities</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">876.9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Dispersion of risk in a pool of investments</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,689.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8,125.6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Debt securities, loan receivables and credit linked notes</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">333.8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Cash, debt securities,</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Other credit protection vehicles</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,639.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,922.5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">asset-backed securities and credit default swaps</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">528.9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Other miscellaneous structures</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">205.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">205.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">Corporate debt and equities</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">194.8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="15" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Total 31.12.2002</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>17,044.3</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>94,883.6</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>8,878.6</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="15" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<DIV align="left"><FONT size="1"><SUP>1</SUP>In connection with certain leveraged investment opportunities available
to key employees, UBS has committed to provide up to CHF 440.8&nbsp;million in
loans to employee investment partnerships. At 31 December&nbsp;2002, a total of CHF 35.5&nbsp;million in loans had actually been
drawn down. Repayment of these loans is senior to the employees&#146; investment in
the partnerships. The remaining unfunded portion of these commitments is also
included in Note 25. In addition, if employees default on their future
investment commitments, the Group is obliged to assume the remaining unfunded
portion which amounted to CHF 137.7&nbsp;million at 31 December&nbsp;2002. In the event
that all the investments made by these partnerships became worthless, UBS could
be exposed to the loss of the entire committed amount of CHF 578.5&nbsp;million
which is included in the CHF 4,982.2&nbsp;million in the table
above.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<SUP>2</SUP>The maximum
loss exposure relating to SPE&#146;s which function as a &#147;Passive intermediary to a
derivative transaction&#148; is calculated as the discounted value of the Group&#146;s
gross contractual swap payment obligations pursuant to the underlying
derivative contracts. In calculating the maximum loss, the Group has not
included the effect of positive or negative replacement values which are
already reflected for the Group in total on the Balance sheet and further
discussed in Note 23.
</FONT></DIV>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">The table above includes
information for consolidated and
non-consolidated special purpose
entities. Certain entities
subject to the above disclosure
have been consolidated in the
Group&#146;s Financial Statements
under IFRS and US GAAP due to the
Group&#146;s significant economic
interest. However, in many
special purpose entities UBS has
a less than significant variable
interest, or control is
determined based on voting
interest. These entities are not
included in the table.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, the &#147;maximum
exposure to loss&#148; presented in
the table represents worst-case
scenarios and does not consider
the offsetting effects of hedges.
It is the Group&#146;s practice to
hedge
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<DIV align="left"><FONT size="2">interest rate, credit and
other market risk exposures. See
Note 29 for a further discussion
of the Group&#146;s risk mitigation
strategies.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Some of the special purpose
entities in the table above
function as passive
intermediaries to derivatives
transactions and are generally
established to facilitate the
transfer of credit risk on
portfolios to investors. The
relevant size of such entities is
measured by the &#147;notional amount&#148;
of the derivatives&#146; underlying
referenced assets; i.e., the
size of the portfolio for which
credit risk has
been transferred. These
notional amounts are also
included in Note 23, Derivative
Instruments.
</FONT></DIV>

</DIV><!--  &nbsp; --><P>&nbsp;<BR clear="all">


<P align="right"><FONT size="2"><B>
 173
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="3" color="#0865AB"><B>Note 40.3 Supplemental Guarantor Information</B>
</FONT></TD>
    </TR>
</TABLE>


</DIV><!--  &nbsp; --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P><FONT size="2"><B>Guarantee of PaineWebber securities</B>
</FONT>

<DIV align="left"><FONT size="2">Following the acquisition of
Paine Webber Group Inc., UBS AG
made a full and unconditional
guarantee of the senior and
subordinated notes and trust
preferred securities (&#147;Debt
Securities&#148;) of PaineWebber.
Prior to the acquisition,
Paine-Webber was an SEC
Registrant. Upon the acquisition,
PaineWebber was merged into UBS
Americas Inc., a wholly owned
subsidiary of UBS. Under the
guarantee, if UBS Americas Inc.
fails to make any timely payment
under the Debt Securities
agreements, the holders of the
Debt Securities or the Debt
Securities trustee may demand
payment from UBS without first
proceeding against UBS Americas
Inc. UBS&#146;s obligations under the
subordinated note guarantee are
subordinated to the prior payment
in full of the deposit
liabilities of UBS and all other
liabilities of
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS. At 31 December&nbsp;2002, the
amount of senior liabilities of
UBS to which the holders of the
subordinated debt securities
would be subordinated is
approximately CHF 1,129&nbsp;billion.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information presented in
this note is prepared in
accordance with IFRS and should be
read in conjunction with the
consolidated financial statements
of the Group of which this
information is a part. At the
bottom of each column, Net profit
and Shareholders&#146; equity has been
reconciled to US GAAP. See Note 39
for a detailed reconciliation of
the IFRS financial statements to
US GAAP for the Group on a
consolidated basis.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective 1 January&nbsp;2002,
the ownership of all major US
subsidiaries of UBS AG was
transferred to UBS Americas Inc.
through a capital contribution.
As a result, the current
disclosure note is not comparable
with those presented in previous
periods.
</FONT></DIV>

</DIV><!--  &nbsp; --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P><FONT size="3"><B>Supplemental Guarantor Consolidating Income Statement</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="55%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1"><I>CHF million</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">UBS AG</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">UBS</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Consolidating</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1">For the year ended 31 December 2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Parent Bank<SUP>1</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Americas Inc.</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Subsidiaries</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Entries</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">UBS Group</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Operating income</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Interest income</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">25,253</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">16,693</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,520</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(6,503</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">39,963</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Interest expense</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">18,187</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">14,273</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,460</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(6,503</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">29,417</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Net interest income</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7,066</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,420</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,060</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">10,546</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Credit loss expense</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(134</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(15</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(57</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(206</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Net interest income after credit loss expense</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6,932</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,405</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">10,340</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Net fee and commission income</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6,841</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7,325</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,055</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">18,221</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Net trading income</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,420</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">773</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">379</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5,572</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Income from subsidiaries</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(1,429</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,429</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Other income</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(131</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(26</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">145</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(12</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Total operating income</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">16,633</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">10,477</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5,582</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,429</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">34,121</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Operating expenses</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Personnel expenses</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8,370</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7,531</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,623</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">18,524</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">General and administrative expenses</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,627</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,443</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7,073</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Depreciation of property and equipment</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,062</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">204</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">255</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,521</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Amortization of goodwill and
other intangible assets</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">144</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,211</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">104</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,459</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1"><B>Total operating expenses</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">12,203</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">11,949</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5,425</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">29,577</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Operating profit/(loss)&nbsp;before tax
and minority interests</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,430</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(1,472</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">157</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,429</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,544</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Tax expense/(benefit)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">895</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(460</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">243</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">678</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Net profit/(loss)&nbsp;before minority interests</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,535</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(1,012</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(86</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,429</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,866</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Minority interests</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(331</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(331</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Net profit/(loss)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,535</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(1,012</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(417</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,429</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,535</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Net profit/(loss)&nbsp;US GAAP <SUP>2</SUP></B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5,214</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(65</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">397</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5,546</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<DIV align="left"><FONT size="1"><SUP>1</SUP> UBS AG Parent Bank prepares its financial statements in accordance
with Swiss Banking Law requirements. For the purpose of this
disclosure, the accounts have been adjusted to IFRS.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<SUP>2</SUP> Refer to Note
39 for a description of the differences between IFRS and US GAAP.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 174
</B></FONT>


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

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P><FONT size="3"><B>Supplemental Guarantor Consolidating Balance Sheet</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="middle">
    <TD width="49%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1"><I>CHF million</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">UBS AG</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">UBS</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Consolidating</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1">For the year ended 31 December 2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Parent Bank<SUP>1</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Americas Inc.</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Subsidiaries</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Entries</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">UBS Group</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Assets</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Cash and balances with central banks</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,609</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">655</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,271</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Due from banks</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">65,992</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">14,205</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">82,384</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(130,113</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">32,468</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Cash collateral on securities borrowed</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">32,248</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">139,424</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,056</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(33,676</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">139,052</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Reverse repurchase agreements</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">197,168</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">150,717</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">40,725</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(94,524</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">294,086</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Trading portfolio assets</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">197,184</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">148,430</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">25,823</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">371,437</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Positive replacement values</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">82,087</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,249</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">17,168</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(20,413</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">82,091</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Loans</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">252,625</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">25,904</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">14,796</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(81,678</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">211,647</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Financial investments</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,613</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,684</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5,094</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8,391</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Accrued income and prepaid expenses</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,343</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,143</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,458</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(491</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6,453</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Investments in associates</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">9,730</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">20</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">81</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(9,126</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">705</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Property and equipment</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6,144</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">731</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">994</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7,869</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Goodwill and other intangible assets</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">128</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">12,946</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">622</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">13,696</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Other assets</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,989</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,009</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,603</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(2,649</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8,952</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Total assets</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">854,860</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">504,469</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">194,459</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(372,670</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,181,118</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Liabilities</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Due to banks</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">85,634</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">89,815</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">37,842</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(130,113</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">83,178</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Cash collateral on securities lent</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">35,800</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">32,625</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,121</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(33,676</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">36,870</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Repurchase agreements</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">136,797</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">295,885</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">28,700</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(94,524</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">366,858</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Trading portfolio liabilities</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">56,105</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">43,784</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6,564</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">106,453</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Negative replacement values</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">89,135</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,524</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">9,036</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(20,413</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">81,282</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Due to customers</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">339,787</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">19,957</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">28,810</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(81,678</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">306,876</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Accrued expenses and deferred income</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7,779</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6,580</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,463</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(491</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">15,331</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Debt issued</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">58,704</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7,111</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">63,596</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">129,411</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Other liabilities</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6,933</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,604</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5,451</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(2,649</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">12,339</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Total liabilities</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">816,674</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">501,885</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">183,583</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(363,544</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,138,598</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Minority interests</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">55</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,474</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,529</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Total shareholders&#146; equity</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">38,186</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,529</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7,402</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(9,126</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">38,991</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Total liabilities, minority interests
and shareholders&#146; equity</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">854,860</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">504,469</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">194,459</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(372,670</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,181,118</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Total shareholders&#146; equity &#151; US GAAP<SUP> 2</SUP></B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">44,852</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,176</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7,548</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">55,576</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<DIV align="left"><FONT size="1"><SUP>1</SUP> UBS AG Parent Bank prepares its financial statements in accordance
with Swiss Banking Law requirements. For the purpose of this
disclosure, the accounts have been adjusted to IFRS.&nbsp;&nbsp;<SUP>2</SUP>Refer to Note
39 for a description of the differences between IFRS and US GAAP.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 175
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B>
</FONT>
<br>

<br>

<br>

<br>

<br>

<P><FONT size="3"><B>Supplemental Guarantor Consolidating Cash Flow Statement</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
 <TR valign="bottom">
    <TD width="62%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1"><I>CHF million</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">UBS AG</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">UBS</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1">For the year ended 31 December 2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Parent Bank<SUP>1</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Americas Inc.</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Subsidiaries</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">UBS Group</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Net cash flow from/(used in) operating activities</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8,422</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(927</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(9,859</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(2,364</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>

<TR>
    <TD><FONT size="1">Cash flow from/(used in) investing activities</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD nowrap align="left"><FONT size="1">Investments in subsidiaries and associates</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">(23</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">(16</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">(21</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">(60</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Disposal of subsidiaries and associates</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">984</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">984</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR></TR><TR></TR><TR></TR><TR></TR><TR></TR>

<TR valign="bottom">
    <TD><FONT size="1">Purchase of property and equipment</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">(1,019</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">(189</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">(555</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">(1,763</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR></TR><TR></TR><TR></TR><TR></TR><TR></TR>


<TR valign="bottom">
    <TD><FONT size="1">Disposal of property and equipment</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">22</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">28</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">17</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">67</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR></TR><TR></TR><TR></TR><TR></TR><TR></TR>

<TR valign="bottom">
    <TD><FONT size="1">Net (investment in)/divestment of financial investments</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">931</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">307</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">915</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">2,153</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1"><B>Net cash flow from/(used in) investing activities</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">895</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">130</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">356</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">1,381</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Cash flow from/(used in) investing activities</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR></TR><TR></TR><TR></TR><TR></TR><TR></TR>

<TR valign="bottom">
    <TD nowrap align="left"><FONT size="1">Net money market paper issued/(repaid)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">(30,635</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">471</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">3,958</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">(26,206</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR></TR><TR></TR><TR></TR><TR></TR><TR></TR>


<TR valign="bottom">
    <TD nowrap align="left"><FONT size="1">Net movements in treasury shares and
own equity derivative activity</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">(5,605</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">(5,605</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Capital issuance</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Capital repayment by par value reduction</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(2,509</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(2,509</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Issuance of long-term debt</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8,414</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">915</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7,803</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">17,132</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Repayment of long-term debt</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(11,099</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(2,780</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(1,032</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(14,911</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Increase in minority interests</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Dividend payments to/and purchase from minority interests</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(377</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(377</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Net activity in investments in subsidiaries</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,775</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(161</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(2,614</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Net cash flow from/(used in) financing activities</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(38,653</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(1,555</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7,738</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(32,470</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Effects of exchange rate differences</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(2,608</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,919</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">227</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(462</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Net increase/(decrease)&nbsp;in cash equivalents</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(31,944</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(433</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(1,538</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(33,915</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Cash and cash equivalents, beginning of the year</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">89,856</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">15,552</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">10,851</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">116,259</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Cash and cash equivalents, end of the year</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">57,912</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">15,119</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">9,313</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">82,344</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Cash and cash equivalents comprise:</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Cash and balances with central banks</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,609</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">655</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,271</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Money market paper <SUP>2</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">33,509</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">9,615</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,059</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">46,183</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Due from banks maturing in less than three months</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">20,794</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5,497</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5,599</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31,890</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Total</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">57,912</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">15,119</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">9,313</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">82,344</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
</TABLE>
</DIV>


<DIV align="left"><FONT size="1"><SUP>1</SUP> UBS AG Parent Bank prepares its Financial Statements in accordance
with Swiss Banking Law requirements. For the purpose of this
disclosure, the accounts have been adjusted to IFRS.
&nbsp;&nbsp;</font></div>
<DIV align="left"><FONT size="1"><SUP>2</SUP>&nbsp;Money market
paper is included in the Balance sheet under Trading portfolio assets
and Financial investments. CHF 10,475&nbsp;million was pledged at 31
December&nbsp;2002.
</FONT></DIV>


</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2"><B>Guarantee of other securities</B>
</FONT>

<DIV align="left"><FONT size="2">In October&nbsp;2000, UBS AG, acting
through a wholly owned
subsidiary, issued USD 1.5
billion (CHF 2.6&nbsp;billion at
issuance) 8.622% UBS Trust
Preferred securities. In June
2001, UBS issued an additional
USD 800&nbsp;million (CHF 1.3&nbsp;billion
at issuance) of such securities
(USD 300&nbsp;million at 7.25% and USD
500&nbsp;million at 7.247%). UBS AG
has fully and unconditionally
guaranteed
</FONT></DIV>

</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">these securities.
UBS&#146;s obligations under the trust
preferred securities guarantee
are subordinated to the prior
payment in full of the deposit
liabilities of UBS and all other
liabilities of UBS. At 31
December&nbsp;2002, the amount of
senior liabilities of UBS to
which the holders of the
subordinated debt securities
would be subordinated is
approximately CHF 1,129&nbsp;billion.
</FONT>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 176
</B></FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<!-- link2 "Report of the Group Auditors" -->
<DIV align="left"><A NAME="107"></A></DIV>
<P><FONT size="2"><B>UBS Group Financial Statements<BR>
Report of the Group Auditors</B>
</FONT>

<P><FONT size="2"><br>
</FONT>

<P><FONT size="2"><br>
</FONT>

<P><FONT size="2"><br>
</FONT>

<P><FONT size="2"><br>
</FONT>

<P><FONT size="2"><br>
</FONT>

<P><FONT size="2"><IMG src="y84349y8434949.gif" alt="(Ernst &#038; Young Letter)">
</FONT>

</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 177
</B></FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center"><FONT size="2"><IMG src="y84349y8434950.gif" alt="(Scene of flowers)">
</FONT>

<P align="left"><FONT size="2"><B>
 178
</B></FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center"><FONT size="2"><IMG src="y84349y8434951.gif" alt="(UBS AG Parent Bank)">
</FONT>


<P align="right"><FONT size="2"><B>
 179
</B></FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="26%">&nbsp;</TD>
    <TD width="74%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<B>UBS AG (Parent Bank)</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<B>Table of Contents</B></FONT></TD>
</TR>
 </TABLE>
</DIV>


<br>

<br>

<br>

<br>

<br>


<!-- link1 "UBS AG (Parent Bank) " -->
<DIV align="left"><A NAME="108"></A></DIV>
<P><FONT size="5"><B>UBS AG (Parent Bank)<BR>
Table of Contents</B>
</FONT>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:44%">

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="92%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>Parent Bank Review</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>181</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>Financial Statements</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>182</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Income Statement</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">182</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Balance Sheet</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">183</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Statement of Appropriation of Retained Earnings</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">183</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>Notes to the Financial Statements</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>184</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2"><B>Additional Income Statement Information</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>185</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Net Trading Income</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">185</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Extraordinary Income and Expenses</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">185</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2"><B>Additional Balance Sheet Information</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>186</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Value Adjustments and Provisions</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">186</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Statement of Shareholders&#146; Equity</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">187</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Share Capital</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">187</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2"><B>Off-Balance Sheet and Other Information</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>188</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Assets Pledged or Assigned as Security for Own Obligations,
Assets Subject to Reservation of Title</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">188</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Fiduciary Transactions</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">188</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Due to UBS Pension Plans, Loans to
Corporate Bodies/Related Parties</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">188</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>Report of the Statutory Auditors</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>189</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>Report of the Capital Increase Auditors</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>190</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
 </TABLE>
</DIV>

</DIV><DIV style="float: right; width: 24%">

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 180
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="left">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="26%">&nbsp;</TD>
    <TD width="74%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<B>UBS AG (Parent Bank)<BR>
Parent Bank Review</B></FONT></TD>
</TR>
 </TABLE>
</DIV>

<br>

<br>

<br>

<br>

<br>

<!-- link1 "Parent Bank Review" -->
<DIV align="left"><A NAME="109"></A></DIV>
<P><FONT size="5">Parent Bank Review
</FONT>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<!-- link2 "Income Statement" -->
<DIV align="left"><A NAME="110"></A></DIV>
<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#0865AB"><B>Income Statement</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">The Parent Bank UBS AG net profit
increased CHF 1,179&nbsp;million from
CHF 4,655&nbsp;million to CHF 5,834
million. Income from investments
in associates increased to CHF
3,417&nbsp;million from CHF 1,532
million in 2001 mainly due to
higher distribution received.
Sundry expense from ordinary
activities was CHF 381&nbsp;million,
up from CHF 139&nbsp;million in 2001.
This was mainly due to higher net
writedown of financial
investments. Depreciation and
write-offs were CHF 3,025
million, up from CHF 1,650
million in 2001 mainly caused by
higher writedown on investments
in
</FONT>

</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P align="left"><FONT size="2">associated companies.
Extraordinary income contains CHF
260&nbsp;million (2001: CHF 87
million) from the sale of
subsidiaries.
</FONT>

<!-- link2 "Balance Sheet" -->
<DIV align="left"><A NAME="111"></A></DIV>
<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#0865AB"><B>Balance Sheet</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">Total assets increased by CHF 48
billion to CHF 1,064&nbsp;billion by 31
December&nbsp;2002. This movement is
mostly impacted by increased
trading-related assets where
mainly trading balances in
securities and positive
replacement values have increased.
Liquid assets have significantly
decreased due to reduction of
deposits with the Bank of Japan.
</FONT>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 181
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
 <TR valign="bottom">
    <TD width="26%">&nbsp;</TD>
    <TD width="74%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<B>UBS AG (Parent Bank)<BR>
Financial Statements</B></FONT></TD>
</TR>
 </TABLE>
</DIV>

<br>

<br>

<br>

<br>

<br>


<!-- link1 "Financial Statements" -->
<DIV align="left"><A NAME="112"></A></DIV>
<P><FONT size="5"><B>Financial Statements</B>
</FONT>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P><FONT size="3"><B>Income Statement</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
 <TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1"><I>CHF million</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" nowrap align="right"><FONT size="1">% change from</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1">For the year ended</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="1"><FONT size="1"><FONT color="#0865AB"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="1"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" nowrap align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Interest and discount income</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>20,059</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">29,967</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(33</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Interest and dividend income from trading portfolio</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>7,074</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8,089</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(13</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Interest and dividend income from financial investments</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>23</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">185</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(88</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Interest expense</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(20,125</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(31,444</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(36</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Net interest income</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>7,031</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6,797</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Credit-related fees and commissions</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>252</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">291</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(13</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Fee and commission income from securities and
investment business</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>7,249</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8,232</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(12</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Other fee and commission income</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>515</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">524</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(2</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Fee and commission expense</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(1,167</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(1,176</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(1</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Net fee and commission income</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>6,849</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7,871</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(13</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Net trading income</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4,634</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5,015</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(8</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Net income from disposal of financial investments</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>125</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">15</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">733</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Income from investments in associated companies</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3,417</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,532</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">123</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Income from real estate holdings</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>50</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">54</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(7</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Sundry income from ordinary activities</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,908</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,183</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">61</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Sundry ordinary expenses</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(381</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(139</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">174</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Other income from ordinary activities</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>5,119</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,645</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">94</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Operating income</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>23,633</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">22,328</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Personnel expenses</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>8,916</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">9,443</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(6</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">General and administrative expenses</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4,379</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,869</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(10</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Operating expenses</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>13,295</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">14,312</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(7</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Operating profit</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>10,338</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8,016</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">29</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Depreciation and write-offs on investments in</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">associated companies and fixed assets</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3,025</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,650</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">83</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Allowances, provisions and losses</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,053</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,140</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(8</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Profit before extraordinary items and taxes</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>6,260</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5,226</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">20</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Extraordinary income</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>265</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">95</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">179</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Extraordinary expenses</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>7</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Tax expense/(benefit)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>684</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">659</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Profit for the period</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>5,834</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,655</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">25</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 182
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><DIV style="float: left; width:24%">

</DIV><DIV style="float: right; width: 74%">

<P><FONT size="3"><B>Balance Sheet</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="68%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">% change from</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2"><FONT color="#0865AB"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">31.12.01</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">31.12.01</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="3"><B>Assets</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Liquid assets</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>3,609</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">20,215</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(82</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Money market paper</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>33,671</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">54,384</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(38</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Due from banks</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>265,106</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">252,226</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Due from customers</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>165,938</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">173,690</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(4</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Mortgage loans</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>117,677</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">117,706</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Trading balances in securities and precious metals</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>199,546</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">185,306</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Financial investments</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>8,377</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">17,253</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(51</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Investments in associated companies</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>10,275</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">11,331</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(9</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Tangible fixed assets</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>4,633</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">5,624</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(18</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Accrued income and prepaid expenses</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>2,342</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">3,231</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(28</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Positive replacement values</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>249,064</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">171,798</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">45</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Other assets</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>3,734</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">3,725</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2"><B>Total assets</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>1,063,972</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,016,489</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2"><I>Total subordinated assets</I><SUP><I>1</I></SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B><I>4,717</I></B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><I>4,219</I></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><I>12</I></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2"><I>Total amounts receivable from Group companies</I></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B><I>218,915</I></B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><I>213,954</I></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><I>2</I></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="3"><B>Liabilities</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Money market paper issued</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>22,131</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">52,604</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(58</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Due to banks</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>303,023</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">303,036</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Due to customers on savings and deposit accounts</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>76,687</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">67,664</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">13</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Other amounts due to customers</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>274,431</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">288,684</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(5</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Medium-term note issues</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>4,220</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">5,213</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(19</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Bond issues and loans from central mortgage institutions</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>67,759</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">65,471</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Accruals and deferred income</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>7,846</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">8,707</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(10</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Negative replacement values</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>256,278</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">172,469</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">49</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Other liabilities</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>3,281</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">5,795</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(43</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Value adjustments and provisions</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>4,177</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">3,959</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Share capital</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>1,005</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">3,589</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(72</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">General statutory reserve</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>12,392</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">14,507</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(15</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Reserve for own shares</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>6,623</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">3,253</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">104</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Other reserves</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>18,285</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">16,883</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Profit brought forward</FONT></TD>

    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Profit for the period</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>5,834</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">4,655</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">25</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2"><B>Total liabilities</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>1,063,972</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,016,489</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2"><I>Total subordinated liabilities</I></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B><I>13,315</I></B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><I>16,444</I></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><I>(19</I></FONT></TD>
    <TD nowrap><FONT size="2"><I>)</I></FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2"><I>Total amounts payable to Group companies</I></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B><I>142,139</I></B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><I>126,182</I></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><I>13</I></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<DIV align="left"><FONT size="2"><SUP>1</SUP> The subordinated assets for 2001 have been restated to include the
subordinated traded assets of CHF 2,325&nbsp;million.
</FONT></DIV>

<!-- link2 "Statement of Appropriation of Retained Earnings" -->
<DIV align="left"><A NAME="113"></A></DIV>
<P><FONT size="3"><B>Statement of Appropriation of Retained Earnings</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="94%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="5" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">The Board of Directors proposes to the Annual General Meeting the following appropriation:</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="5" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Profit for the financial year 2002 as per the Parent Bank&#146;s Income Statement</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>5,834</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="5" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Appropriation to general statutory reserve</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>232</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Appropriation to other reserves</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>3,237</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Proposed dividends</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>2,365</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="5" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total appropriation</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>5,834</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="5" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<P><FONT size="3"><B>Dividend Distribution</B>
</FONT>

<P align="left"><FONT size="2">The Board of Directors will recommend to the Annual General Meeting on
16 April&nbsp;2003 that UBS should pay a dividend of CHF 2.00 per share of
CHF 0.80 par value. If the dividend is approved, the payment of CHF
2.00 per share, after deduction of 35% Swiss withholding tax would be
made on 23 April&nbsp;2003 for shareholders who hold UBS shares on 16 April
2003.
</FONT>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 183
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="left">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="26%">&nbsp;</TD>
    <TD width="74%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<B>UBS AG (Parent Bank)</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<B>Notes to the Financial Statements</B></FONT></TD>
</TR>
 </TABLE>
</DIV>

<br>

<br>

<br>

<br>

<br>


<!-- link1 "Notes to the Financial Statements" -->
<DIV align="left"><A NAME="114"></A></DIV>
<P><FONT size="5"><B>Notes to the Financial Statements</B>
</FONT>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P><FONT size="3"><B>Accounting and Valuation Principles</B>
</FONT>

<P align="left"><FONT size="2">The Parent Bank&#146;s accounting and
valuation policies are in
compliance with Swiss banking
law. The accounting and valuation
policies are principally the same
as for the Group Financial
Statements outlined in Note 1:
Summary of Significant Accounting
Policies. Major differences
between the Swiss banking law
requirements and International
Financial Reporting Standards are
described in Note 38 to the Group
Financial Statements.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, the following
principles are applied for the
Parent Bank:
</FONT></DIV>

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

<DIV align="left"><FONT size="2">Treasury shares is the term used
to describe when an enterprise
holds its own equity instruments.
Under IFRS, treasury shares are
presented in the balance sheet as
a deduction from equity. No gain
or loss is recognized in the
income statement on the sale,
issuance, acquisition, or
cancellation of those shares.
Consideration received or paid is
presented in the financial
statement as a change in equity.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under Swiss law, treasury
shares are classified in the
balance sheet as trading balances
or as financial assets, short
positions are included in Due to
banks. Realized gains and losses
on the sale, issuance or
acquisition of treasury shares,
and unrealized gains or losses
from remeasurement of treasury
shares in the trading portfolio
to market
</FONT></DIV>

</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

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

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

<P align="left"><FONT size="2">value are included in
the income statement. Treasury
shares included in Financial
investments are carried at the
lower of cost or market value.
</FONT>

<P align="left"><FONT size="2"><B>Investments in associated companies</B>
</FONT>

<DIV align="left"><FONT size="2">Investments in associated
companies are equity interests
which are held for the purpose of
the Parent Bank&#146;s business
activities or for strategic
reasons. They are carried at cost
less valuation reserves, if
needed.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Property and equipment</B>
</FONT>

<DIV align="left"><FONT size="2">Bank buildings and other real
estate are carried at cost less
accumulated depreciation.
Depreciation of computer and
telecommunication equipment,
other office equipment, fixtures
and fittings is recognized on a
straight-line basis over the
estimated useful lives of the
related assets. The useful lives
of Property and equipment are
summarized in Note 1, Significant
Accounting Policies, of the Group
Financial Statements.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Extraordinary income and expenses</B>
</FONT>

<DIV align="left"><FONT size="2">Certain items of income and
expense appear as extraordinary
within the Parent Bank Financial
Statements, whereas in the Group
Financial Statements they are
considered to be operating income
or expenses and appear within the
appropriate income or expense
category. These items are
separately identified below.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 184
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link1 "Additional Income Statement Information" -->
<DIV align="left"><A NAME="115"></A></DIV>
<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="5" color="#7F7F7F"><B>Additional Income Statement Information</B>
</FONT></TD>
    </TR>
</TABLE>


<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<!-- link2 "Net Trading Income" -->
<DIV align="left"><A NAME="116"></A></DIV>
<P><FONT size="3"><B>Net Trading Income</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="63%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">% change from</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="2">For the year ended</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2"><FONT color="#0865AB"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">31.12.01</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">31.12.01</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Equities</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>2,208</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2,435</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(9</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Fixed income<SUP>1</SUP></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>565</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">829</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(32</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Foreign exchange and other</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>1,861</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,751</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>4,634</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">5,015</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(8</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<DIV align="left"><FONT size="2"><SUP>1</SUP> Includes commodities trading income.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<!-- link2 "Extraordinary Income and Expenses" -->
<DIV align="left"><A NAME="117"></A></DIV>
<P><FONT size="3"><B>Extraordinary Income and Expenses</B>
</FONT>

<P align="left"><FONT size="2">Extraordinary income contains CHF 260&nbsp;million
(2001: CHF 87&nbsp;million) from the sale of subsidiaries and CHF 5&nbsp;million (2001: CHF
8&nbsp;million)
</FONT>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<br><br><br>

<DIV align="left"><FONT size="2">from other disposals. Extraordinary expenses consist of immaterial items.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 185
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="26%">&nbsp;</TD>
    <TD width="74%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2"><B>&nbsp;</B></FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<B>UBS AG (Parent Bank)</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<B>Notes to the Financial Statements</B></FONT></TD>
</TR>
 </TABLE>
</DIV>

<br>

<br>

<br>

<br>

<br>

<!-- link1 "Additional Balance Sheet Information" -->
<DIV align="left"><A NAME="118"></A></DIV>
<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="5" color="#7F7F7F"><B>Additional Balance Sheet Information</B>
</FONT></TD>
    </TR>
</TABLE>


<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<!-- link2 "Value Adjustments and Provisions" -->
<DIV align="left"><A NAME="119"></A></DIV>
<P><FONT size="3"><B>Value Adjustments and Provisions</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="55%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">Provisions</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">Recoveries,</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">applied in</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">doubtful</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">accordance</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">interest,</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">New</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">with their</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">currency</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">provisions</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">Balance at</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">specified</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">translation</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">charged</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2"><FONT color="#0865AB"><B>Balance at</B></FONT></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">31.12.01</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">purpose</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">differences</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">to income</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2"><FONT color="#0865AB"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">Default risks (credit and country risk)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">8,032</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(2,451</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(310</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">135</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>5,406</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Trading portfolio risks</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2,133</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(285</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">511</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>2,359</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Litigation risks</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">528</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(235</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(39</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">191</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>445</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Operational risks</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,264</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(630</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(90</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">893</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>1,437</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Capital and income taxes</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">901</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(394</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">766</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>1,279</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2"><B>Total allowance for general credit
losses and other provisions</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>12,858</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>(3,710</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>(718</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>2,496</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>10,926</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">Allowances deducted from assets</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">8,899</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>6,749</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2"><B>Total provisions as per balance sheet</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>3,959</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>4,177</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 186
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<!-- link2 "Statement of Shareholders&#146; Equity" -->
<DIV align="left"><A NAME="120"></A></DIV>
<P><FONT size="3"><B>Statement of Shareholders&#146; Equity</B>
</FONT>

<DIV align="left">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="42%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2"><FONT color="#0865AB"><B>Total share-</B></FONT></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">General</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">General</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2"><FONT color="#0865AB"><B>holders'</B></FONT></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">statutory</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">statutory</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2"><FONT color="#0865AB"><B>equity</B></FONT></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">reserves:</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">reserves:</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">Reserves</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2"><FONT color="#0865AB"><B>(before</B></FONT></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">Share</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">Share</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">Retained</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">for own</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">Other</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2"><FONT color="#0865AB"><B>distribution</B></FONT></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">capital</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">premium</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">earnings</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">shares</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">reserves</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2"><FONT color="#0865AB"><B>of profit)</B></FONT></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2"><B>As at 31.12.00 and 1.1.01</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>4,444</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>17,370</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>677</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>4,007</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>16,274</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>42,772</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">Par value reduction</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(683</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">20</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>(663</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Cancellation of own shares</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(184</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(3,815</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>(3,999</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Capital increase</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">12</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">110</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>122</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Increase in reserves</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">165</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(165</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Profit for the period</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">4,655</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>4,655</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Changes in reserves for own shares</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(754</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">754</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2"><B>As at 31.12.01 and 1.1.02</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>3,589</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>13,665</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>842</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>3,253</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>21,538</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>42,887</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">Par value reduction</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(2,509</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">117</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>(2,392</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Cancellation of own shares</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(81</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(2,209</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>(2,290</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Capital increase</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">94</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>100</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Increase in reserves</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Profit for the period</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">5,834</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>5,834</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Changes in reserves for own shares</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">3,370</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(3,370</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2"><B>As at 31.12.02</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>1,005</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>11,550</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>842</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>6,623</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>24,119</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>44,139</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<!-- link2 "Share Capital" -->
<DIV align="left"><A NAME="121"></A></DIV>
<P><FONT size="3"><B>Share Capital</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="2">Par value</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="2">Ranking for dividends</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="6"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="6"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="2">As at 31 December 2002</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">No. of shares</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">Capital in CHF</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">No. of shares</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">Capital in CHF</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Issued and paid up</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,256,297,678</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>1,005,038,142</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,182,262,598</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>945,810,078</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Conditional share capital</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">9,590,918</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>7,672,734</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 187
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="26%">&nbsp;</TD>
    <TD width="74%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<B>UBS AG (Parent Bank)</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<B>Notes to the Financial Statements</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2"><br></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2"><br></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2"><br></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2"><br></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2"><br></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
 </TABLE>
</DIV>

<!-- link1 "Off-Balance Sheet and Other Information" -->
<DIV align="left"><A NAME="122"></A></DIV>
<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="5" color="#7F7F7F">Off-Balance Sheet and Other Information
</FONT></TD>
    </TR>
</TABLE>


<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<!-- link1 "Assets Pledged or Assigned as Security for Own Obligations, Assets Subject to Reservation of Title" -->
<DIV align="left"><A NAME="123"></A></DIV>
<P><FONT size="3"><B>Assets Pledged or Assigned as Security for Own Obligations,<BR>
Assets Subject to Reservation of Title</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="38%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="2"><FONT color="#0865AB"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="2">31.12.01</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="2">Change in %</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="6"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="6"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="6"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2"><FONT color="#0865AB"><B>Book</B></FONT></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2"><FONT color="#0865AB"><B>Effective</B></FONT></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">Book</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">Effective</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">Book</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">Effective</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2"><FONT color="#0865AB"><B>value</B></FONT></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2"><FONT color="#0865AB"><B>liability</B></FONT></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">value</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">liability</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">value</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">liability</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Money market paper</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>10,475</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">29,893</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(65</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Mortgage loans</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>808</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>506</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,239</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">813</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(35</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(38</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Securities</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>2,495</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">5,224</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(52</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>13,778</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>506</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">36,356</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">813</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(62</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(38</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<P align="left"><FONT size="2">Assets are pledged as collateral for securities borrowing and repo
transactions, for collateralized credit lines with central banks,
loans from mortgage institutions and security deposits relating to
stock exchange membership.
</FONT>

<!-- link1 "Fiduciary Transactions" -->
<DIV align="left"><A NAME="124"></A></DIV>
<P><FONT size="3"><B>Fiduciary Transactions</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="68%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">% change from</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2"><FONT color="#0865AB"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">31.12.01</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">31.12.01</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
<TD colspan="13"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Deposits</FONT></DIV>
</TD>
</TR>

<TR valign="bottom">
<TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">with other banks</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>28,865</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">38,978</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">(26</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">with Group banks</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>351</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">532</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(34</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Loans and other financial transactions</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>713</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,042</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(32</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>29,929</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">40,552</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(26</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<!-- link1 "Due to UBS Pension Plans, Loans to Corporate Bodies/Related Parties" -->
<DIV align="left"><A NAME="125"></A></DIV>
<P><FONT size="3"><B>Due to UBS Pension Plans, Loans to Corporate Bodies/Related Parties</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="75%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">% change from</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2"><FONT color="#0865AB"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">31.12.01</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">31.12.01</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Due to UBS pension plans and
UBS debt instruments held by pension plans</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>814</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">476</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">71</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Securities borrowed from pension plans</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>2,645</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">824</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">221</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Loans to directors, senior executives and auditors<SUP>1</SUP></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>28</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">32</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(13</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<DIV align="left"><FONT size="2"><SUP>1</SUP> Loans to directors, senior executives and auditors are loans to
members of the Board of Directors, the Group Executive Board and the
Group&#146;s official auditors under Swiss company law. This also includes
loans to companies which are controlled by these natural or legal
persons. There are no loans to the auditors.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 188
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<!-- link1 "Report of the Statutory Auditors" -->
<DIV align="left"><A NAME="126"></A></DIV>
<P><FONT size="2"><B>UBS AG (Parent Bank)<BR>
Report of the Statutory Auditors</B>
</FONT>

<br>


<br>

<br>

<br>

<br>


<P><FONT size="2"><IMG src="y84349y8434952.gif" alt="(Ernst &#038; Young)">
</FONT>

</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 189
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<!-- link1 "Report of the Capital Increase Auditors" -->
<DIV align="left"><A NAME="127"></A></DIV>
<P><FONT size="2">
 <B>UBS AG (Parent Bank)<BR>
Report of the Capital Increase Auditors</B>
</FONT>

<br>

<br>

<br>

<br>

<br>



<P><FONT size="2"><IMG src="y84349y8434953.gif" alt="(Ernst &#038; Young)">
</FONT>

</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 190
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="right"><FONT size="2"><B>
 191
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center"><FONT size="2"><IMG src="y84349y8434954.gif" alt="(Crop circles)">
</FONT>

<P align="left"><FONT size="2"><B>
 192
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center"><FONT size="2"><IMG src="y84349y8434955.gif" alt="(Gray background Additional Disclosure Required under SEC Regulations)">
</FONT>

<P align="right"><FONT size="2"><B>
 193
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="18%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="77%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
<B>Additional Disclosure Required</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
<B>under SEC Regulations</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
<B>Table of Contents</B></FONT></TD>
</TR>
 </TABLE>
</DIV>


<br>

<br>

<br>

<br>

<br>


<!-- link1 "Additional Disclosure Required under SEC Regulations" -->
<DIV align="left"><A NAME="128"></A></DIV>
<P><FONT size="5"><B>Additional Disclosure Required under SEC Regulations<BR>
Table of Contents</B>
</FONT>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:48%">

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="11%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#FFFFFF">
    <TD valign="top"><FONT size="2" color="#0865AB"><B>A</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2" color="#0865AB">
<B>Introduction</B>
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2" color="#0865AB"><B>195</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#FFFFFF">
    <TD valign="top"><FONT size="2" color="#0865AB"><B>B</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2" color="#0865AB">
<B>Selected Financial Data</B>
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2" color="#0865AB"><B>195</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
Balance Sheet Data
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">197</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
US GAAP Income Statement Data
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">198</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
US GAAP Balance Sheet Data
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">199</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
Ratio of Earnings to Fixed Charges
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">199</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#FFFFFF">
    <TD valign="top"><FONT size="2" color="#0865AB"><B>C</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2" color="#0865AB">
<B>Information on the Company</B>
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2" color="#0865AB"><B>199</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
Property, plant and equipment
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">199</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#FFFFFF">
    <TD valign="top"><FONT size="2" color="#0865AB"><B>D</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2" color="#0865AB">
<B>Information Required by Industry Guide 3</B>
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2" color="#0865AB"><B>200</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
Selected statistical information
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">200</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
Average Balances and Interest Rates
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">200</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
Analysis of Changes in Interest Income and Expense
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">202</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
Deposits
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">204</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
Short-term Borrowings
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">205</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
Loans
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">207</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
Loan Maturities
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">208</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
Impaired, Non-performing and Restructured Loans
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">209</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
Cross-Boarder Outstandings
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">210</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
Summary of Movements in Allowances and</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
Provisions for Credit Losses
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">212</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
Allocation of the Allowances and</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
Provisions for Credit Losses
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">214</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
Loans by industry sector
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">215</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
Loss History Statistics
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">216</FONT></TD>
</TR>
 </TABLE>
</DIV>

</DIV><DIV style="float: right; width: 24%">

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 194
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<!-- link1 "A &#151; Introduction" -->
<DIV align="left"><A NAME="129"></A></DIV>
<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="3" color="#0865AB"><B>A &#151; Introduction</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">The following pages contain
additional disclosure about UBS
Group which is required under SEC
regulations.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise stated,
UBS&#146;s Financial Statements have
been prepared in accordance with
International Financial Reporting
Stan-
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


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

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

<P align="left"><FONT size="2">dards (IFRS)&nbsp;and are
denominated in Swiss francs, or
CHF, the reporting currency of
the Group. Certain financial
information has also been
presented in accordance with
United States Generally Accepted
Accounting Principles (US GAAP).
</FONT>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<!-- link1 "B &#151; Selected Financial Data" -->
<DIV align="left"><A NAME="130"></A></DIV>
<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="3" color="#0865AB"><B>B &#151; Selected Financial Data</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">The tables below set forth, for the periods and dates indicated,
information concerning the noon buying rate for the Swiss franc,
expressed in United States dollars, or USD, per one Swiss franc. The
noon buying rate is the rate in New York City for cable transfers in
foreign currencies as certified for customs purposes by the Federal
Reserve Bank of New York.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On 28 February&nbsp;2003 the noon buying rate was 0.7376 USD per 1 CHF.
</FONT></DIV>

<DIV align="left">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="36%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">Average rate<SUP>1</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="2">Year ended 31 December</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">High</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">Low</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">(USD per 1 CHF)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">At period end</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1998</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0.7731</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0.6485</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0.6894</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0.7281</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1999</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0.7361</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0.6244</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0.6605</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0.6277</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2000</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0.6441</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0.5479</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0.5912</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0.6172</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2001</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0.6331</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0.5495</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0.5910</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0.5857</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2002</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0.7229</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0.5817</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0.6453</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0.7229</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Month</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="center"><FONT size="2">High</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="center"><FONT size="2">Low</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">September&nbsp;2002</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0.6789</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0.6578</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">October&nbsp;2002</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0.6760</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0.6605</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">November&nbsp;2002</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0.6928</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0.6714</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">December&nbsp;2002</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0.7229</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0.6736</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">January&nbsp;2003</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0.7401</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0.7135</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">February&nbsp;2003</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0.7411</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0.7275</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<DIV align="left"><FONT size="2"><SUP>1</SUP> The average of the noon buying rates on the last business day of each
full month during the relevant period.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 195
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P><FONT size="2"><B>Additional Disclosure Required<BR>
under SEC Regulations</B>
</FONT>

<P><FONT size="2"><B><br></B>
</FONT>

<P><FONT size="2"><B><br></B>
</FONT>

<P><FONT size="2"><B><br></B>
</FONT>

<P><FONT size="2"><B><br></B>
</FONT>

<P><FONT size="2"><B><br></B>
</FONT>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="3" color="#0865AB"><B>B &#151; Selected Financial Data (continued)</B>
</FONT></TD>
    </TR>
</TABLE>


<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="2"><I>CHF million, except where indicated</I></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="2">For the year ended</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2"><FONT color="#0865AB"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">31.12.01</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">31.12.00</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">31.12.99</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">31.12.98</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2"><B>Income statement data</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Interest income</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>39,963</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">52,277</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">51,745</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">35,604</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">37,442</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Interest expense</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>29,417</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">44,236</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">43,615</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">29,695</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">32,424</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Net interest income</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>10,546</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">8,041</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">8,130</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">5,909</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">5,018</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Credit loss (expense)/recovery</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>(206</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(498</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">130</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(956</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(951</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Net interest income after
credit loss (expense)/recovery</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>10,340</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">7,543</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">8,260</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">4,953</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">4,067</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Net fee and commission income</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>18,221</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">20,211</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">16,703</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">12,607</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">12,626</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Net trading income</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>5,572</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">8,802</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">9,953</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">7,719</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">3,313</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Other income</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>(12</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">558</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,486</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">3,146</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2,241</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Operating income</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>34,121</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">37,114</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">36,402</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">28,425</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">22,247</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Operating expenses</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>29,577</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">30,396</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">26,203</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">20,532</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">18,376</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Operating profit before tax</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>4,544</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">6,718</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">10,199</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">7,893</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">3,871</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Tax expense/(benefit)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>678</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,401</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2,320</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,686</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">904</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Minority interests</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>(331</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(344</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(87</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(54</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Net profit</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>3,535</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">4,973</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">7,792</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">6,153</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2,972</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Cost/income ratio (%)<SUP>1</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>86.2</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">80.8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">72.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">69.9</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">79.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Cost/income ratio before
goodwill (%)<SUP>1, 2</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>79.0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">77.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">70.4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">68.7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">77.7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2"><B>Per share data (CHF)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Basic earnings per share<SUP>3</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>2.92</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">3.93</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">6.44</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">5.07</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2.44</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Basic earnings per share
before goodwill<SUP>2, 3</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>4.73</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">4.97</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">7.00</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">5.35</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2.72</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Diluted earnings per share<SUP>3</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>2.87</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">3.78</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">6.35</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">5.02</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2.40</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Diluted earnings per share
before goodwill<SUP>2, 3</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>4.65</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">4.81</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">6.89</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">5.30</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2.68</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Cash dividends declared per share
(CHF)<SUP>4</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>2.00</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1.50</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1.83</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1.67</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Cash dividends declared per share
(USD)<SUP>4</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0.86</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1.10</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1.10</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Dividend payout ratio (%)<SUP>4</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>68.49</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">23.28</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">36.18</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">68.21</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2"><B>Rates of return (%)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Return on shareholders&#146; equity<SUP>5</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>8.9</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">11.7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">21.5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">22.4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">10.7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Return on shareholders&#146; equity
before goodwill<SUP>2, 5</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>14.4</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">14.8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">23.4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">23.6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">12.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Return on average equity</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>7.6</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">10.4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">22.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">18.6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">9.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Return on average assets</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>0.24</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0.36</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0.70</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0.65</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0.28</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<DIV align="left"><FONT size="2"><SUP>1</SUP> Operating expenses/operating income before credit loss expense. &nbsp;&nbsp;<SUP>2</SUP>
The amortization of goodwill and other intangible assets is excluded
from the calculation. &nbsp;&nbsp;<SUP>3</SUP> For EPS calculation, see Note 8 to the
Financial Statements. &nbsp;&nbsp;<SUP>4</SUP> Dividends are normally declared and paid in the
year subsequent to the reporting period. In 2000, as part of the
arrangements of the acquisition of PaineWebber, a dividend of CHF 1.50
was paid on 5 October&nbsp;2000 in respect of the nine months ended 30
September&nbsp;2000. Prior to the merger between Union Bank of Switzerland
and Swiss Bank Corporation, each paid dividends in accordance with its
own dividend policies. In 2001 a further amount of CHF 1.60 per share
was distributed to shareholders in the form of a par value reduction,
in respect of 2000. No dividend was paid out for the year 2001. A par
value reduction of CHF 2.00 per share was paid on 10 July&nbsp;2002. A
dividend of CHF 2.00 per share will be paid on 23 April&nbsp;2003, subject
to approval by shareholders at the Annual General Meeting. The USD
amount per share will be determined on 17 April&nbsp;2003.
&nbsp;&nbsp;<SUP>5</SUP> Net
profit/average Shareholders&#146; equity excluding dividends.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 196
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#0865AB"><B>B &#151; Selected Financial Data (continued)</B>
</FONT></TD>
    </TR>
</TABLE>


<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="2"><I>CHF million, except where indicated</I></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="2">As at</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2"><FONT color="#0865AB"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">31.12.01</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">31.12.00</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">31.12.99</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">31.12.98</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Balance sheet data</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total assets</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>1,181,118</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,253,297</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,087,552</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">896,556</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">861,282</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Shareholders&#146; equity</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>38,991</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">43,530</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">44,833</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">30,608</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">28,794</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Average equity to average assets (%)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>3.14</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">3.49</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">3.17</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">3.52</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">3.06</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Market capitalization</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>79,448</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">105,475</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">112,666</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">92,642</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">90,720</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Shares</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Registered ordinary shares</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>1,256,297,678</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,281,717,499</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,333,139,187</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,292,679,486</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,289,857,836</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Own shares to be delivered</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">28,447,788</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Treasury shares</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">97,181,094</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">41,254,951</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">55,265,349</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">110,621,142</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">73,370,094</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>BIS capital ratios</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Tier 1 (%)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>11.3</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">11.6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">11.7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">10.6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">9.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total BIS (%)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>13.8</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">14.8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">15.7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">14.5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">13.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Risk-weighted assets</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>238,790</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">253,735</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">273,290</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">273,107</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">303,719</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Invested assets (CHF billion)</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>2,037</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2,448</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2,445</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,744</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,573</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Headcount (full-time equivalents)</B><SUP><B>1</B></SUP></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>69,061</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">69,985</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">71,076</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">49,058</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">48,011</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2"><B>Long-term ratings</B><SUP><B>2</B></SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">

<TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Fitch,
London</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">AAA</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT> </TD>

    <TD align="right"><FONT size="2">AAA</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT> </TD>

    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT> </TD>

    <TD align="right"><FONT size="2">AAA</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT> </TD>

    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT> </TD>

    <TD align="right"><FONT size="2">AAA</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT> </TD>

    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT> </TD>

    <TD align="right"><FONT size="2">AAA</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Moody&#146;s, New York</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">AA2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">AA2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>
 </TD>
    <TD align="right"><FONT size="2">Aa1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>
 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>
 </TD>
    <TD align="right"><FONT size="2">Aa1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>
 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>
 </TD>
    <TD align="right"><FONT size="2">Aa1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>
 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Standard &#038; Poor&#146;s, New York</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>
 </TD>
    <TD align="right"><FONT size="2">AA&#043;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>
 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>
 </TD>
    <TD align="right"><FONT size="2">AA&#043;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>
 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>
 </TD>
    <TD align="right"><FONT size="2">AA&#043;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>
 </TD>
    <TD><FONT size="2">&nbsp;</FONT>
 </TD>
    <TD><FONT size="2">&nbsp;</FONT>
 </TD>
    <TD align="right"><FONT size="2">AA&#043;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>
 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>
 </TD>
    <TD align="right"><FONT size="2">AA&#043;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<DIV align="left"><FONT size="2"><SUP>1</SUP> The Group headcount does not include Klinik Hirslanden headcount. Klinik
Hirslanden was sold on 5
December&nbsp;2002.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<SUP>2</SUP> See the UBS Handbook 2002/2003, page 10 to 11 for information about the nature of these
ratings.
</FONT></DIV>

<!-- link2 "Balance Sheet Data" -->
<DIV align="left"><A NAME="131"></A></DIV>
<P><FONT size="3"><B>Balance Sheet Data</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="46%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="2">As at</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2"><FONT color="#0865AB"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">31.12.01</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">31.12.00</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">31.12.99</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">31.12.98</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2"><B>Assets</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Total assets</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>1,181,118</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,253,297</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,087,552</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">896,556</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">861,282</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Due from banks</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>32,468</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">27,526</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">29,147</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">29,907</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">68,495</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Cash collateral on securities borrowed</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>139,052</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">162,938</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">177,857</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">113,162</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">91,695</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Reverse repurchase agreements</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>294,086</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">269,256</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">193,801</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">132,391</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">141,285</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Trading portfolio assets</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>371,436</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">397,886</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">315,588</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">211,932</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">159,179</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Positive replacement values</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>82,092</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">73,447</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">57,875</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">62,957</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">90,511</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Loans</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>211,647</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">226,545</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">244,842</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">234,858</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">247,926</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2"><B>Liabilities</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Due to banks</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>83,178</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">106,531</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">82,240</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">76,365</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">85,716</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Cash collateral on securities lent</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>36,870</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">30,317</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">23,418</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">12,832</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">19,171</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Repurchase agreements</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>366,858</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">368,620</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">295,513</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">196,914</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">137,617</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Trading portfolio liabilities</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>106,453</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">105,798</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">82,632</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">54,638</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">47,033</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Negative replacement values</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>81,282</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">71,443</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">75,923</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">95,786</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">125,847</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Due to customers</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>306,876</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">333,781</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">310,679</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">279,960</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">274,850</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Debt issued</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>129,411</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">156,218</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">129,635</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">120,987</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">102,310</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Shareholders&#146; equity</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>38,991</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">43,530</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">44,833</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">30,608</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">28,794</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 197
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P><FONT size="2"><B>Additional Disclosure Required<BR>
under SEC Regulations</B>
</FONT>

<br>

<br>

<br>

<br>

<br>

<br>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="3" color="#0865AB"><B><BR>
B &#151; Selected Financial Data (continued)</B>
</FONT></TD>
    </TR>
</TABLE>


<!-- link2 "US GAAP Income Statement Data" -->
<DIV align="left"><A NAME="132"></A></DIV>
<P><FONT size="2"><B>US GAAP Income Statement Data</B>
</FONT>

<DIV align="left">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="55%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="2">For the year ended</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2"><FONT color="#0865AB"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">31.12.01</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">31.12.00</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">31.12.99</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">31.12.98</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2"><B>Operating income</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Interest income</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>39,679</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">51,907</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">51,565</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">35,404</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">29,136</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Interest expense</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>(29,334</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(44,096</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(43,584</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(29,660</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(25,773</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">Net interest income</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>10,345</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">7,811</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">7,981</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">5,744</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">3,363</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Credit loss (expense)/recovery</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>(206</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(498</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">130</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(956</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(787</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">Net interest income after credit loss (expense)/recovery</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>10,139</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">7,313</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">8,111</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">4,788</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2,576</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Net fee and commission income</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>18,221</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">20,211</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">16,703</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">12,607</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">8,925</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Net trading income</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>6,031</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">8,959</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">8,597</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">7,174</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">455</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">Other income</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>96</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">534</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,514</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">3,182</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">725</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">Total operating income</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>34,487</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">37,017</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">34,925</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">27,751</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">12,681</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2"><B>Operating expenses</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Personnel expenses</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>18,610</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">19,713</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">17,262</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">12,483</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">7,938</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">General and administrative expenses</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>7,072</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">7,631</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">6,813</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">6,664</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">6,259</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Depreciation of property and equipment</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>1,613</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,815</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,800</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,619</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,439</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Amortization of goodwill</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2,484</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2,018</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,793</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">936</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Amortization of other intangible assets</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>1,443</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">298</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">134</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">42</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">28</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Restructuring costs</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">112</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">191</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">750</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,089</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">Total operating expenses</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>28,738</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">32,053</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">28,218</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">23,351</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">17,689</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2"><B>Operating profit/(loss)
before tax and minority interests</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>5,749</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">4,964</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">6,707</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">4,400</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(5,008</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">Tax expense/(benefit)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>511</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,386</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2,183</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,509</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(1,339</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2"><B>Net profit/(loss)&nbsp;before minority interests</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>5,238</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">3,578</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">4,524</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2,891</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(3,669</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">Minority interests</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>(331</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(344</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(87</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(54</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Change in accounting principle: cumulative effect
of adoption of &#147;AICPA Audit and Accounting Guide,
Audits of Investment Companies&#148; on certain
financial investments, net of tax</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>639</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2"><B>Net profit/(loss)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>5,546</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">3,234</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">4,437</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2,837</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(3,665</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<DIV align="left"><FONT size="2">Note: Certain prior year amounts have been reclassified to conform to the
current year&#146;s presentation.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 198
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">





<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#0865AB"><B>B &#151; Selected Financial Data (continued)</B>
</FONT></TD>
    </TR>
</TABLE>


<!-- link2 "US GAAP Balance Sheet Data" -->
<DIV align="left"><A NAME="133"></A></DIV>
<P><FONT size="2"><B>US GAAP Balance Sheet Data</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="54%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="2">As at</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2"><FONT color="#0865AB"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">31.12.01</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">31.12.00</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">31.12.99</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">31.12.98</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Assets</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total assets</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>1,296,938</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,361,920</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,124,554</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">893,525</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">899,589</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Due from banks</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>32,481</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">27,550</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">29,182</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">29,954</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">68,554</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cash collateral on securities borrowed</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>139,073</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">162,566</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">177,857</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">113,162</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">91,695</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Reverse repurchase agreements</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>294,086</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">269,256</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">193,801</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">132,391</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">141,285</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Trading portfolio assets</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>441,845</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">455,406</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">318,788</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">228,230</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">178,130</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Positive replacement values<SUP>1</SUP></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>83,757</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">73,474</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">57,775</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">62,294</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">90,520</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Loans</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>211,755</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">226,747</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">245,214</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">235,401</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">248,657</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Goodwill</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>28,127</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">29,255</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">31,016</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">21,163</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">21,455</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other intangible assets</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>1,222</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">4,510</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">4,710</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">265</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">252</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other assets</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>21,314</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">36,972</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">27,955</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">18,717</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">29,398</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Liabilities</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Due to banks</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>83,178</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">106,531</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">82,240</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">76,363</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">85,716</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cash collateral on securities lent</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>36,870</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">30,317</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">23,418</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">12,832</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">19,127</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Repurchase agreements</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>366,858</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">368,620</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">295,513</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">173,840</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">136,824</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Trading portfolio liabilities</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>117,721</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">119,528</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">87,832</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">52,658</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">47,772</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Obligation to return securities received as collateral</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>16,308</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">10,931</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Negative replacement values<SUP>1</SUP></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>132,354</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">116,666</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">75,423</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">95,004</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">125,857</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Due to customers</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>306,872</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">333,766</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">310,686</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">279,971</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">274,861</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Accrued expenses and deferred income</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>15,330</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">17,289</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">21,038</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">12,040</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">11,232</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Debt issued</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>129,527</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">156,462</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">129,750</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">120,704</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">101,973</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Shareholders&#146; equity</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>55,576</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">59,282</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">62,960</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">51,833</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">54,761</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<DIV align="left"><FONT size="2"><SUP>1</SUP> Positive and negative replacement values represent the fair value of
derivative instruments.
</FONT></DIV>

<DIV align="left"><FONT size="2">Note: 2001 amounts have been adjusted to reflect the treatment of
reverse repurchase, repurchase, securities borrowing and securities
lending transactions on a consistent basis. See Note 39.4.4 for
details.
</FONT></DIV>

<!-- link2 "Ratio of Earnings to Fixed Charges" -->
<DIV align="left"><A NAME="134"></A></DIV>
<P><FONT size="2"><B>Ratio of Earnings to Fixed Charges</B>
</FONT>

<P align="left"><FONT size="2">The following table sets forth UBS AG&#146;s ratio of earnings to fixed
charges, for the periods indicated. Ratios of earnings to combined
fixed charges and preferred stock dividends requirements are not
presented as there were no preferred share dividends in any of the
periods indicated.
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="2">For the year ended</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2"><FONT color="#0865AB"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">31.12.01</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">31.12.00</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">31.12.99</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">31.12.98</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">IFRS<SUP>1</SUP></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>1.14</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1.14</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1.23</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1.25</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1.11</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">US GAAP<SUP>1, 2</SUP></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#0865AB"><B>1.18</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1.10</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1.15</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1.14</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0.80</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<DIV align="left"><FONT size="2"><SUP>1</SUP> The ratio is provided using both IFRS and US GAAP values, since the ratio
is materially different under the two accounting standards.
&nbsp;&nbsp;<SUP>2</SUP> The deficiency in the coverage of fixed charges by earnings before fixed
charges at 31 December&nbsp;1998 was CHF 5,319&nbsp;million.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<!-- link1 "C &#151; Information on the Company" -->
<DIV align="left"><A NAME="135"></A></DIV>
<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="3" color="#0865AB"><B>C &#151; Information on the Company</B>
</FONT></TD>
    </TR>
</TABLE>


<!-- link2 "Property, Plant and Equipment" -->
<DIV align="left"><A NAME="136"></A></DIV>
<P align="left"><FONT size="2"><B>Property, Plant and Equipment</B>
</FONT>

<DIV align="left"><FONT size="2">At 31 December&nbsp;2002, UBS operated
about 1,800 offices and branches
worldwide, of which about 47%
were in Switzerland, 10% in the
rest of Europe, 40% in the
Americas and 2% in Asia.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28% of the offices and
branches in Switzer-land were
owned directly by UBS with the
</FONT></DIV>

</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


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

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

<P align="left"><FONT size="2">remainder, along with most of
UBS&#146;s offices outside
Switzerland, being held under
commercial leases.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These premises are subject
to continuous maintenance and
upgrading and are considered
suitable and adequate for our
current and anticipated
operations.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">



<P align="right"><FONT size="2"><B>
 199
</B></FONT>



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

<!-- link1 " D -- Information Required by Industry Guide 3" -->
<DIV align="left"><A NAME="137"></A></DIV>
<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="21%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="74%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
<B>Additional Disclosure Required<br>
under SEC Regulations</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#FFFFFF">
    <TD valign="top"><FONT size="2" color="#0865AB">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="3" color="#0865AB">
<B>D &#151; Information Required by Industry Guide 3</B></FONT></TD>
</TR>
 </TABLE>
</DIV>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<!-- link2 "Selected Statistical Information" -->
<DIV align="left"><A NAME="138"></A></DIV>
<P><FONT size="2"><B>Selected Statistical Information</B>
</FONT>

<DIV align="left"><FONT size="2">The tables below set forth
selected statistical information
regarding the Group&#146;s banking
operations extracted from the
Financial Statements. Unless
otherwise indicated, average
balances for the year ended 31
December&nbsp;2002, 31 December&nbsp;2001
and 31 December&nbsp;2000 are
calculated
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<DIV align="left"><FONT size="2">from monthly data.
Certain prior year balances and
figures have been reclassified to
conform to current year
presentation. The distinction
between domestic and foreign is
generally based on the booking
location. For loans, this method
is not significantly different
from an analysis based on the
domicile of the borrower.
</FONT></DIV>

</DIV><!--  &nbsp; --><P>&nbsp;<BR clear="all">

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="3" color="#0865AB"><B>D &#151; Information Required by Industry Guide 3 (continued)</B>
</FONT></TD>
    </TR>
</TABLE>


<!-- link2 "Average Balances and Interest Rates" -->
<DIV align="left"><A NAME="139"></A></DIV>
<P><FONT size="2"><B>Average Balances and Interest Rates</B>
</FONT>

<P align="left"><FONT size="2">The following table sets forth average interest-earning assets and average
interest-bearing liabilities, along with the average rates, for the years ended
31 December&nbsp;2002, 2001 and 2000.
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="10"><FONT size="1"><FONT color="#0865AB"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="10"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="10"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="10"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="10"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="10"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>Average</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>Average</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Average</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Average</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Average</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Average</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left" colspan="2"><FONT size="1"><I>CHF million, except where indicated</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>balance</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>Interest</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>rate (%)</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">balance</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Interest</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">rate (%)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">balance</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Interest</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">rate (%)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="38" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">

<TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Assets</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Due from banks</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Domestic</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>12,534</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>388</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3.1</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">11,753</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,055</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">9.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">13,366</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,273</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">9.5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Foreign</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>17,603</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>634</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3.6</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">15,528</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,823</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">11.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">16,994</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,280</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">13.4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Cash collateral on securities borrowed and
reverse repurchase agreements</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Domestic</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>5,471</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>235</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4.3</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7,868</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">563</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8,383</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">558</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Foreign</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>573,576</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>10,949</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1.9</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">474,295</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">17,774</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">348,395</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">18,530</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Trading portfolio assets</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Domestic</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>7,812</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>269</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3.4</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">12,940</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">307</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2.4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">20,800</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">244</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Foreign &#151; taxable</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>373,810</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>16,714</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4.5</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">332,126</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">16,183</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">255,399</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">11,560</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Foreign &#151; non-taxable</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,720</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1.8</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,450</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">42</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2.9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,206</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">38</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Foreign &#151; total</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>375,530</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>16,745</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4.5</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">333,576</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">16,225</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">256,605</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">11,598</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Loans</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Domestic</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>170,641</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>6,987</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4.1</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">177,404</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8,017</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">181,646</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">10,985</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Foreign</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>55,199</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,789</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3.2</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">72,176</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,090</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">67,528</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,813</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5.6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Financial investments</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Domestic</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3,794</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>60</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1.6</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,598</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">90</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,440</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">105</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Foreign &#151; taxable</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>8,781</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>105</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1.2</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">39,252</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">363</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">22,529</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">297</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Foreign &#151; non-taxable</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0.0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Foreign &#151; total</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>8,781</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>105</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1.2</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">39,252</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">363</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">22,529</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">297</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="38" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Total interest-earning assets</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,230,941</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>38,161</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3.1</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,149,390</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">49,307</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">939,686</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">49,683</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Net interest on swaps</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,802</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,970</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,062</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="38" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Interest income and
average interest-earning assets</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,230,941</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>39,963</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3.2</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,149,390</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">52,277</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">939,686</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">51,745</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5.5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Non-interest-earning assets</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Positive replacement values</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>190,063</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">153,687</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">135,762</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Fixed assets</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>12,532</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">13,376</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">9,660</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Other</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>53,293</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">46,954</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">32,925</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="38" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Total average assets</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,486,829</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,363,407</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,118,033</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="38" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>


<P align="left"><FONT size="2"><B>
 200
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="3" color="#0865AB"><B>D &#151; Information Required by Industry Guide 3 (continued)</B>
</FONT></TD>
    </TR>
</TABLE>


<P><FONT size="2"><B>Average Balances and Interest Rates (continued)</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="33%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="10"><FONT size="1"><FONT color="#0865AB"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="10"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="10"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="10"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="10"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="10"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>Average</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>Average</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Average</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Average</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Average</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Average</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left" colspan="2"><FONT size="1"><I>CHF million, except where indicated</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>balance</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>Interest</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>rate (%)</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">balance</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Interest</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">rate (%)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">balance</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Interest</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">rate (%)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="38" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">

<TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Liabilities and Equity</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Due to banks</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Domestic</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>28,625</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>452</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1.6</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">36,260</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,424</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31,133</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,397</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Foreign</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>60,621</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,362</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2.2</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">61,642</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,506</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">57,258</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,758</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6.6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Cash collateral on securities lent and
repurchase agreements</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Domestic</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>18,382</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>355</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1.9</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">13,147</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">600</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">12,700</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">478</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Foreign</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>523,375</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>9,726</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1.9</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">415,121</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">13,917</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">284,220</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">14,437</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Trading portfolio liabilities</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Domestic</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3,239</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>146</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4.5</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,526</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,078</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Foreign</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>109,013</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>8,220</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>7.5</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">94,597</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7,814</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">66,597</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5,305</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Due to customers</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Domestic &#151; demand deposits</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>42,484</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>435</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1.0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">41,664</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">715</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">44,403</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">595</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Domestic &#151; savings deposits</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>71,465</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>625</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0.9</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">66,089</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">716</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">72,207</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">781</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Domestic &#151; time deposits</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>27,646</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>447</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1.6</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31,261</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">989</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">27,199</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">826</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Domestic &#151; total</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>141,595</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,507</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1.1</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">139,014</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,420</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">143,809</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,202</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Foreign<sup>1</sup></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>172,650</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3,062</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1.8</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">187,783</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6,738</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">143,432</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7,303</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Short-term debt</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Domestic</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>69</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0.0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">69</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">79</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Foreign</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>91,616</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,915</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2.1</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">96,184</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,227</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">78,075</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,338</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5.6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Long-term debt</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Domestic</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>10,082</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>433</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4.3</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">12,754</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">587</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">15,490</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">778</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Foreign</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>46,930</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2,239</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4.8</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">43,798</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6.9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">38,020</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,615</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6.9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="38" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">

<TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total interest-bearing liabilities</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,206,197</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>29,417</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2.4</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,102,895</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">44,236</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">871,891</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">43,615</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Non-interest-bearing liabilities</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Negative replacement values</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>192,659</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">165,220</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">157,668</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Other</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>41,297</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">47,676</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">53,049</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="38" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Total liabilities</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,440,153</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,315,791</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,082,608</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Shareholders&#146; equity</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>46,676</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">47,616</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">35,425</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="38" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Total average liabilities and shareholders&#146; equity</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,486,829</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,363,407</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,118,033</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">

<TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net interest income</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>10,546</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8,041</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8,130</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">

<TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net yield on interest-earning assets</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0.9</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="38" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<DIV align="left"><FONT size="1"><sup>l</sup>Due to customers in foreign offices consists mainly of time deposits.
</FONT></DIV>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">The percentage of total average
interest-earning assets
attributable to foreign
activities was 84% for 2002 (81%
for 2001 and 76% for 2000). The
percentage of total average
interest-bearing liabilities
attributable to foreign
activities was 83% for 2002 (82%
for 2001 and 77% for 2000).
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All assets and liabilities
are translated into CHF at
uniform month-end rates. Interest
income and expense are translated
at monthly average rates.
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average rates earned and
paid on assets and liabilities
can change from period to period
based on the changes in interest
rates in general, but are also
affected by changes in the
currency mix included in the
assets and liabilities. This is
especially true for foreign
assets and liabilities.
Tax-exempt income is not recorded
on a tax-equivalent basis. For
all three years presented,
tax-exempt income is considered
to be insignificant and therefore
the impact from such income is
negligible.
</FONT>
</DIV><!--  &nbsp; --><P>&nbsp;<BR clear="all">


<P align="right"><FONT size="2"><B>
 201
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<P><FONT size="2"><B>Additional Disclosure Required<BR>
under SEC Regulations</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="3" color="#0865AB"><B>D &#151; Information Required by Industry Guide 3 (continued)</B>
</FONT></TD>
    </TR>
</TABLE>


<!-- link2 "Analysis of Changes in Interest Income and Expense" -->
<DIV align="left"><A NAME="140"></A></DIV>
<P><FONT size="2"><B>Analysis of Changes in Interest Income and Expense</B>
</FONT>

<P align="left"><FONT size="2">The following tables allocate, by categories of interest-earning assets
and interest-bearing liabilities, the changes in interest income and
expense due to changes in volume and interest rates for the year ended
31 December&nbsp;2002 compared to the year ended 31 December&nbsp;2001, and for
the year ended 31 December&nbsp;2001 compared to the year ended 31 December
2000. Volume and rate variances have been calculated on movements in
average balances and changes in interest rates. Changes due to a
combination of volume and rates have been allocated proportionally.
Refer to page 209 of Industry Guide 3 for a discussion of the treatment
of impaired, non-performing and restructured loans.
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="10"><FONT size="1"><FONT color="#0865AB"><B>2002 compared to 2001</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="10"><FONT size="1">2001 compared to 2000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="10"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="10"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="1"><FONT color="#0865AB"><B>Increase/(decrease)</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="1">Increase/(decrease)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="1"><FONT color="#0865AB"><B>due to changes in</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="1">due to changes in</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="6"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="6"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>Average</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>Average</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>Net</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Average</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Average</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Net</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left" colspan="2"><FONT size="1"><I>CHF million</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>volume</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>rate</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>change</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">volume</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">rate</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">change</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="26" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">

<TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Interest income from interest-earning assets</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Due from banks</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Domestic</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>70</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(737</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(667</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(153</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(65</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(218</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Foreign</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>243</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(1,432</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(1,189</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(196</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(261</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(457</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Cash collateral on securities borrowed and
reverse repurchase agreements</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Domestic</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(173</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(155</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(328</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(35</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">40</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Foreign</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3,673</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(10,498</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(6,825</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6,673</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(7,429</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(756</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Trading portfolio assets</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Domestic</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(123</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>85</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(38</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(94</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">157</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">63</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Foreign &#151; taxable</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2,043</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(1,512</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>531</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,456</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,167</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,623</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Foreign &#151; non-taxable</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>8</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(19</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(11</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(4</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Foreign &#151; total</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2,051</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(1,531</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>520</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,464</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,163</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,627</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Loans</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Domestic</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(304</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(726</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(1,030</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(255</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(2,713</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(2,968</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Foreign</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(730</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(571</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(1,301</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">260</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(983</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(723</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Financial investments</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Domestic</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(16</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(14</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(30</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">36</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(51</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(15</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Foreign &#151; taxable</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(274</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>16</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(258</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">217</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(151</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">66</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Foreign &#151; non-taxable</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Foreign &#151; total</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(274</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>16</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(258</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">217</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(151</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">66</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="26" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Interest income</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Domestic</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(546</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(1,547</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(2,093</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(501</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(2,632</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(3,133</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Foreign</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4,963</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(14,016</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(9,053</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">10,418</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(7,661</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,757</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="26" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Total interest income from
interest-earning assets</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4,417</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(15,563</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(11,146</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">9,917</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(10,293</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(376</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Net interest on swaps</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(1,168</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">908</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="26" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">

<TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total interest income</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(12,314</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">532</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="26" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>


<P align="left"><FONT size="2"><B>
 202
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="3" color="#0865AB"><B>D &#151; Information Required by Industry Guide 3 (continued)</B>
</FONT></TD>
    </TR>
</TABLE>


<P><FONT size="2"><B>Analysis of Changes in Interest Income and Expense (continued)</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="49%">&nbsp;</TD>

    <TD width="3%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>

    <TD width="3%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>

    <TD width="3%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>

    <TD width="3%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>


    <TD width="3%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>

    <TD width="3%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="10"><FONT size="1"><FONT color="#0865AB"><B>2002 compared to 2001</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="10"><FONT size="1">2001 compared to 2000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="10"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="10"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="1"><FONT color="#0865AB"><B>Increase/(decrease)</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="1">Increase/(decrease)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="1"><FONT color="#0865AB"><B>due to changes in</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="1">due to changes in</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="6"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="6"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>Average</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>Average</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>Net</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Average</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Average</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Net</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left" colspan="2"><FONT size="1"><I>CHF million</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>volume</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>rate</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>change</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">volume</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">rate</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">change</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="26" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">

<TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Interest expense on interest-bearing liabilities</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Due to banks</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Domestic</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(298</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(674</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(972</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">395</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(1,368</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(973</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Foreign</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(58</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(2,086</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(2,144</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">289</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(541</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(252</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Cash collateral on securities lent and
repurchase agreements</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Domestic</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>241</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(486</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(245</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">17</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">105</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">122</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Foreign</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3,681</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(7,872</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(4,191</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6,676</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(7,196</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(520</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Trading portfolio liabilities</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Domestic</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>145</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>145</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(9</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(3</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Foreign</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,197</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(791</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>406</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,240</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">269</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,509</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Due to customers</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Domestic &#151; demand deposits</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>14</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(294</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(280</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(36</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">156</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">120</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Domestic &#151; savings deposits</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>59</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(150</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(91</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(67</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(65</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Domestic &#151; time deposits</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(116</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(426</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(542</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">132</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">163</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Domestic &#151; total</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(43</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(870</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(913</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(72</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">290</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">218</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Foreign</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(545</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(3,131</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(3,676</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,262</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(2,827</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(565</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Short-term debt</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Domestic</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Foreign</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(201</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(2,111</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(2,312</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,014</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(1,125</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(111</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Long-term debt</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Domestic</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(123</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(31</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(154</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(137</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(54</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(191</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Foreign</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>216</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(979</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(763</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">419</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(32</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">387</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="26" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Interest expense</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Domestic</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(223</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(1,916</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(2,139</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">209</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(1,036</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(827</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Foreign</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4,290</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(16,970</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(12,680</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">12,900</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(11,452</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,448</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="26" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Total interest expense</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4,067</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(18,886</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(14,819</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">13,109</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(12,488</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">621</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="26" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>


<P align="right"><FONT size="2"><B>
 203
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><FONT size="2"><B>Additional Disclosure Required<BR>
under SEC Regulations</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="3" color="#0865AB"><B>D &#151; Information Required by Industry Guide 3 (continued)</B>
</FONT></TD>
    </TR>
</TABLE>


<!-- link2 "Deposits" -->
<DIV align="left"><A NAME="141"></A></DIV>
<P><FONT size="2"><B>Deposits</B>
</FONT>

<P align="left"><FONT size="2">The following table analyzes average deposits and the average rates on
each deposit category listed below for the years ended 31 December
2002, 2001 and 2000. The geographic allocation is based on the location
of the office or branch where the deposit is made. Deposits by foreign
depositors in domestic offices were CHF 43,914&nbsp;million, CHF 54,095
million and CHF 45,815&nbsp;million at 31 December&nbsp;2002,
31&nbsp;December 2001
and 31&nbsp;December&nbsp;2000, respectively.
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
 <TR valign="bottom">
    <TD width="43%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="1"><FONT color="#0865AB"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="6"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="6"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="6"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>Average</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>Average</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Average</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Average</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Average</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Average</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1"><I>CHF million, except where indicated</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>deposit</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>rate (%)</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">deposit</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">rate (%)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">deposit</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">rate (%)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Banks</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Domestic offices</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Demand deposits</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3,524</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0.7</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,741</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,649</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Time deposits</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>9,010</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1.7</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8,012</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8,717</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Total domestic offices</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>12,534</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1.4</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">11,753</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">13,366</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Foreign offices</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Interest-bearing deposits<sup>1</sup></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>17,603</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2.2</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">15,528</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">16,994</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6.6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Total due to banks</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>30,137</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1.9</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">27,281</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">30,360</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6.5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Customer accounts</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Domestic offices</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Demand deposits</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>42,484</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1.0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">41,664</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">44,403</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Savings deposits</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>71,465</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0.9</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">66,089</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">72,207</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Time deposits</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>27,646</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1.6</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31,261</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">27,199</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Total domestic offices</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>141,595</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1.1</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">139,014</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">143,809</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Foreign offices</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Interest bearing deposits<sup>1</sup></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>172,650</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1.8</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">187,783</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">143,432</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Total due to customers</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>314,245</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1.5</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">326,797</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2.8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">287,241</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<P align="left"><FONT size="1"><sup>1</sup>Mainly time deposits.
</FONT>

<P align="left"><FONT size="2">At 31 December&nbsp;2002, the maturity of time deposits exceeding CHF
150,000, or an equivalent amount in other currencies, was as follows:
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
 <TR valign="bottom">
    <TD width="57%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1"><I>CHF million</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>Domestic</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>Foreign</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Within 3&nbsp;months</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>27,456</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>110,053</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">3 to 12&nbsp;months</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>8,202</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>26,821</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">1 to 5&nbsp;years</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>768</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2,766</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Over 5&nbsp;years</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>44</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>859</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Total time deposits</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>36,470</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>140,499</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>


<P align="left"><FONT size="2"><B>
 204
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="3" color="#0865AB"><B>D &#151; Information Required by Industry Guide 3 (continued)</B>
</FONT></TD>
    </TR>
</TABLE>


<!-- link2 "Short-term Borrowings" -->
<DIV align="left"><A NAME="142"></A></DIV>
<P><FONT size="2"><B>Short-term Borrowings</B>
</FONT>

<P align="left"><FONT size="2">The following table presents our period-end, average and maximum month-end
outstanding amounts for short-term borrowings, along with the average rates and
period-end rates at and for the years ended 31 December&nbsp;2002, 2001 and 2000.
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="41%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="10"><FONT size="1">Money market paper issued</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="10"><FONT size="1">Due to banks</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="10"><FONT size="1">Repurchase agreements<sup>1</sup></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="10"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="10"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="10"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1"><I>CHF million, except where indicated</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="37" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Period-end balance</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>72,800</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">99,006</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">74,780</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>48,780</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">77,312</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">51,245</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>464,020</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">462,316</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">330,857</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Average balance</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>91,685</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">96,253</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">78,154</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>59,109</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">70,621</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">58,031</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>509,572</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">400,648</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">278,601</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Maximum month-end balance</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>108,463</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">117,022</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">89,821</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>77,312</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">85,808</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">73,355</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>593,786</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">502,578</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">342,427</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Average interest rate during the period (%)</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2.1</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5.6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3.1</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1.8</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Average interest rate at period-end (%)</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1.5</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2.6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2.0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1.7</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2.9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="37" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<P align="left"><FONT size="1"><sup>1</sup>For the purpose of this disclosure, balances are presented on a gross basis.
</FONT>


<P align="right"><FONT size="2"><B>
 205
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="18%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="77%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
<B>Additional Disclosure Required<br>
under SEC Regulations</B></FONT></TD>
</TR>
 </TABLE>
</DIV>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="3" color="#0865AB"><B>D &#151; Information Required by Industry Guide 3 (continued)</B>
</FONT></TD>
    </TR>
</TABLE>


<P><FONT size="2"><B>Contractual Maturities of the Investments in Debt Instruments</B>
</FONT>

<P align="left"><FONT size="2">Due to the adoption of IAS 39, Financial investments, available for sale, are
reported at fair value from 1 January&nbsp;2001. 31 December&nbsp;2000 amounts have not
been restated.
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="1">Within 1 year</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="1">1 - 5 years</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="1">5 - 10 years</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="1">Over 10 years</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="6"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="6"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="6"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="6"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1"><I>CHF million, except percentages</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Amount</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Yield (%)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Amount</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Yield (%)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Amount</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Yield (%)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Amount</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Yield (%)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="33" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>31 December&nbsp;2002</B><sup><B>1</B></sup></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Swiss national government and agencies</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.88</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.86</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Swiss local governments</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.02</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">30</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.94</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.59</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">US Treasury and agencies</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Foreign governments and official institutions</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">35</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.63</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">45</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.13</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6.12</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Corporate debt securities</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">675</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2.23</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">249</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2.64</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">19</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.41</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">21</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8.02</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Mortgage-backed securities</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2.25</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">15</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.97</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.03</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Other debt securities</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.77</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">48</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2.65</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="33" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Total fair value</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>723</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>394</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>36</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>22</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="33" align="left"><FONT size="1"><B><HR size="4" color="#000000" noshade></B></FONT></TD>
</TR>
 </TABLE>
</DIV>

<P align="left"><FONT size="1"><sup>1</sup>Money market papers have contractual maturities of less than one year.
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="1">Within 1 year</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="1">1 - 5 years</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="1">5 - 10 years</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="1">Over 10 years</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="6"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="6"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="6"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="6"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1"><I>CHF million, except percentages</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Amount</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Yield (%)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Amount</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Yield (%)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Amount</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Yield (%)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Amount</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Yield (%)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="33" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>31 December&nbsp;2001</B><sup><B>1</B></sup></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Swiss national government and agencies</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5.26</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">10</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.50</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">16</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.43</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Swiss local governments</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.36</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">38</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.90</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.59</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">US Treasury and agencies</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">24</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.38</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5.15</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Foreign governments and official institutions</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5,014</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.97</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5,048</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">27</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2.88</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Corporate debt securities</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">63</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.53</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,102</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.59</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">30</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.22</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">23</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">15.37<sup>2</sup></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Mortgage-backed securities</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5.41</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Other debt securities</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.77</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">87</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.91</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">28</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.56</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="33" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Total fair value</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>5,091</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>6,314</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>113</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>24</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="33" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<P align="left"><FONT size="1"><sup>1</sup>Money market papers have contractual maturities of less than one year.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>2</sup>The yield presented is the current contractual yield based on current market rates
at 31 December&nbsp;2001, but may not represent the yield through maturity since
this is a floating rate debt instrument.
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="1">Within 1 year</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="1">1 - 5 years</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="1">5 - 10 years</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="1">Over 10 years</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="6"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="6"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="6"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="6"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1"><I>CHF million, except percentages</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Amount</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Yield (%)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Amount</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Yield (%)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Amount</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Yield (%)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Amount</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Yield (%)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="33" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>31 December&nbsp;2000</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Swiss national government and agencies</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6.90</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">16</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5.13</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">16</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6.45</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Swiss local governments</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6.11</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">27</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5.19</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">18</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.43</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">US Treasury and agencies</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Foreign governments and official institutions</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,451</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.62</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,236</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.80</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,165</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.85</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Corporate debt securities</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">16</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5.20</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">917</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6.02</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">206</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2.21</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Mortgage-backed securities</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">20</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6.02</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6.54</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">22</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">14.46</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Other debt securities</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">21</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6.57</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">56</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.33</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">11</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.68</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="33" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Total amortized cost</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,511</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,257</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,438</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="33" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Total market value</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2,514</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2,272</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,434</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="33" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>


<P align="left"><FONT size="2"><B>
 206
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="3" color="#0865AB"><B>D &#151; Information Required by Industry Guide 3 (continued)</B>
</FONT></TD>
    </TR>
</TABLE>


<!-- link2 "Loans" -->
<DIV align="left"><A NAME="143"></A></DIV>
<P><FONT size="2"><B>Loans</B>
</FONT>

<P align="left"><FONT size="2">Loans are widely dispersed over industry sectors both within and
outside of Switzerland. With the exceptions of private households
(foreign and domestic) and banks and financial institutions outside
Switzerland and real estate and rentals in Switzerland, there is no
material concentration of loans. For further discussion of the loan
portfolio, see the UBS Handbook 2002/2003. The following table
illustrates the diversification of the loan portfolio among industry
sectors at 31 December&nbsp;2002, 2001, 2000, 1999 and 1998. The industry
categories presented are consistent with the classification of loans
for reporting to the Swiss Federal Banking Commission and Swiss
National Bank.
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1"><I>CHF million</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.99</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.98</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Domestic</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Banks</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,029</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,533</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,896</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5,802</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,543</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Construction</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2,838</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,499</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,870</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6,577</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7,897</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Financial institutions</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4,301</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5,673</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5,725</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">9,387</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">10,240</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Hotels and restaurants</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2,655</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,950</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,526</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,259</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,129</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Manufacturing<sup>1</sup></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>7,237</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8,686</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">9,577</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">11,377</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">13,505</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Private households</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>95,295</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">93,746</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">91,667</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">93,846</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">97,664</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Public authorities</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>5,529</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5,222</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5,658</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5,277</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5,858</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Real estate and rentals</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>13,573</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">14,992</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">16,673</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">19,835</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">21,231</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Retail and wholesale</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>7,172</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8,674</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">9,635</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">10,904</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8,912</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Services<sup>2</sup></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>10,237</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">12,161</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">11,767</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">14,862</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">11,582</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Other<sup>3</sup></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,738</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,860</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,651</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,818</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,662</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Total domestic</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>151,604</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">158,996</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">164,645</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">183,944</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">187,223</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Foreign</B><sup><B>4</B></sup></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Banks</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31,882</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">26,728</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">27,168</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">24,983</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">65,000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Chemicals</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>519</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,080</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,423</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Construction</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>153</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">266</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">773</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Electricity, gas and water supply</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,105</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">977</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,584</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Financial institutions</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>18,378</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">14,458</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">20,348</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Manufacturing<sup>5</sup></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2,300</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,258</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,596</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Mining</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>868</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,313</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,070</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Private households</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>33,063</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">25,619</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">29,470</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Public authorities</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2,628</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6,454</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">11,754</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Real estate and rentals</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>616</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">10,227</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5,077</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Retail and wholesale</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,367</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,732</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,862</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Services</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,654</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,786</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,585</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Transport, storage and communication</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>676</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,117</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">993</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Other<sup>6</sup></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2,557</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,973</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">11,168</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">69,087</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">78,741</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Total foreign</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>97,766</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">102,988</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">119,871</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">94,070</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">143,741</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Total gross</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>249,370</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">261,984</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">284,516</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">278,014</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">330,964</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<P align="left"><FONT size="1"><sup>1</sup>Includes chemicals, food
and beverages.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>2</sup>Includes
transportation, communication, health and social work, education and
other social and personal service
activities.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>3</sup>Includes mining
and electricity, gas and water
supply.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>4</sup>For the years prior
to the year 2000, no detailed industry classifications are
available.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>5</sup>Includes food and beverages.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>6</sup>Includes hotels and restaurants.
</FONT>


<P align="right"><FONT size="2"><B>
 207
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<P><FONT size="2"><B>Additional Disclosure Required<BR>
under SEC Regulations</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2"><TR>
<TD align="left"><FONT size="3" color="#0865AB"><B>D &#151; Information Required by Industry Guide 3 (continued)</B>
</FONT></TD>
</TR>
</TABLE>


<P><FONT size="2"><B>Loans (continued)</B>
</FONT>

<P align="left"><FONT size="2">The following table analyzes the Group&#146;s mortgage portfolio by
geographic origin of the client and type of mortgage at 31 December
2002, 2001, 2000, 1999 and 1998. Mortgages are included in the
industry categories mentioned above.
</FONT>
<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1"><I>CHF million</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.99</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.98</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">

<TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Mortgages</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Domestic</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>116,359</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">116,628</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">116,348</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">126,677</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">138,306</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Foreign</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>11,510</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">9,583</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,206</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,310</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,479</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>
</TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Total gross mortgages</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>127,869</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">126,211</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">120,554</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">127,987</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">140,785</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Mortgages</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Residential</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>108,779</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">101,969</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">96,181</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">91,408</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">106,093</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Commercial</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>19,090</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">24,242</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">24,373</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">36,579</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">34,692</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
<TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Total gross mortgages</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>127,869</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">126,211</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">120,554</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">127,987</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">140,785</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
</TABLE>
</DIV>

<!-- link2 "Loan Maturities" -->
<DIV align="left"><A NAME="144"></A></DIV>
<P><FONT size="2"><B>Loan Maturities</B>
</FONT>

<P align="left"><FONT size="2">The following table discloses loans by maturity at 31 December&nbsp;2002.
The determination of maturities is based on contract terms.
Information on interest rate sensitivities can be found in Note 29 to
the UBS Group Financial Statements.
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="39%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1"><I>CHF million</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Within 1 year</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">1 to 5 years</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Over 5 years</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>Total</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">

<TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Domestic</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Banks</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">969</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">60</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,029</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Mortgages</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">57,875</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">55,676</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,808</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>116,359</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Other loans</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">24,905</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7,534</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,777</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>34,216</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Total domestic</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">83,749</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">63,270</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,585</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>151,604</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Foreign</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Banks</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31,285</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">373</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">224</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>31,882</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Mortgages</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">10,711</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">688</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">111</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>11,510</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Other loans</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">52,447</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,492</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">435</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>54,374</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Total foreign</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">94,443</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,553</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">770</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>97,766</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Total gross loans</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">178,192</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">65,823</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5,355</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>249,370</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>


<P align="left"><FONT size="2"><B>
 208
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">

<TR>
    <TD align="left"><FONT size="3" color="#0865AB"><B>D &#151; Information Required by Industry Guide 3 (continued)</B>
</FONT></TD>
    </TR>
</TABLE>


<!-- link2 "Impaired, Non-performing and Restructured Loans" -->
<DIV align="left"><A NAME="145"></A></DIV>
<P><FONT size="2"><B>Impaired, Non-performing and Restructured Loans</B>
</FONT>

<P><DIV style="float: left; width:45%">

<DIV align="left"><FONT size="2">A loan is classified as impaired
if the book value of the claim
exceeds the present value of the
cash flows actually expected in
future periods &#151; interest
payments, scheduled principal
repayments or other payments due
(for example on derivative
transactions), and including
liquidation of collateral where
available. Impaired obligations
are thus obligations where losses
are foreseeable. An allowance for
credit loss is then made with
respect to the loan in question.
Impaired loans include
non-performing loans, for which
the contractual payments of
principal, interest or commission
are overdue by 90&nbsp;days. When
loans are classified as
non-performing, the recognition
of interest or commission income
ceases according to the original
terms of the loan agreement.
Allowances are provided for
non-performing
</FONT></DIV>

</DIV><DIV style="float: right; width: 45%">

<P align="left"><FONT size="2">loans to reflect
their net estimated recoverable
amount.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The gross interest income
that would have been recorded on
non-performing loans was CHF 201
million for the year ended 31
December&nbsp;2002, CHF 336&nbsp;million
for the year ended 31 December
2001 and CHF 182&nbsp;million for the
year ended 31 December&nbsp;2000. The
amount of interest income that
was included in net income for
those loans was CHF 174&nbsp;million
for the year ended 31 December
2002 and CHF 201&nbsp;million for the
year ended 31 December&nbsp;2001.
There was no interest income
recorded in net income for
non-performing loans in 2000. The
table below provides an analysis
of the Group&#146;s non-performing
loans, for further information
see the UBS Handbook 2002/2003.
</FONT>
</DIV><!--  &nbsp; --><P>&nbsp;<BR clear="all">

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="49%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1"><I>CHF million</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

<TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.99</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.98</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Non-performing loans:</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Domestic</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4,609</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6,531</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7,588</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">11,435</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">14,023</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Foreign</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,420</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,108</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,864</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,638</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,091</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total non-performing loans</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>6,029</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8,639</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">10,452</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">13,073</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">16,114</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Foreign restructured loans</B><sup><B>1</B></sup></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">179</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">287</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">449</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<P align="left"><FONT size="1"><sup>1</sup> Include only performing foreign restructured loans. UBS does not, as
a matter of policy, typically restructure loans to accrue interest at
rates different from the original contractual terms or reduce the
principal amount of loans. Instead, specific loan allowances are
established as necessary. Unrecognized interest related to foreign
restructured loans was not material to the results of operations
during these periods.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P><DIV style="float: left; width:45%">

<DIV align="left"><FONT size="2">In addition to the non-performing
loans shown above, the Group had
CHF 4,336&nbsp;million, CHF 5,990
million, CHF 8,042&nbsp;million and CHF
9,383&nbsp;million in &#147;other impaired
loans&#148; for the years ended 31
December&nbsp;2002, 2001, 2000 and
1999, respectively. These are
loans that are current,
</FONT></DIV>

</DIV><DIV style="float: right; width: 45%">

<P align="left"><FONT size="2">or less
than 90&nbsp;days in arrears, with
respect to payment of principal or
interest; however, the Group&#146;s
credit officers have expressed
doubts as to the ability of the
borrowers to repay the loans. As
at 31 December&nbsp;2002 specific
allowances of CHF 1,407&nbsp;million
had been established against these
loans.
</FONT>

</DIV><!--  &nbsp; --><P>&nbsp;<BR clear="all">


<P align="right"><FONT size="2"><B>
 209
</B></FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<P><FONT size="2"><B>Additional Disclosure Required<BR>
under SEC Regulations</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="3" color="#0865AB"><B>D &#151; Information Required by Industry Guide 3 (continued)</B>
</FONT></TD>
    </TR>
</TABLE>


<!-- link2 "Cross-Border Outstandings" -->
<DIV align="left"><A NAME="146"></A></DIV>
<P><FONT size="2"><B>Cross-Border Outstandings</B>
</FONT>

<P><DIV style="float: left; width:45%">

<P align="left"><FONT size="2">Cross-border outstandings consist
of general banking products such
as loans (including unutilized
commitments) and deposits with
third parties, credit equivalents
of over the counter (OTC)
derivatives and repurchase
agreements, and the market value
of the inventory of
securities. Outstandings are
monitored and reported on an
ongoing basis by the credit risk
management and control
organization with a dedicated
country risk information system.
With the exception of the 32 most
developed economies, these
exposures are rigorously limited.
</FONT>
<P>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Claims that are secured by
third-party guarantees are
recorded against the guarantor&#146;s
country of domicile. Outstandings
that are secured by collateral
are recorded against the country
where
</FONT></DIV>

</DIV><DIV style="float: right; width: 45%">

<P align="left"><FONT size="2">the asset could be
liquidated. This follows the
&#147;Guidelines for the Management of
Country Risk&#148;, which are
applicable to all banks that are
supervised by the Swiss Federal
Banking Commission.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following tables list
those countries for which
cross-border outstandings exceeded
0.75% of total assets at 31
December&nbsp;2002, 2001 and 2000. At
31 December&nbsp;2002, there were no
outstandings that exceeded 0.75%
of total assets in any country
currently facing liquidity
problems that the Group expects
would materially affect the
country&#146;s ability to service its
obligations.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For more information on
cross-border exposure, see the
UBS Handbook 2002/2003.
</FONT>
</DIV><!--  &nbsp; --><P>&nbsp;<BR clear="all">


<P align="left"><FONT size="2"><B>
 210
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="3" color="#0865AB"><B>D &#151; Information Required by Industry Guide 3 (continued)</B>
</FONT></TD>
    </TR>
</TABLE>


<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="22"><FONT size="1"><FONT color="#0865AB"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="22"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="1"><FONT color="#0865AB"><B>Banking products</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="6"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>Traded</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>Tradable</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>% of total</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1"><I>CHF million</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>Banks</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>Non-banks</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>products<sup>1</sup></B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>assets<sup>2</sup></B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>Total</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>assets</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">United States</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,083</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>698</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>27,617</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>95,046</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>124,444</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>10.5</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Germany</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2,590</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4,732</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>13,101</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>9,104</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>29,527</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2.5</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Italy</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,139</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>296</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>7,229</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>14,852</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>23,516</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2.0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">United Kingdom</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4,161</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>606</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>5,437</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>12,106</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>22,310</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1.9</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">France</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2,077</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,805</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>5,710</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>11,403</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>20,995</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1.8</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Australia</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>133</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>535</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4,514</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>6,651</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>11,833</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1.0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Canada</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>130</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>872</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4,964</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>5,115</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>11,081</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0.9</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Japan</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>312</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>88</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,766</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>7,816</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>9,982</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0.8</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Cayman Islands</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>7</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,175</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>5,054</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3,387</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>9,623</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0.8</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Netherlands</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>289</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,548</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4,110</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3,313</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>9,260</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0.8</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="27%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="22"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="22"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="1">Banking products</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="6"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Traded</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Tradable</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">% of total</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1"><I>CHF million</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Banks</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Non-banks</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">products<sup>1</sup></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">assets<sup>2</sup></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Total</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">assets</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">United States</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,360</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,284</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31,129</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">114,615</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">149,388</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">11.9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">United Kingdom</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,483</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">543</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">9,128</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">27,754</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">39,908</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Germany</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,605</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6,395</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">11,962</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">11,755</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">33,717</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Japan</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">640</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">770</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,442</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">22,995</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">28,847</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Italy</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,086</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">498</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">11,628</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">11,180</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">24,392</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">France</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">159</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,043</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,114</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8,052</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">14,368</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Canada</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">114</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">950</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5,220</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8,038</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">14,322</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Netherlands</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,834</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,414</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6,126</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,110</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">13,484</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="22"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="22"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="1">Banking products</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="6"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Traded</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Tradable</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">% of total</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1"><I>CHF million</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Banks</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Non-banks</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">products<sup>1</sup></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">assets<sup>2</sup></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Total</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">assets</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">United States</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,826</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">958</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">21,796</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">64,077</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">88,657</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Japan</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">123</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">895</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6,378</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">58,779</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">66,175</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">United Kingdom</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,795</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,224</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">9,037</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">22,440</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">34,496</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Germany</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,686</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,720</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">13,198</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5,085</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">24,689</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Italy</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,293</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">931</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,629</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">9,700</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">15,553</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">France</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,085</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,900</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,956</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5,987</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">12,928</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Netherlands</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">910</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,480</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6,092</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,803</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">12,285</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Australia</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">27</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">370</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,113</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7,508</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">11,018</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<P align="left"><FONT size="1"><sup>1</sup>Traded products consist of derivative instruments and
repurchase agreements. In 2002, 2001 and 2000 unsecured OTC derivatives exposure is reported based on the
Potential Credit Exposure measurement methodology and is therefore not directly comparable to the exposures in
the prior years, which were measured based on Gross Replacement Values plus Add-on. <sup>2</sup>Tradable assets
consist of equity and fixed income financial instruments held for trading purposes, which are marked to market on a daily basis and private equity investments at the lower of book or market value.
</FONT>


<P align="right"><FONT size="2"><B>
 211
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<P><FONT size="2"><B>Additional Disclosure Required<BR>
under SEC Regulations</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="3" color="#0865AB"><B>D &#151; Information Required by Industry Guide 3 (continued)</B>
</FONT></TD>
    </TR>
</TABLE>


<!-- link2 "Summary of Movements in Allowances and Provisions for Credit Losses" -->
<DIV align="left"><A NAME="147"></A></DIV>
<P><FONT size="2"><B>Summary of Movements in Allowances and Provisions for Credit Losses</B>
</FONT>

<P align="left"><FONT size="2">The following table provides an analysis of movements in allowances and
provisions for credit losses.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a result of Swiss bankruptcy laws, banks write-off loans
against allowances only upon final settlement of bankruptcy
proceedings, the sale of the underlying assets and/or in case of
debt forgiveness. Under Swiss law, a creditor can continue to collect
from a debtor who has emerged from bankruptcy, unless the debt has
been forgiven through a formal agreement.
</FONT>
<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1"><I>CHF million</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.99</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.98</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Balance at beginning of year</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>8,218</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">10,581</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">13,398</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">14,978</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">16,213</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Write-offs</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Domestic</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Banks</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(4</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(2</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Construction</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(148</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(248</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(261</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(296</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(228</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Financial institutions</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(103</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(51</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(178</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(92</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(66</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Hotels and restaurants</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(48</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(52</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(193</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(137</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(98</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Manufacturing<sup>1</sup></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(275</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(109</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(264</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(242</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(214</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Private households</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(536</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(1,297</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(640</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(598</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(534</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Public authorities</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(2</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Real estate and rentals</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(357</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(317</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(729</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(823</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(610</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Retail and wholesale</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(101</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(115</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(160</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(210</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(178</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Services<sup>2</sup></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(155</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(93</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(227</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(315</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(116</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Other<sup>3</sup></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(49</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(46</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(30</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(41</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(15</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Total domestic write-offs</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(1,772</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(2,328</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(2,682</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(2,758</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(2,063</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Foreign</B><sup><B>4</B></sup></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Banks</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(49</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(24</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(15</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Chemicals</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(2</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Construction</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(10</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(13</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Electricity, gas and water supply</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(36</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(63</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(3</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Financial institutions</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(228</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(74</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(33</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Manufacturing<sup>5</sup></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(70</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(119</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(11</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Mining</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(1</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(304</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Private households</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(65</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(5</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Public authorities</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(1</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(4</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Real estate and rentals</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(2</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(1</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Retail and wholesale</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(10</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(160</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Services</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(39</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(30</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(8</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Transport, storage and communication</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(74</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(11</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Other<sup>6</sup></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(189</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(48</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(55</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Total foreign write-offs</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(764</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(680</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(313</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(517</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(261</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Total write-offs</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(2,536</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(3,008</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(2,995</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(3,275</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(2,324</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Recoveries</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Domestic</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>43</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">58</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">124</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">54</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">59</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Foreign</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>27</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">23</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">39</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">11</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Total recoveries</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>70</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">81</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">163</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">65</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">59</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Net write-offs</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(2,466</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(2,927</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(2,832</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(3,210</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(2,265</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Credit loss expense/(recovery)</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>206</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">498</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(130</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">956</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">951</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Other adjustments<sup>7</sup></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(337</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">66</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">145</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">674</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">79</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Balance at end of year</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>5,621</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8,218</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">10,581</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">13,398</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">14,978</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>
<P align="left"><FONT size="1"><sup>1</sup>Includes
chemicals, food and beverages.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>2</sup>Includes
transportation, communication, health and
social work, education and other social
and personal service activities.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>3</sup>Includes
mining and electricity,
gas and water supply.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>4</sup>For
years prior to 2000, no detailed
industry classifications are available.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>5</sup>Includes
food and beverages.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>6</sup>Includes
hotels and restaurants.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>7</sup>See
the following table for details.
</FONT>


<P align="left"><FONT size="2"><B>
 212
</B></FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="3" color="#0865AB"><B>D &#151; Information Required by Industry Guide 3 (continued)</B>
</FONT></TD>
    </TR>
</TABLE>


<P><FONT size="2"><B>Summary of Movements in Allowances and Provisions for Credit Losses (continued)</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1"><I>CHF million</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.99</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.98</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Doubtful interest</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">182</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">409</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">423</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Net foreign exchange</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(269</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">44</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">23</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">351</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(98</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Subsidiaries sold and other</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(68</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">22</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(60</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(86</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(246</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Total adjustments</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>(337</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">66</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">145</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">674</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">79</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>


<P align="right"><FONT size="2"><B>
 213
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><FONT size="2"><B>Additional Disclosure Required<BR>
under SEC Regulations</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="3" color="#0865AB"><B>D &#151; Information Required by Industry Guide 3 (continued)</B>
</FONT></TD>
    </TR>
</TABLE>


<!-- link2 "Allocation of the Allowances and Provisions for Credit Losses" -->
<DIV align="left"><A NAME="148"></A></DIV>
<P><FONT size="2"><B>Allocation of the Allowances and Provisions for Credit Losses</B>
</FONT>

<P align="left"><FONT size="2">The following table provides an analysis of the allocation of the
allowances and provisions for credit loss by industry sectors and
geographic location at 31 December&nbsp;2002, 2001, 2000, 1999 and 1998.
For a description of procedures with respect to allowances and
provisions for credit losses, see the UBS Handbook 2002/2003.
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
<TR valign="bottom">
    <TD width="54%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1"><I>CHF million</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.99</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.98</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Domestic</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Banks</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>10</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">34</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">41</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">49</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Construction</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>265</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">467</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">843</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,247</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,671</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Financial institutions</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>89</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">262</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">328</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">342</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">668</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Hotels and restaurants</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>286</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">346</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">454</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">690</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">657</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Manufacturing<sup>1</sup></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>458</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">722</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">863</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,223</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,331</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Private households</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>750</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,082</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,570</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,350</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,741</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Public authorities</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>39</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">37</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">40</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">107</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Real estate and rentals</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>577</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,067</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,635</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,696</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,333</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Retail and wholesale</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>315</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">395</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">629</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">779</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">825</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Services<sup>2</sup></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>470</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">448</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">419</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">934</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">766</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Other<sup>3</sup></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>315</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">165</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">413</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">141</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">71</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Total domestic</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>3,574</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5,025</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7,154</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">10,483</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">12,219</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Foreign</B><sup><B>4</B></sup></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Banks<sup>5</sup></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>24</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">39</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">32</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Chemicals</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>5</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Construction</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>6</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">11</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Electricity, gas and water supply</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>96</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">88</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">107</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Financial institutions</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>153</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">420</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">262</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Manufacturing<sup>6</sup></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>314</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">653</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">547</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Mining</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>148</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">169</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">586</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Private households</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>58</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">103</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">72</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Public authorities</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Real estate and rentals</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>6</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">82</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Retail and wholesale</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>13</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">41</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Services</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>262</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">414</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">126</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Transport, storage and communication</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>144</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">45</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Other<sup>7</sup></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>82</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">242</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">267</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Total foreign,
net of country provisions</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1,311</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,187</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,135</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,539</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,309</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Country provisions</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>736</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,006</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,292</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,376</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,450</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Total foreign</B><sup><B>8</B></sup></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2,047</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,193</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,427</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,915</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,759</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Total allowances and
provisions for credit losses</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>5,621</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8,218</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">10,581</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">13,398</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">14,978</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<P align="left"><FONT size="1"><sup>1</sup>Includes chemicals,
food and beverages.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>2</sup>Includes transportation,
communication, health and social work, education and other social and
personal service activities.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>3</sup>Includes
mining and electricity, gas and water
supply.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>4</sup>For years
prior to 2000, no detailed industry classifications are
available.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>5</sup>Counterparty
allowances and provisions only.
Country provisions with banking counterparties amounting to
CHF 409&nbsp;million are disclosed
under country provisions.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>6</sup>Includes
food and beverages.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>7</sup>Includes
hotels and restaurants.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>8</sup>The
2002, 2001, 2000, 1999 and 1998 amounts include CHF 366&nbsp;million, CHF
305&nbsp;million, CHF 54&nbsp;million, CHF 149&nbsp;million and CHF 435&nbsp;million respectively of provisions and for unused commitments and contingent liabilities.
</FONT>


<P align="left"><FONT size="2"><B>
 214
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="3" color="#0865AB"><B>D &#151; Information Required by Industry Guide 3 (continued)</B>
</FONT></TD>
    </TR>
</TABLE>


<!-- link2 "Loans by industry sector" -->
<DIV align="left"><A NAME="149"></A></DIV>
<P><FONT size="2"><B>Loans by industry sector</B>
</FONT>

<P align="left"><FONT size="2">The following table presents the percentage of loans in each industry
sector and geographic location to total loans. This table can be read
in conjunction with the preceding table showing the breakdown of the
allowances and provisions for credit losses by industry sectors to
evaluate the credit risks in each of the categories.
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
<TR valign="bottom">
    <TD width="55%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1"><I>in %</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.99</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.98</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Domestic</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Banks</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0.4</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Construction</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1.1</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2.4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2.4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Financial institutions</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1.7</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Hotels and restaurants</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1.1</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Manufacturing<sup>1</sup></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2.9</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Private households</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>38.2</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">35.8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">32.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">33.8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">29.5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Public authorities</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2.2</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Real estate and rentals</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>5.5</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5.9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6.4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Retail and wholesale</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2.9</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Services<sup>2</sup></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4.1</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Other<sup>3</sup></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0.7</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Total domestic</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>60.8</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">60.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">57.9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">66.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">56.6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Foreign</B><sup><B>4</B></sup></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Banks</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>12.8</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">10.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">9.5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">9.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">19.6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Chemicals</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0.2</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Construction</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0.1</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Electricity, gas and water supply</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0.4</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Financial institutions</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>7.4</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5.5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Manufacturing<sup>5</sup></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0.9</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Mining</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0.3</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Private households</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>13.3</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">9.8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">10.4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Public authorities</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1.1</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2.5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Real estate and rentals</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0.2</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Retail and wholesale</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0.5</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Services</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0.7</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Transport, storage and communication</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>0.3</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Other<sup>6</sup></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1.0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">24.8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">23.8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Total foreign</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>39.2</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">39.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">42.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">33.8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">43.4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Total gross loans</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>100.0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<P align="left"><FONT size="1"><sup>1</sup>Includes chemicals,
food and beverages.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>2</sup>Includes
transportation, communication, health and social work,
education and other social and personal
service activities.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>3</sup>Includes
mining and electricity, gas and water
supply.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>4</sup>For the years prior
to 2000, no detailed industry classifications are
available.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>5</sup>Includes
food and beverages.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>6</sup>Includes hotels and restaurants.
</FONT>


<P align="right"><FONT size="2"><B>
 215
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<P><FONT size="2"><B>Additional Disclosure Required<BR>
under SEC Regulations</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="3" color="#0865AB"><B>D &#151; Information Required by Industry Guide 3 (continued)</B>
</FONT></TD>
    </TR>
</TABLE>


<!-- link2 "Loss History Statistics" -->
<DIV align="left"><A NAME="150"></A></DIV>
<P><FONT size="2"><B>Loss History Statistics</B>
</FONT>

<P align="left"><FONT size="2">The following is a summary of the Group&#146;s loan loss history.
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="52%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left" colspan="2"><FONT size="1"><I>CHF million, except where indicated</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#0865AB"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.99</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.98</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="22" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Gross loans</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>249,370</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">261,984</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">284,516</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">278,014</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">330,964</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Impaired loans</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>10,365</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">14,629</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">18,494</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">22,456</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">26,447</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Non-performing loans</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>6,029</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8,639</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">10,452</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">13,073</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">16,114</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Allowances and provisions for credit losses</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>5,621</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8,218</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">10,581</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">13,398</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">14,978</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Net write-offs</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2,466</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,927</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,832</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,210</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,265</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Credit loss expense/(recovery)</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>206</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">498</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(130</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">956</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">951</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="22" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Ratios</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Impaired loans as a percentage of gross loans</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>4.2</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5.6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6.5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Non-performing loans as a percentage
of gross loans</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2.4</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Allowances and provisions
for credit losses as a percentage of:</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Gross loans</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2.3</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Impaired loans</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>54.2</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">56.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">57.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">59.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">56.6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Non-performing loans</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>93.2</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">95.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">101.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">102.5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">93.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Allocated allowances as a percentage
of impaired loans<sup>1</sup></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>47.2</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">49.9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">52.4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">55.5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">51.4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Allocated allowances as a percentage
of non-performing loans<sup>2</sup></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>57.8</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">62.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">60.6</FONT></TD>
    <TD align="left"><FONT size="1"><sup>3</sup></FONT>
 </TD>

    <TD><FONT size="1">&nbsp;</FONT>
 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">66.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">62.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Net write-offs as a percentage of:</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Gross loans</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1.0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Average loans outstanding during the period</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>1.1</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Allowances and provisions for credit losses</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>43.9</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">35.6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">26.8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">24.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">15.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Allowances and provisions for credit
losses as multiple of net write-offs</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#0865AB"><B>2.28</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2.81</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.74</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.17</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6.61</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="22" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<P align="left"><FONT size="1"><sup>1</sup>Allowances relating to impaired loans
only.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>2</sup>Allowances relating to
non-performing loans only.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>3</sup>31 December&nbsp;2000 figure has been restated
to account for an overallocation of allowances to non-performing
loans.
</FONT>



<P align="left"><FONT size="2"><B>
 216
</B></FONT>



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

<P><DIV style="float: left; width:24%">

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Contents</B>
</FONT></TD>
    </TR>
</TABLE>


<P><FONT size="2">
 <B>Profile</B>
</FONT>
<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="92%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD nowrap><FONT size="2"><B>Introduction</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>1</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD nowrap><FONT size="2">UBS Group Financial Highlights</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>2</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD nowrap><FONT size="2">The UBS Group</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>3</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD nowrap><FONT size="2">Our Business Groups</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>4</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD nowrap><FONT size="2">Sources of Information about UBS</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>5</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD nowrap><FONT size="2"><B>The UBS Group</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>9</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD nowrap><FONT size="2">Strategy, Structure and History</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>10</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD nowrap><FONT size="2"><B>The Business Groups</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>21</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD nowrap><FONT size="2">UBS Wealth Management &#038;
Business Banking</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>22</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD nowrap><FONT size="2">UBS Global Asset Management</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>34</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD nowrap><FONT size="2">UBS Warburg</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>38</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD nowrap><FONT size="2">UBS PaineWebber</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>45</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD nowrap><FONT size="2">Corporate Center</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>50</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD nowrap><FONT size="2"><B>Capital and Risk Management</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>53</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD nowrap><FONT size="2">Risk Management and Control</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>54</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD nowrap><FONT size="2">Risk Analysis</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>59</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD nowrap><FONT size="2">Group Treasury</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>78</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD nowrap><FONT size="2"><B>Corporate Governance</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>89</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD nowrap><FONT size="2">Introduction and Principles</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>90</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD nowrap><FONT size="2">Group Structure and Shareholders</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>91</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD nowrap><FONT size="2">Capital Structure</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>93</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD nowrap><FONT size="2">Board of Directors</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>95</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD nowrap><FONT size="2">Group Executive Board</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>101</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD nowrap><FONT size="2">Compensation, Shareholdings
and Loans</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>104</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD nowrap><FONT size="2">Shareholders&#146; Participation Rights</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>109</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD nowrap><FONT size="2">Change of Control and
Defensive Measures</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>111</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD nowrap><FONT size="2">Auditors</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>112</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD nowrap><FONT size="2">Information Policy:</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD nowrap><FONT size="2">UBS Financial Disclosure Principles</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>114</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD nowrap><FONT size="2">Regulation and Supervision</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>117</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD nowrap><FONT size="2">Compliance with NYSE
Listing Standards on
<BR>Corporate Governance</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>121</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD nowrap><FONT size="2">Group Managing Board</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>124</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD nowrap><FONT size="2"><B>Corporate Responsibility</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>127</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD nowrap><FONT size="2"><B>UBS Share Information</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>133</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD nowrap><FONT size="2">The Global Registered Share</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>134</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD nowrap><FONT size="2">UBS Share 2002</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>136</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
 </TABLE>
</DIV>

</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:15%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 55%">
<P align="left"><FONT size="5">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>

<!-- link1 "Introduction" -->
<DIV align="left"><A NAME="151"></A></DIV>
<P><FONT size="5"><B>Introduction</B>
</FONT>
<P align="left"><FONT size="5">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="5">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>



<P align="left"><FONT size="2">This is the third annual edition of the UBS Group Handbook.
</FONT>
<P align="left"><FONT size="2">The Handbook describes the UBS Group: its
strategy, organization, and businesses. It
outlines the principles by which the Group
manages risk, and reports on developments in
2002 for the credit risk, market risk, and
treasury management areas.
</FONT>

<P align="left"><FONT size="2">The Handbook extensively discusses the Group&#146;s
corporate governance arrangements and its
relationships with regulators and
shareholders, along with detailed facts about
the UBS share.
</FONT>

<P align="left"><FONT size="2">The Handbook should be read in conjunction
with the other information published by UBS,
described on page 5 and 6.
</FONT>

<P align="left"><FONT size="2">We hope that you will find the information in
our reporting documents useful and
informative. We believe that UBS is among the
leaders in corporate disclosure, but we would
be very interested to hear your views on how
we might improve the content and presentation
of our information portfolio.
</FONT>
<P><FONT size="2">
 Mark Branson<BR>
Chief Communication Officer<BR>
UBS AG
</FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 1
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="26%">&nbsp;</TD>
    <TD width="74%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<B>Profile</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
 </TABLE>
</DIV>

<!-- link1 "UBS Group Financial Highlights" -->
<DIV align="left"><A NAME="152"></A></DIV>
<P><FONT size="5">UBS Group Financial Highlights
</FONT>

<P><DIV style="float: left; width:24%">


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1"><sup>1</sup>&nbsp;Operating
expenses/operating income
before credit
loss expense.
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1"><sup>2</sup>&nbsp;Excludes the
amortization
of goodwill
and other
intangible
assets.
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1"><sup>3</sup>&nbsp;For EPS
calculation,
see Note 8 to
the Financial
Statements.
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1"><sup>4</sup>&nbsp;Net
profit/average
shareholders&#146;
equity
excluding
dividends.
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1"><sup>5</sup>&nbsp;Includes
hybrid Tier&nbsp;1
capital,
please refer
to Note&nbsp;29e in
the Notes to
the Financial
Statements.
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1"><sup>6</sup>&nbsp;Klinik
Hirslanden was
sold on 5&nbsp;December 2002.
The Group
headcount does
not include the
Klinik
Hirslanden
headcount of
2,450 and 1,839
for 31&nbsp;December
2001 and 31&nbsp;December&nbsp;2000,
respectively
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1"><sup>7</sup>&nbsp;See the
Capital
strength
section on
pages&nbsp;10 to
11.
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1"><sup>8</sup>&nbsp;Details of
significant
financial
events can be
found in the
Group Financial
Review section
of the
Financial
Report 2002.
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">The segment results
have been restated
to reflect the new
Business Group
structure and
associated
management
accounting changes
implemented during
2002.
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">All results
presented include
PaineWebber from
the date of
acquisition, 3&nbsp;November 2000.
</FONT></TD>
</TR>
</TABLE>

</DIV><DIV style="float: right; width: 74%">

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="2"><I>CHF million, except where indicated</I></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">% change from</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="2">For the year ended</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2"><FONT color="#C66005"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">31.12.01</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">31.12.00</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">31.12.01</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2"><B>Income statement key figures</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Operating income</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>34,121</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">37,114</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">36,402</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(8</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Operating expenses</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>29,577</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">30,396</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">26,203</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(3</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Operating profit before tax</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>4,544</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">6,718</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">10,199</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(32</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Net profit</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>3,535</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">4,973</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">7,792</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(29</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Cost/income ratio (%)<SUP>1</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>86.2</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">80.8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">72.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Cost/income ratio before goodwill(%)<SUP>1, 2</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>79.0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">77.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">70.4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2"><B>Per share data (CHF)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Basic earnings per share <SUP>3</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>2.92</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">3.93</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">6.44</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(26</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD nowrap><FONT size="2">Basic earnings per share before goodwill<SUP>2, 3</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>4.73</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">4.97</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">7.00</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(5</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Diluted earnings per share <SUP>3</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>2.87</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">3.78</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">6.35</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(24</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Diluted earnings per share before goodwill<SUP>2, 3</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>4.65</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">4.81</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">6.89</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(3</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2"><B>Return on shareholders&#146; equity (%)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Return on shareholders&#146; equity<SUP>4</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>8.9</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">11.7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">21.5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Return on shareholders&#146; equity before goodwill<SUP>2, 4</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>14.4</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">14.8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">23.4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>

<TR><TD>&nbsp;</TD></TR>


<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="2"><I>CHF million, except where indicated</I></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2"><I>% change from</I></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="2">As at</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2"><FONT color="#C66005"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">31.12.01</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">31.12.00</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">31.12.01</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2"><B>Balance sheet key figures</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Total assets</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>1,181,118</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,253,297</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,087,552</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(6</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Shareholders&#146; equity</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>38,991</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">43,530</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">44,833</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(10</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2"><B>Market capitalization</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>79,448</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">105,475</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">112,666</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(25</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2"><B>BIS capital ratios</B><BR>

Tier 1 (%)<SUP>5</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>11.3</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">11.6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">11.7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Total BIS (%)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>13.8</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">14.8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">15.7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Risk-weighted assets</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>238,790</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">253,735</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">273,290</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(6</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2"><B>Invested assets (CHF billion)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>2,037</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2,448</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2,445</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(17</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2"><B>Headcount (full-time equivalents)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>69,061</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">69,985</FONT></TD>
    <TD nowrap><FONT size="2"><SUP>6</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">71,076</FONT></TD>
    <TD nowrap><FONT size="2"><SUP>6</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(1</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2"><B>Long-term ratings</B><SUP><B>7</B></SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Fitch, London</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD bgcolor="#FFFFFF" align="right"><FONT size="2" color="#C66005"><B>AAA</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>
 </TD>
     <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">AAA</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>
 </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">AAA</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>
 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Moody&#146;s, New York</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
     <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#FFFFFF" align="right"><FONT size="2" color="#C66005"><B>Aa2</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">Aa2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>
 </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">Aa1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Standard &#038; Poor&#146;s, New York</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#FFFFFF" align="right"><FONT size="2" color="#C66005"><B>AA&#043;</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>
 </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">AA&#043;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>
 </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">AA&#043;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<P><FONT size="3"><B>Earnings adjusted for significant financial events and pre-goodwill </B><SUP><B>2, 8</B></SUP>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="2"><I>CHF million, except where indicated</I></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2"><I>% change from</I></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="2">For the year ended</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2"><FONT color="#C66005"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2"><B>31.12.01</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">31.12.00</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">31.12.01</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">Operating income</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>33,894</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>37,114</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">36,402</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(9</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Operating expenses</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>27,117</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>29,073</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">25,096</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(7</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Operating profit before tax</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>6,777</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>8,041</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">11,306</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(16</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Net profit</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>5,529</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>6,296</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">8,799</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(12</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">Cost/income ratio (%)<SUP>1</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>79.5</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>77.3</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">69.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Basic earnings per share (CHF)<SUP>3</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>4.57</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>4.97</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">7.28</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(8</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Diluted earnings per share (CHF)<SUP>3</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>4.50</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>4.81</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">7.17</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(6</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">Return on shareholders&#146; equity (%)<SUP>4</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>13.9</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>14.8</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">24.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

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

<!-- link2 "The UBS Group" -->
<DIV align="left"><A NAME="153"></A></DIV>
<P><FONT size="5">The UBS Group
</FONT>

<P><FONT size="5"><br>
</FONT>

<P><FONT size="5"><br>
</FONT>

<P><FONT size="5"><br>
</FONT>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P align="left"><FONT size="2">UBS is one of the world&#146;s leading financial firms, serving a
discerning global client base. We combine financial strength with a
global culture that embraces change. We are the world&#146;s leading
provider of wealth management services and one of the largest asset
managers globally. In the investment banking and securities
businesses, we are among the select bracket of major global houses. In
Switzerland, we are the clear market leader serving corporate and
retail clients. As an integrated firm, we create added value for our
clients by drawing on the combined resources and expertise of all our
businesses.
</FONT>

<P align="left"><FONT size="2">Our first priority is always our clients&#146; success and we put advice at
the heart of our relationships with them. We aim to take the time to
understand the unique needs and goals of each of our clients. Our
priority is to provide premium quality services to our clients, giving
them the best possible choice by supplementing best-in-class solutions
we develop ourselves with a quality-screened selection of products
from others.
</FONT>

<P align="left"><FONT size="2">With head offices in Zurich and Basel, and more than 69,000 employees,
we operate in over 50 countries and from all major international
financial centers. Our global physical presence is complemented by our
strategy of offering clients products and services via a variety of
different channels &#151; from the traditional retail bank branch to
sophisticated, interactive online tools, helping us to deliver our
services more quickly, widely and cost-effectively than ever before.
</FONT>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 3
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="26%">&nbsp;</TD>
    <TD width="74%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<B>Profile</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
 </TABLE>
</DIV>

<!-- link2 "Our Business Groups" -->
<DIV align="left"><A NAME="154"></A></DIV>
<P><FONT size="5">Our Business Groups
</FONT>

<P><FONT size="5"><br>
</FONT>

<P><FONT size="5"><br>
</FONT>

<P><FONT size="5"><br>
</FONT>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

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

<P align="left"><FONT size="2"><B>UBS Wealth Management &#038; Business Banking</B>
</FONT>

<DIV align="left"><FONT size="2">UBS Wealth Management &#038; Business Banking is the world&#146;s leading wealth
management business and the leading corporate and retail bank in
Switzerland. Almost 3,300 private banking client advisors, working
from offices around the world, provide a comprehensive range of
in-house and third party products and services customized for wealthy
individuals. The Business Banking unit, holding roughly a quarter of
the Swiss lending market, offers comprehensive banking and securities
services for 3.5&nbsp;million individuals and 180,000 corporate clients in
Switzerland as well as 5,000 financial institutions worldwide.
</FONT></DIV>

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

<DIV align="left"><FONT size="2">UBS Global Asset Management is a leading institutional asset manager
and mutual fund provider, with invested assets of CHF 557&nbsp;billion. It
offers a broad range of asset management services and products for
institutional clients and financial intermediaries across the world.
</FONT></DIV>

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

<DIV align="left"><FONT size="2">UBS Warburg is a global investment banking and securities firm.
Consistently placing in the top tier of major industry rankings, it is
a leading player in the global primary and secondary markets for
equity and fixed income products. In investment banking, it provides
first-class advice and execution capabilities to its client base
worldwide. Sharply client-focused, it provides innovative products,
top-quality research and comprehensive access to the world&#146;s capital
markets for its corporate and institutional clients and for the rest
of UBS.
</FONT></DIV>

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

<DIV align="left"><FONT size="2">UBS PaineWebber is the fourth largest private client business in the
US, with a client base of over 2&nbsp;million private investors &#151; focused
on the most affluent in the country. Its network of almost 9,000
financial advisors manage CHF 584&nbsp;billion in invested assets and
provide sophisticated wealth management services to their clients.
</FONT></DIV>

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

<DIV align="left"><FONT size="2">The role of the Corporate Center is to ensure that the Business Groups
operate as a coherent and effective whole, in alignment with UBS&#146;s
overall corporate goals. The scope of Corporate Center&#146;s activities
covers financial and capital management, risk management and control,
branding, communication, legal advice and human resources management.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

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

<!-- link2 "Sources of Information about UBS" -->
<DIV align="left"><A NAME="155"></A></DIV>
<P><FONT size="5">Sources of Information about UBS
</FONT>

<P><FONT size="5">&nbsp;
</FONT>

<P><FONT size="5">&nbsp;
</FONT>

<P><FONT size="5">&nbsp;
</FONT>

<P align="left"><FONT size="2"><FONT color="#C66005"><B>This Handbook contains a detailed description of UBS, its strategy, its
organization and its businesses. You can find out more about UBS from the
sources shown below.</B></FONT>
</FONT>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2"><FONT color="#C66005"><B>Publications</B></FONT>
</FONT>

<DIV align="left"><FONT size="2">This Handbook is available in
English and German. <BR>
(SAP-R/3
80532-0301).
</FONT></DIV>

<P align="left"><FONT size="2"><B>Annual Review 2002</B>
</FONT>

<DIV align="left"><FONT size="2">Our Annual Review contains a
short description of UBS, and a
summary review of our performance
in the year 2002. It is available
in English, German, French,
Italian and Spanish. <BR>
(SAP-R/3
80530-0301).
</FONT></DIV>

<P align="left"><FONT size="2"><B>Financial Report 2002</B>
</FONT>

<DIV align="left"><FONT size="2">Our Financial Report contains our
audited Financial Statements for
the year 2002 and related
detailed analysis. It is
available in English and German.
<BR>
(SAP-R/3 80531-0301).
</FONT></DIV>

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

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

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

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

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>E-information tools for investors</B>
</FONT></TD>
    </TR>
</TABLE>


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

<DIV align="left"><FONT size="2">Our Investors and Analysts
website at www.ubs.com/investors
offers a wide range of
information about UBS, including
our financial reporting, media
releases, UBS share price graphs
and data, corporate calendar and
dividend infor-
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P align="left"><FONT size="2">mation and copies
of recent presentations given by
members of senior management to
investors at external
conferences.
</FONT>

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

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

<DIV align="left"><FONT size="2">On the Investors and Analysts
website, you can register to
receive news alerts about UBS via
Short Messaging System (SMS)&nbsp;or
e-mail. Messages are sent in
either English or German and
users are able to state their
preferences for the theme of the
alerts received.
</FONT></DIV>

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

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

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

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

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Form&nbsp;20-F and other submissions to the US Securities and Exchange Commission</B>
</FONT></TD>
    </TR>
</TABLE>


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

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Form 20-F filing is
structured as a &#147;wrap-around&#148;
document. Most sections of the
filing are satisfied by referring
to parts of this
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 5
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P><FONT size="2"><B>Profile</B>
</FONT>

<P><FONT size="2"><br>
</FONT>

<P><FONT size="2"><br>
</FONT>

<P><FONT size="2"><br>
</FONT>

<P align="left"><FONT size="2">Handbook or to parts of the
Financial Report 2002. However,
there is a small amount of
additional information in the
Form 20-F which is not presented
elsewhere, and is particularly
targeted at readers in the US.
You are encouraged to refer to
this additional disclosure.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
may read and copy any document
that we file with the SEC on the
SEC&#146;s website, www.sec.gov, or at
the SEC&#146;s public reference room
at 450 Fifth Street NW,
Washington, DC, 20549. Please
call the SEC at 1-800-SEC-0330
(in the US) or at &#043;1 202 942 8088
(outside
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


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

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

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

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

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

<P align="left"><FONT size="2">the US) for further
information on the operation of
its public reference room. You
may also inspect our SEC reports
and other information at the New
York Stock Exchange, Inc., 20
Broad Street, New York, NY 10005
and the American Stock Exchange
LLC, 86 Trinity Place, New York,
NY 10006. Much of this additional
information may also be found on
the UBS website at
www.ubs.com/investors, and copies
of documents filed with the SEC
may be obtained from UBS&#146;s
Investor Relations team, at the
addresses shown on the following
page.
</FONT>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><FONT size="2"><br>
</FONT>

<P><FONT size="2"><br>
</FONT>

<P><FONT size="2"><br>
</FONT>

<P><FONT size="2"><br>
</FONT>

<P><FONT size="2"><br>
</FONT>

<P><FONT size="2"><br>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="26%">&nbsp;</TD>
    <TD width="74%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="5">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="5">
<HR size="1" noshade></FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#FFFFFF">
    <TD valign="top"><FONT size="5" color="#7F7F7F">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="5" color="#7F7F7F">
Corporate information</FONT></TD>
</TR>
 </TABLE>
</DIV>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

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

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS AG is incorporated and
domiciled in Switzerland and
operates under Swiss Company Law
and Swiss Federal Banking Law as
an Aktiengesellschaft, a
corporation that has issued
shares of common stock to
investors.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The addresses and
telephone numbers of our
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P align="left"><FONT size="2">two
registered offices and principal
places of business are:
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bahnhofstrasse 45, CH-8098
Zurich, Switzerland, telephone
&#043;41-1-234 11 11;
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and
Aeschenvorstadt 1, CH-4051 Basel,
Switzerland, telephone &#043;41-61-288
20 20.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS AG shares are listed on
the SWX Swiss Exchange and traded
through the latter&#146;s
majority-owned virt-x trading
platform. UBS shares are also
listed on the New York Stock
Exchange and the Tokyo Stock
Exchange.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 6
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="29%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="7" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>Switchboards</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
<B>Zurich</B>
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&#043;41&nbsp;1&nbsp;234&nbsp;1111</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">For all general queries.</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
<B>London</B>
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&#043;44 20 7568 0000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
<B>New York</B>
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&#043;1 212 821 3000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
<B>Hong Kong</B>
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&#043;852 2971 8888</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD colspan="7" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>UBS Investor Relations</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
<B>Zurich</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">Our Investor Relations team supports</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
<B>Hotline:</B>
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2"><B>&#043;41 1 234 4100</B>
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">UBS AG</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">institutional, professional</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
Christian Gruetter
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&#043;41 1 234 4360
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">Investor Relations G41B</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">and retail investors from offices in</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
Mark Hengel
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&#043;41 1 234 8439
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">P.O. Box</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">Zurich and New York.</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
Catherine Lybrook
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&#043;41 1 234 2281
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">CH-8098 Zurich, Switzerland</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
Oliver Lee
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&#043;41 1 234 2733</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">www.ubs.com/investors</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
Fax
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&#043;41 1 234 3415</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
<B>New York</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
<B>Hotline:</B>
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2"><B>&#043;1 212 713 3641</B>
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">UBS Americas Inc.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
Richard Feder
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&#043;1 212 713 6142
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">Investor Relations</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
Christopher&nbsp;McNamee
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&#043;1 212 713 3091
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">135 W. 50th Street, 9th Floor</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
Fax
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&#043;1 212 713 1381
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">New York, NY 10020, USA</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT> </TD>
    <TD align="left" valign="top"><FONT size="2"><br>sh-investorrelations@ubs.com<br></FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="7" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>UBS Group Media Relations</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
<B>Zurich</B>
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2"><B>&#043;41 1 234 8500</B>
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">sh-gpr@ubs.com</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">Our Group Media Relations team</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
<B>London</B>
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2"><B>&#043;44 20 7567 4714</B>
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">sh-mr-london@ubsw.com</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">supports global media and journalists</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
<B>New York</B>
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2"><B>&#043;1 212 713 8391</B>
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">sh-mediarelations-ny@ubsw.com</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">from offices in Zurich, London,</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
<B>Hong Kong</B>
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2"><B>&#043;852 2971 8200</B>
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">sh-mediarelations-ap@ubs.com</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">New York and Hong Kong.</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">www.ubs.com/media</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT> </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT> </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT> </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="7" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>UBS Shareholder Services</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT> </TD>
    <TD align="left" valign="top"><FONT size="2">
<B>Hotline</B>
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT> </TD>
    <TD align="left" valign="top"><FONT size="2"><B>&#043;41 1 235 6202</B>
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT> </TD>
    <TD align="left" valign="top"><FONT size="2">UBS AG</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">UBS Shareholder Services, a unit of</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT> </TD>
    <TD align="left" valign="top"><FONT size="2">
Fax
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&#043;41 1 235 3154
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">Shareholder Services &#151; GUMV</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">the Company Secretary, is responsible</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">P.O. Box</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">for the registration of the Global</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">CH-8098 Zurich, Switzerland</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">Registered Shares. It is split into two</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">parts &#151; a Swiss register, which is main-</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">sh-shareholder-service@ubs.com</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">tained by UBS acting as Swiss transfer</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">agent, and a US register, which is</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">maintained by Mellon Investor Service</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">as US transfer agent (see below).</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT> </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT> </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT> </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="7" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>US Transfer Agent</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT> </TD>
    <TD align="left" valign="top"><FONT size="2">
calls from the US
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT> </TD>
    <TD align="left" valign="top"><FONT size="2">&#043;1 866 541 9689
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">c/o Mellon Investor Services</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">For all Global Registered Share</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
calls outside the US
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&#043;1 201 329 8451
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">Overpeck Centre</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">related queries in the USA.</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">85 Challenger Road</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">Ridgefield Park, NJ 07660, USA</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">www.melloninvestor.com</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT> </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT> </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT> </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;<br>
shrrelations@melloninvestor.com</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT> </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT> </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT> </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="5" valign="top" align="left"><FONT size="2">UBS listed its Global Registered Shares on the New York Stock Exchange on 16 May&nbsp;2000. Prior to that date UBS operated
an ADR program. See the Frequently Asked Questions (FAQs) section at www.ubs.com/investors for further details
about the UBS share.</FONT></TD>
</TR>
<TR>
    <TD colspan="7" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<P align="right"><FONT size="2"><B>
 7
</B></FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center"><FONT size="2"><IMG src="y84349y8434956.gif" alt="(Garden scene)">
</FONT>

<P align="left"><FONT size="2"><B>
 8
</B></FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link1 "THE UBS Group" -->
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<P align="center"><FONT size="2"><IMG src="y84349y8434957.gif" alt="(Gray background THE UBS Group)">
</FONT>

<P align="right"><FONT size="2"><B>
 9
</B></FONT>
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    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<B>The UBS Group</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<B>Strategy, Structure and History</B></FONT></TD>
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    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

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    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
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    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
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    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

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    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
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    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

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    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
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    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

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    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
 </TABLE>
</DIV>

<!-- link2 "Strategy, Structure and History" -->
<DIV align="left"><A NAME="158"></A></DIV>
<P><FONT size="5"><B>Strategy, Structure and History</B>
</FONT>

<P><FONT size="5"><br>
</FONT>

<P><FONT size="5"><br>
</FONT>

<P><FONT size="5"><br>
</FONT>

<P align="left"><FONT size="2"><FONT color="#C66005"><B>Our vision of UBS is as one of the world&#146;s pre-eminent financial firms. We are
the world&#146;s largest private bank, while in investment banking and securities
trading we are among a select bracket of major global houses. In Switzerland,
we are the clear market leader in corporate and retail banking. As an
integrated group, we deliver the whole firm to our clients, giving them added
value by drawing on the combined resources and expertise of all our businesses.
Every client is a client of UBS, not of an individual business unit. Our first
priority is always our clients&#146; success.</B></FONT>
</FONT>

<P><DIV style="float: left; width:59%">
<DIV style="width: 100%; border: 1px solid black; padding: 12px;">
<P align="left"><FONT size="2"><FONT color="#C66005"><B>Our vision</B></FONT>
</FONT>

<DIV align="left"><FONT size="2">We are determined to be recognized as the best global
financial services company. We will earn this
recognition from clients, shareholders and professionals
through our ability to anticipate, learn and shape our
future, while always delivering the very best quality in
all that we do. We share a common ambition to succeed.
Throughout our development as a leading global financial
services group, we have evolved a distinct culture of
ambition, performance and learning that has enabled us
to continually innovate and broaden our expertise.
Through harnessing all of our resources, we develop
smart solutions with and for our clients and partners,
and enable them to make savvy financial decisions. Our
ambitious, performance-driven working atmosphere is what
attracts and retains the best talent for our company,
and by growing our client and talent franchises, we add
sustainable value for our shareholders.
</FONT></DIV>
</DIV>
</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P align="left"><FONT size="2"><B>Our strategic future</B>
</FONT>

<DIV align="left"><FONT size="2">Our strategy remains one of
growth. In the current economic
environment, and after a decade
of transformational mergers and
acquisitions, we believe that
the best way to expand our
business is to grow it
organically using the internal
resources we already have at our
disposal. We have the right
people, an ideal platform, a
sound capital base and the
confidence that we can achieve
our chosen objectives.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the wealth management
market, we believe there is a
strong secular growth trend in
private wealth and a tendency
towards a further worldwide
concentration of that wealth. We
also believe that the investment
banking market pos-
</FONT></DIV>

</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
</FONT>
<P><HR size="1" noshade>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="5" color="#7F7F7F">Capital strength
</FONT></TD>
    </TR>
</TABLE>


<P><DIV style="float: left; width:31%">

<P align="left"><FONT size="2">Our financial stability stems
from the fact that we are one
of the best capitalized banks
in the world. We believe that
this financial strength is a
key part of our value
proposition for both our
clients and our investors.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In June&nbsp;2002, Moody&#146;s
reaffirmed UBS&#146;s Aa2
long-term credit rating and
commented that &#147;the ratings
of UBS AG reflect the group&#146;s
leadership position in a
number of its core businesses
as well as solid financial
fundamentals &#151; in particular,
resilient revenue generation,
improving cost efficiency,
low risk appetite and strong
core economic
capitalization&#148;. At the same
time, Moody&#146;s noted that &#147;the
sustained
</FONT></DIV>

</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:31%">

<P align="left"><FONT size="2">performance of UBS
reflects the Group&#146;s strong
franchise in each of its core
businesses&#148; resulting in
broadly-diversified revenue
sources.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In July&nbsp;2002, Standard &#038;
Poor&#146;s reaffirmed its AA&#043;
long-term debt rating for
UBS, but revised the outlook
to negative, &#147;reflecting the
fall in global equity
markets, particularly since
May&#148;. S&#038;P commented that the
AA&#043; rating reflects &#147;UBS&#146;s
strong market positions and
franchises across a wide
range of private banking and
international securities
activities, which support
solid profitability, strong
capitalization, and excellent
liquidity&#148;.
</FONT></DIV>

</DIV><DIV style="float: right; width: 31%">

<P align="center"><FONT size="2"><IMG src="y84349y8434958.gif" alt="(BIS Tier 1 capital ratio)">
</FONT>

</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 10
</B></FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">sesses long-term growth
opportunities and we will
therefore continue to strongly
expand in the key US market. An
extensive presence in the US is
critical to maintaining a strong
global position as it accounts
for half of the global investment
banking fee pool.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;However, a strategy of
organic growth does not mean we
will become inactive. We will
continue to keep options open
regarding acquisitions that round
out or further balance our
business portfolio.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our product strategy is to
deliver a comprehensive line of
top-quality products and advice
to individual, institutional and
corporate clients. Choice is
central to our client offering,
with our in-house range of
products enhanced by a
quality-screened selection of
third party products.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are
committed to attaining scale and
scope in all our key businesses
as this will enable us to deliver
a full spectrum of services
efficiently. In order to maintain
operational efficiency, we
ensure that our processes are
streamlined and avoid duplication
of activities. Our client
philosophy is advice-led, with
the quality and expertise of our
relationship managers helping us
to build long-term and mutually
beneficial relationships with our
clients.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are committed to
remaining at the forefront of
technology, although we do not
believe it
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P align="left"><FONT size="2">should be pursued
solely for its own sake. It is a
tool that is an integral
component of all our businesses.
We use technology to extend our
reach to clients and markets we
could not previously have
accessed, enhancing client
service and experience.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have a strong and
well-managed capital structure
and are dedicated to remaining
one of the best capitalized
financial services firms in the
world. We will continue to manage
our balance sheet prudently and
are committed to the optimization
of UBS&#146;s capital structure for
the benefit of its shareholders.
</FONT></DIV>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Business and management structure</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2"><B>Integrated business model</B>
</FONT>

<DIV align="left"><FONT size="2">One of the keys to our success is
our integrated business model. We
believe our clients should
effortlessly be able to access
all the services our firm can
provide, where and when they are
required, and regardless of what
combinations of teams lie behind
the necessary solutions. Our
clients should not feel the
boundaries inherent, and even
necessary, in a large, global
organization. Our integrated
model means that teams from
across Business Groups work
together to pool different skills
for the benefit of an individual
client.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A clear example of how
our integrated model works is
illustrated by the services we
provided
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<HR size="1" noshade>
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
</FONT>
<P><DIV style="float: left; width:31%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In August&nbsp;2002, Fitch
reaffirmed its AAA long-term
rating of UBS, while keeping
the outlook negative,
&#147;because of the potential
threat a sustained bear
market over the next year
would pose to earnings&#148;. At
the same time Fitch commented
that &#147;UBS is exceptionally
well-capitalized with a
strong performance,
particularly in comparison
with its European peers but
also on a global scale&#148;.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS&#146;s ratings remain
among the best of any major
globally active financial
institution.
Well-capitalized, with strong
and balanced cash-flow
generation, and a cautious
risk profile, UBS is one of
the soundest financial
institutions worldwide.
</FONT></DIV>

</DIV><DIV style="float: right; width: 65%">

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="51%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="44%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">UBS&#146;s long-term credit
ratings are shown in the
table below. Each of these
ratings reflects only the
view of the applicable rating
agency at the time the rating
was issued, and any
explanation of the
significance of a rating may
be obtained only from the
rating</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
agency. There is no
assurance that any credit
rating will remain in effect
for any given period of time
or that a rating will not be
lowered, suspended or
withdrawn entirely by the
rating agency, if in the
rating agency&#146;s judgment,
circumstances so warrant.</FONT></TD>
</TR>
 </TABLE>
</DIV>

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

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="70%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="10"><FONT size="2">As at</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="10"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2"><FONT color="#C66005"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">31.12.01</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">31.12.00</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">Fitch, London</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT> </TD>
    <TD colspan="3" bgcolor="#FFFFFF" align="center"><FONT size="2" color="#C66005"><B>AAA</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT> </TD>
    <TD colspan="3" align="center"><FONT size="2">AAA</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT> </TD>
    <TD colspan="3" align="center"><FONT size="2">AAA</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Moody&#146;s, New York</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="3" bgcolor="#FFFFFF" align="center"><FONT size="2" color="#C66005"><B>Aa2</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="center"><FONT size="2">Aa2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="center"><FONT size="2">Aa1</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Standard &#038; Poor&#146;s, New York</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="3" bgcolor="#FFFFFF" align="center"><FONT size="2" color="#C66005"><B>AA&#043;</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="center"><FONT size="2">AA&#043;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="center"><FONT size="2">AA&#043;</FONT></TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 11
</B></FONT>
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<DIV align="center">
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<B>The UBS Group</B></FONT></TD>
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<B>Strategy, Structure and History</B></FONT></TD>
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<IMG src="y84349y8434959.gif" alt="(Integrated client-service model)"></FONT></TD>
</TR>
 </TABLE>
</DIV>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">last year to a renowned private equity firm which came to us wanting to raise
new money. UBS Warburg&#146;s Financial Sponsors Group managed the day-to-day
relationship with the client, while the Private Equity Funds Group, also part
of UBS Warburg, raised institutional funds in Europe and Asia. At the same
time, we successfully offered the investment opportunity to both UBS
PaineWebber and UBS Private Banking&#146;s high-net worth clients.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It is our four Business
Groups, each in the top echelon
of their field, who put our
integrated business model into
action. Our wealth management
businesses provide
client-centered advice and
tailored products to their
clients. They, in turn, are
supplied with a world class
product and research offering
from the UBS Warburg and UBS
Global Asset Management Business
Groups. At the same time, UBS
Warburg and UBS Global Asset
Management provide advice and
tailored products to their own
corporate and institutional
clients while being kept abreast
of changing client needs by the
wealth management businesses.
That in turn helps them develop
innovative new products and
services. Overall, the exchange
benefits both sides &#151; UBS&#146;s
individual clients get access to
sophisticated products and
services; and UBS&#146;s wholesale
Business Groups have access to
first-class distribution
opportunities. In the end, our
integrated model ensures that,
where UBS has a best-in-class
offering, we capture the whole of
the value chain. The partnership
between our businesses ensures
that the exchange of services,
knowledge and capabilities across
the Group gives us the ability to
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P align="left"><FONT size="2">build a coherent infrastructure
that does not duplicate
activities unnecessarily.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our integrated business model
also helps us capture synergies
between different components of
our businesses, eliminating
redundant infrastructure,
services, management and control.
An example of that is our
centralized treasury process which
ensures that cash flows within UBS
are pooled and netted before being
funded through one access point to
the money markets. At the same
time, embedding risk management
deeply into all our businesses is
one of our most important success
factors. Risk identification,
management and control are
critical components of all our
business processes and plans, and
our integrated approach to risk
control ensures that risks are
consistently assessed and
evaluated across the Group.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
value created by the integrated
business model derives from the
breadth and depth of UBS&#146;s
expertise which is an immediate
result of our diverse roots. Each
of the entities that joined UBS in
recent years brought strengths
that have had a significant impact
on our business. Unlike a holding
company or a conglomerate, our
approach to building a powerful
Group by integrating these
components has helped us to
successfully develop a common set
of values and aspirations. The
latest step in our efforts to
define the future as one firm is
demonstrated by our decision to
introduce UBS as a single brand
for all our businesses.
This will enable us to
concentrate our capabilities on
building a clear and distinct
corporate identity, increasing the
efficiency and effectiveness of
our marketing efforts.
</FONT></DIV>

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<P align="left"><FONT size="2"><B>
 12
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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

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

<DIV align="left"><FONT size="2">UBS&#146;s Business Groups are managed
together to optimize shareholder
value &#151; making the whole worth
more than the sum of the parts.
Each Business Group is led by a
member of the Group Executive
Board who is individually
responsible for the performance
of the Business Group.
</FONT></DIV>

<P align="left"><FONT size="2"><B>UBS Wealth Management &#038;<br>
Business Banking</B>
</FONT>

<DIV align="left"><FONT size="2">UBS Wealth Management &#038; Business
Banking delivers comprehensive
financial services to wealthy
private individuals worldwide and
is the leading bank for
individual and corporate clients
in Switzerland. It comprises the
business units of UBS Private
Banking and Business Banking
Switzerland.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS Private Banking is the
world&#146;s largest private bank,
with more than 140&nbsp;years of
private banking experience, 164
offices worldwide and CHF 688
billion invested by clients. It
provides a comprehensive range of
products and services
individually tailored to wealthy
clients from Switzerland and
abroad. Working around the world,
our 3,291 highly trained client
advisors combine strong personal
client relationships with access
to the resources of the whole UBS
Group. Clients benefit from a
complete range of wealth
management services &#151; from asset
management to estate planning,
and from corporate finance advice
to art banking.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Business Banking is the
leading bank in Switzerland with
more than 3.5&nbsp;million individual
client accounts, and
relationships with 180,000
enterprises across the country
and 5,000 financial institutions
from around the world.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Business Banking has 311
branches and 1,225 ATMs in
Switzerland &#151; the broadest
distribution network of any Swiss
bank. It is the leading lender to
private clients in Switzerland,
and the biggest player in both
the credit card and private
mortgage markets.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clients have
invested assets of over CHF 200
billion with Business Banking and
its loan book total of CHF 139
billion on 31 December&nbsp;2002
corresponded to the leading
position in the Swiss mortgage
and retail lending market.
</FONT></DIV>

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

<DIV align="left"><FONT size="2">UBS Global Asset Management is a
leading asset manager,
distinguished by the diversity
and global scope of its
investment capabilities.
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With its integrated global
investment platform, it seeks to
deliver superior investment
performance to institutional
investors and financial
intermediaries. More than 440
investment professionals, located
in all the major financial
centers around the world, provide
clients with access to a breadth
and scope of investment
capabilities that distinguishes
it from its competitors.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
organization consists of three
platforms. The first, the
price/value investment philosophy
is at the heart of our core
investment management business.
The second, the alternative and
quantitative investments
platform,
encompasses several
specialist businesses with
distinctive brands, including
O&#146;Connor. The third, our real
estate businesses &#151; principally
located in the US and the UK,
with significant presence in
Switzerland and Japan &#151; have been
combined into a separate and
global real estate capability.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS Global Asset Management had
total invested assets of CHF 557
billion on 31 December&nbsp;2002, of
which CHF 279&nbsp;billion were from
institutional investors and CHF
278&nbsp;billion from private clients
via the wholesale intermediary
market.
</FONT></DIV>

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

<DIV align="left"><FONT size="2">UBS Warburg is a leading
investment banking and securities
firm that provides a full
spectrum of products to
institutional and corporate
clients, governments and
financial intermediaries around
the world. UBS Warburg consists
of the Corporate and
Institutional Clients and UBS
Capital business units.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporate and
Institutional Clients business
unit provides securities products
and advisory services to a broad
customer base worldwide. It is
one of the top-ranked firms in
the world for institutional
clients, where its strength lies
in global equity research and
distribution, as well as in
structuring and distributing
fixed income cash and derivative
products. The business is
organized into three main areas,
distinguished by the type of
products and services offered as
well as the inherent nature of
their business risks. The
business areas are:
</FONT></DIV>


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<TR><TD><TR><TD><TR><TD><TR><TD>

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       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
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 <TD><FONT size="2">Investment Banking
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
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       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
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 <TD><FONT size="2">Equities
</FONT></TD>
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       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Fixed Income, Rates and Currencies
</FONT></TD>
</TR>
</TABLE>
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<P align="right"><FONT size="2"><B>
 13
</B></FONT>
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<B>The UBS Group</B></FONT></TD>
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<B>Strategy, Structure and History</B></FONT></TD>
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<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P><FONT size="2"><IMG src="y84349y8434960.gif" alt="(Headcount: regional distribution)">
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the investment banking
business, UBS Warburg provides
first-class advice and execution
capabilities to a global
corporate client base. In the
equities business, it is a leader
in both primary and secondary
markets for equity, equity-linked
(e.g. convertible bonds) and
equity derivative products. In
the fixed income and foreign
exchange business, it is a
top-tier global house, providing
innovative products and original
thinking to corporate and
institutional clients in all
major markets.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS Capital is UBS
Warburg&#146;s private equity business
unit, managing a portfolio that
consists of investments in
unlisted companies spread
throughout Europe, the US and
Asia. These investments are
typically held for a period of
approximately three to six years
and made with a view to preparing
them for sale to a trade or
financial buyer, or, where
appropriate, staging an initial
public offering (IPO).
</FONT></DIV>

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

<DIV align="left"><FONT size="2">UBS PaineWebber is one of the top
wealth managers in the US. It
builds consultative relationships
with affluent clients and
provides them with a complete set
of sophisticated wealth
management services.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
approximately 2&nbsp;million client
relationships, it is one of the
largest private client businesses
in the US, offering a full set of
services to the most affluent
Americans. Its
strength lies in the emphasis it
puts on building and maintaining
consultative relationships
between high net
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P><FONT size="2"><IMG src="y84349y8434961.gif" alt="(Headcount: business unit distribution)">
</FONT>

<P align="left"><FONT size="2">worth clients
and their financial advisors, who
offer their clients a wide array
of investment products and
services.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The network of almost 9,000
highly trained financial
advisors, working from 369
offices across the US, handled
CHF 584&nbsp;billion in assets
invested by clients as of 31
December&nbsp;2002. Providing tailored
investment advice based on each
client&#146;s individual specific
needs, advisors focus on
households with investable assets
in excess of USD 500,000 &#151; the
largest and fastest growing pool
of assets in the US.
</FONT></DIV>

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

<DIV align="left"><FONT size="2">The role of the Corporate Center
is to ensure that the Business
Groups operate as a coherent and
effective whole, in alignment
with UBS&#146;s overall corporate
goals. Corporate Center&#146;s
activities cover financial and
capital management, risk
management and control as well as
branding, communication, legal
advice and human resources
management.
</FONT></DIV>

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

<DIV align="left"><FONT size="2">The management and oversight
structure of UBS is based on two
separate boards &#151; the Board of
Directors and the Group Executive
Board.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors is
the most senior body with
ultimate responsibility for the
strategy and the management of
the company, and for the
supervision of executive
management. The Board of
Directors also defines UBS&#146;s risk
appetite and risk limit
structure. A clear majori-
</FONT></DIV>

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<P align="left"><FONT size="2"><B>
 14
</B></FONT>
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    <TD width="26%">&nbsp;</TD>
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<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<IMG src="y84349y8434962.gif" alt="(Reporting structure in 2002)"></FONT></TD>
</TR>
 </TABLE>
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<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">ty of
the members of the Board of
Directors are non-executive and
fully independent.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Group
Executive Board, on the other
hand, assumes overall
responsibility for the daily
management of UBS, for the
implementation of strategy and
for business results. Together
with the Chairman of the Board
and the Vice-Chairmen, it is
responsible for developing UBS&#146;s
strategies.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The functions of
Chairman of the Board of
Directors and President of the
Group Executive Board are
conferred on two different
people. No member of one board
may be a member of the other. Our
dual board structure establishes
a system of checks and balances,
ensuring the Board of Directors
and executive management are
institutionally independent of
each other.
</FONT></DIV>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Industry trends</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">As 2003 progresses, the
environment for the financial
services industry as a whole
continues to be a challenging
one. Uncertainty over economic
developments and rising
geopolitical concerns are
affecting investor sentiment and
therefore transaction levels, and
are holding back a significant
recovery in corporate activity.
Despite that, we believe UBS
Warburg&#146;s extremely strong
institutional client franchise
and growing corporate client
franchise will help it further
grow its business in the future,
with restructuring activity by
corporations expected to provide
new business opportunities. The
global reach of our wealth
management businesses and the
quality of our financial advisors
worldwide make us confident that
we will be able to meet the
varied aspirations of our clients
in different markets. In the
short-term, market levels will
have a direct impact on
asset-based fees while
transaction
revenues remain heavily linked to
investor confidence. We still
firmly
</FONT>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P align="left"><FONT size="2">believe, however, in the
long-term potential of the global
wealth management market as we
continue to invest in building up
our domestic presence in key
European markets.
</FONT>

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

<DIV align="left"><FONT size="2">Despite the market setbacks
experienced over the last few
years, we remain excellently
positioned to benefit from the
worldwide growth in wealth and
the concentration of that wealth
among the affluent, the two key
long-term secular market trends
influencing wealth management
businesses worldwide.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although the prolonged
market declines seen last year
and in 2001 have reduced the
total global bankable and liquid
assets of the core affluent
market segment (those holding
more than EUR 500,000 in such
assets) by approximately 18% to
EUR 23.5 trillion, the correction
also served to accentuate the
demand for skilled financial
advice. Our experience over the
past two years indicates that
sophisticated and tailored
solutions for high net worth
individuals are even more in
demand in difficult economic and
financial environments.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Despite
the current market conditions,
the long-term trend towards
wealth growth is confirmed by our
internal research, which predicts
that total bankable and liquid
assets held by the core affluent
segment will expand on average by
6% a year between 2002 and 2012 &#151;
driven, among other factors, by a
heightened need to save for
retirement as western societies
age further. Regionally, Asia
(excluding Japan) is seen growing
this aggregate pool of assets 9%
a year until 2012, while in
Europe growth is forecast at 8%.
Over the same timeframe, total
assets of the core affluent
segment are seen increasing 5% a
year in the US and 4.5% in Japan.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The second trend, towards a
further concentration of wealth,
is also confirmed by our inter-
</FONT></DIV>

</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 15
</B></FONT>
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     <TD align="left" valign="top"><FONT size="2">
<B>The UBS Group</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<B>Strategy, Structure and History</B></FONT></TD>
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</DIV>

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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">nal research, which indicates that the world&#146;s core affluent, an estimated 11
million households globally, will raise their current 50% share of total global
financial wealth. The US is one example, where core affluent individuals are
expected to hold 70% of all wealth by 2012, up from 64% in 2002.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The first trend, for further
wealth growth, underpins the
strategic rationale of our
European wealth management
initiative. Europe is expected to
experience the second highest
rate of wealth growth worldwide
over the next ten years, and that
is a key reason why we have built
up a strong domestic presence in
Germany, France, Italy, the UK
and Spain in the last two years
and continue to expand in those
markets. Together, the five
countries account for EUR 3.8
trillion or 80% of total Western
European wealth, and 16% of the
world total. The core affluent in
what we call the EU-5 accounted
for 35% of all private wealth in
2002, with that figure seen
rising to 42% by 2012.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turning to
the investment banking and
securities markets, we see
continued strong client demand
for corporate advice combined
with a broad array of securities
services. Despite the general
slowdown experienced in
investment banking and
securities activity last year and
the generally pessimistic
investor sentiment, we see market
opportunities in the merger and
acquisition, restructuring and
corporate advisory businesses.
Overall levels of activity,
however, will not return to the
levels seen in 1999-2000 in the
near future. The current
environment still presents
opportunities to firms with a
global presence and in-depth
experience in cross-border
transactions. The expansion we
are undertaking will take some
time, although we are currently
seeing the first signs of success
in the US, where we achieved
clear market share gains last
year as our recent hires acquire
new business and deal mandates.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the institutional client
business, where we have a strong
position in equities, fixed
income and foreign exchange, we
expect the environment to remain
competitive with an ongoing
commoditization of wholesale
products and shrinking margins.
We expect overall volumes to grow
further, so keeping the overall
pool of commission income roughly
stable. Institutions
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P align="left"><FONT size="2">with scale
and scope, global reach and
advanced technology will benefit
in the long-term despite the
current market environment.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
asset management, we believe that
the long-term outlook is a strong
one. Despite continued equity
market volatility, business will
be driven by demographic
pressures, which should bring
further pension reform by
governments worldwide. We will
continue to take advantage of the
trend towards open architecture,
which will provide opportunities
in giving us access to new
distribution channels while also
providing our clients with a wide
array of alternative forms of
investments such as hedge funds,
which allow them to diversify
their allocation of assets and
investment styles.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In Switzerland, we will seek
to maintain our leading position
while continuing to increase the
overall efficiency of our
activities, although we do not
believe the retail and corporate
market will grow significantly in
coming years.
</FONT></DIV>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Adoption of a single UBS brand</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">In November&nbsp;2002 we announced a
further evolution of our brand
strategy and portfolio. On 9 June
2003, we will adopt the single
UBS brand to represent all our
businesses and will no longer
market our services using the UBS
Warburg or UBS PaineWebber
brands. The move to a simpler
branding accurately reflects our
integrated business model and the
&#147;one firm&#148; approach we deliver to
clients.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before the decision was
taken to adopt a single brand, we
undertook a thorough review of
our brand strategy, focusing on
brand values as much as brand
structure. The review included
market research in 14 countries
involving thousands of existing
and potential clients, including
high net worth individuals,
corporate and institutional
clients, asset management
clients, and Swiss individual
clients. UBS client advisors and
relationship managers were also
part of the research. The results
showed that all UBS&#146;s different
client groups had similar
expectations regarding the
provision of their financial
services and their relationship
with UBS. Across the board, they
expect their financial firm to
relentlessly pursue their
financial success and provide
access to the resources of a
global powerhouse, while giving
proactive advice and a choice of
solutions.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 16
</B></FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="5" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top" colspan="3"><FONT size="2"><B>Branding structure, to be implemented during 2003</B></FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD colspan="5" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2"><B>Overall Brand</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2"><IMG src="y84349y8434963.gif" alt="(UBS)"></FONT></TD>
</TR>
<TR>
    <TD colspan="5" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom" bgcolor="#FFFFFF">
    <TD valign="top"><FONT size="2" color="#7F7F7F"><B>Business</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2" color="#7F7F7F">
<B>Old names</B>
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2" color="#7F7F7F"><B>New logo with<BR>
client segment descriptor</B></FONT></TD>
</TR>
<TR>
    <TD colspan="5" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2"><B>Wealth management<br>
(Swiss and International Clients)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT> </TD>
    <TD align="left" valign="top"><FONT size="2">
UBS Private Banking</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2"><IMG src="y84349y8434964.gif" alt="(UBS Wealth Management)"></FONT></TD>
</TR>
<TR>
    <TD colspan="5" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2"><B>Wealth management<br>
in the US</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT> </TD>
    <TD align="left" valign="top"><FONT size="2">
UBS PaineWebber
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT> </TD>
    <TD align="left" valign="top"><FONT size="2"><IMG src="y84349y8434964.gif" alt="(UBS Wealth Management)"></FONT></TD>
</TR>
<TR>
    <TD colspan="5" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2"><B>Investment banking<br>
and securities</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
UBS Warburg
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2"><IMG src="y84349y8434965.gif" alt="(UBS Investment Bank)"></FONT></TD>
</TR>
<TR>
    <TD colspan="5" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2"><B>Institutional asset management<br>
and funds</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
UBS Global Asset&nbsp;Management
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2"><IMG src="y84349y8434966.gif" alt="(UBS Global Asset Management)"></FONT></TD>
</TR>
<TR>
    <TD colspan="5" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2"><B>Retail and corporate banking<br>
in Switzerland</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
UBS
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2"><IMG src="y84349y8434963.gif" alt="(UBS)"></FONT></TD>
</TR>
<TR>
    <TD colspan="5" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 17
</B></FONT>
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<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="26%">&nbsp;</TD>
    <TD width="74%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
     <TD align="left" valign="top"><FONT size="2">
<B>The UBS Group</B><br></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<B>Strategy, Structure and History</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
 </TABLE>
</DIV>

<P><FONT size="5">The making of UBS
</FONT>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">All of the firms which have come
to make up today&#146;s UBS look back
on a long and illustrious
history. The two Swiss
predecessor banks came into being
in the 19th century, as did
PaineWebber, while SG Warburg was
founded in 1934. But it is in the
past decade that UBS&#146;s current
identity began to take concrete
shape.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the early 1990s, the
two Swiss banks that are part of
the current UBS, Swiss Bank
Corporation (SBC)&nbsp;and Union Bank
of Switzerland (UBS), were
commercial banks operating mainly
out of Switzerland. The two banks
shared a similar vision: to
become a world leader in wealth
management and a global bulge
bracket investment bank with a
strong position in global asset
management, while remaining an
important main commercial and
retail bank in Switzerland.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Union Bank of Switzerland,
the largest and best-capitalized
Swiss bank, opted to pursue a
strategy of organic growth, or
expansion by internal means. In
contrast, SBC, then the third
largest Swiss bank, decided to
take another route by starting a
joint venture with O&#146;Connor, a
leading US derivatives firm that
was fully acquired by SBC in
1992. O&#146;Connor was noted for its
young, dynamic and innovative
culture, its meritocracy and
team-orientation. It brought SBC
state-of-the-art risk management
and derivatives technology.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 1994, SBC acquired Brinson Partners &#151; one
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P align="left"><FONT size="2">of the leading US-based
institutional asset management firms. Both the O&#146;Connor and Brinson deals
represented fundamental steps in the development of the firm&#146;s products and
processes.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The next major step followed
in 1995, when SBC merged with SG
Warburg, the British merchant
bank. The deal helped to fill
SBC&#146;s strategic gaps in corporate
finance, brokerage and research,
and most importantly, brought
with it an institutional client
franchise, which is still at the
core of today&#146;s equities
business.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The 1998 merger of
Swiss Bank Corporation and Union
Bank of Switzerland brought
together these two leading Swiss
financial institutions, creating
the world leader in private
banking and improving the new
firm&#146;s chances of becoming a
bulge-bracket investment bank,
not to mention providing it with
greater capital strength.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;But there was still a major
item left on the firm&#146;s broader
strategic agenda. It needed to
garner a significant presence in
the key US market in order to be
fully credible as a truly global
player in investment banking and
wealth management. That was
achieved with the PaineWebber
merger in 2000, whose integration
has been a notable success.
Because of that transaction and a
decade of transformational
change, UBS is now set for a
strategy based primarily on
organic growth &#151; thanks to its
complete and global set of
businesses.
</FONT></DIV>

</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="26%">&nbsp;</TD>
    <TD width="74%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<IMG src="y84349y8434967.gif" alt="(The history of UBS)"></FONT></TD>
</TR>
 </TABLE>
</DIV>

<P align="left"><FONT size="2"><B>
 18
</B></FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="26%">&nbsp;</TD>
    <TD width="74%">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#FFFFFF">
    <TD valign="top"><FONT size="5" color="#7F7F7F">&nbsp;</FONT></TD>
     <TD align="left" valign="top"><FONT size="5" color="#7F7F7F">
<HR size="1" noshade>
Taking responsibility</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="5">&nbsp;</FONT></TD>
    <TD><FONT size="5">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="5">&nbsp;</FONT></TD>
</TR>
 </TABLE>
</DIV>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">Although the synergies and
strategic benefits resulting from
the 1998 merger between the
former Union Bank of Switzerland
and Swiss Bank Corporation are
widely acknowledged, less is
known of a comprehensive program
in Switzerland that has softened
the blow for many employees
displaced by the integration.
Called MIDSAM (a combined German
acronym that roughly equates with
&#147;job reduction measures&#148;), the
program has effectively helped
over 3,000 UBS employees affected
by merger-related restructuring
in the four years it was in
place. Employees who lost their
jobs as a result of the merger or
the subsequent reorganization
were given considerable support.
Their periods of notice were
doubled, while financial
contributions were made to
training programs and
outplacement consulting. They
were also closely assisted by
dedicated teams of
</FONT>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P align="left"><FONT size="2">experts,
specifically trained for the
task, whose sole job was to find
creative ways for employees to
find a new and fulfilling
occupation &#151; or help them settle
into early retirement. For UBS
itself, with total program costs
of around CHF 900&nbsp;million, MIDSAM
was by no means a low-cost
option.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although the MIDSAM
program itself ended in December
last year, there is a continued
need for a policy and program in
Switzerland that helps deal with
the effects of possible
restructurings and
reorganizations. To that effect,
a new program, called COACH, was
introduced on 1 January&nbsp;2003.
Essentially, it is a full-time
advisory team whose task is to
place employees who lose their
jobs as a result of restructuring
- either externally or
internally, or help them with
early retirement, with many of
its conditions similar to the
MIDSAM program.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 19
</B></FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center"><FONT size="2"><IMG src="y84349y8434968.gif" alt="(garden scene)">
</FONT>


<P align="left"><FONT size="2"><B>
 20
</B></FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<!-- link1 "The Business Groups" -->
<DIV align="left"><A NAME="159"></A></DIV>
<P align="center"><FONT size="2"><IMG src="y84349y8434969.gif" alt="(gray background The Business Groups)">
</FONT>


<P align="right"><FONT size="2"><B>
 21
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="26%">&nbsp;</TD>
    <TD width="74%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
     <TD align="left" valign="top"><FONT size="2">
<B>The Business Groups<BR>
UBS Wealth Management &#038; Business Banking</B></FONT></TD>
</TR>
 </TABLE>
</DIV>


<!-- link2 "UBS Wealth Management&#038;Business Banking" -->
<DIV align="left"><A NAME="160"></A></DIV>
<P><FONT size="5">UBS Wealth Management &#038; Business Banking
</FONT>

<P><DIV style="float: left; width:24%">

<P><FONT size="2"><IMG src="y84349y8434970.gif" alt="(Photo G Gagnebin)">
</FONT>

<P><FONT size="2">
 <B>Georges Gagnebin</B><BR>
Chairman UBS Wealth Management<BR>
&#038; Business Banking
</FONT>
<P><FONT size="2"><IMG src="y84349y8434971.gif" alt="(Photo M Rohner)">
</FONT>

<P><FONT size="2">
 <B>Marcel Rohner</B><BR>
CEO UBS Wealth Management<BR>
&#038; Business Banking
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P align="left"><FONT size="2"><FONT color="#C66005"><B>UBS Wealth Management &#038; Business Banking provides private banking
services for wealthy clients around the world and is the leading bank
for individual and corporate clients in Switzerland.</B></FONT>
</FONT>
<p>


<P><FONT size="2"><HR size="1" color="#000000" noshade><B>Business Group reporting adjusted for significant financial events</B><SUP><B>1</B></SUP>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="1">Business Banking</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="1">UBS Wealth Management</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="1">Private Banking</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="1">Switzerland</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="1">&#038; Business Banking</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left"><FONT size="1"><I>CHF million, except where indicated</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="6"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="6"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="6"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left"><FONT size="1">For the year ended</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#C66005"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#C66005"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#C66005"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Income</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>7,279</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7,696</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>5,494</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5,792</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>12,773</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">13,488</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Credit loss expense</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>(28</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(37</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>(286</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(567</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>(314</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(604</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Total operating income</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>7,251</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7,659</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>5,208</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5,225</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>12,459</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">12,884</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Personnel expenses</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>2,083</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,947</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>2,727</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,878</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>4,810</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,825</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">General and administrative expenses</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>2,158</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,038</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>159</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">396</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>2,317</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,434</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Depreciation</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>125</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">151</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>355</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">465</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>480</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">616</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Amortization of goodwill and other intangible assets</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>111</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">109</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>111</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">109</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Total operating expenses</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>4,477</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,245</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>3,241</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,739</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>7,718</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7,984</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1"><B>Business Group performance before tax</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>2,774</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,414</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>1,967</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,486</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>4,741</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,900</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Cost/income ratio before goodwill (%)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>60</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">54</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>59</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">65</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>60</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">58</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Net new money (CHF billion)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>16.6</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">24.6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>3.7</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">9.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Invested assets (CHF billion)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>688</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">791</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>205</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">215</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">Headcount (full-time equivalents)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>10,488</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">10,249</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>18,442</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">19,220</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>28,930</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">29,469</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<DIV align="left"><FONT size="1"><SUP>1</SUP> Details of significant financial events can be found in the Financial
Report 2002.
</FONT></DIV>

</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2"><FONT color="#C66005"><B>Business</B></FONT>
</FONT>

<DIV align="left"><FONT size="2">Our extensive global branch
network delivers comprehensive
financial services to wealthy
private individuals around the
world and to private and
corporate clients in Switzerland.
Our strategy puts clients at the
center of all business activity,
with our efforts sharply focused
on providing them with the
financial products and tools that
meet their personal needs.
</FONT></DIV>

<P align="left"><FONT size="2"><FONT color="#C66005"><B>Organizational structure</B></FONT>
</FONT>

<DIV align="left"><FONT size="2">On 1 July&nbsp;2002, our new name and
management came into effect,
replacing the former UBS
Switzerland designation. High-end
affluent clients that were
previously the responsibility of
the former Private and Corporate
Clients (PCC)&nbsp;unit became Private
Banking clients, although their
advisor relationships remained
the same. Product development was
consolidated into a single
Products and Services area, and a
new Market Strategy and
Development area was created,
which provides comprehensive
marketing services for the whole
Business
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P align="left"><FONT size="2">Group. We report results for the
following two business units:
</FONT>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Private Banking, which
comprises the full private
banking business, and now
includes the high-end
affluent clients segment
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Business Banking Switzerland,
consisting mainly of the
individual and corporate client
businesses of the former PCC
business unit.</FONT></TD>

</TR>
</TABLE>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All logistics and
service costs are allocated to
these two business units.
</FONT></DIV>

<P align="left"><FONT size="2"><FONT color="#C66005"><B>Competitors</B></FONT>
</FONT>

<DIV align="left"><FONT size="2">UBS Private Banking&#146;s major
competitors comprise all private
banks active globally such as the
private banking operations of
Credit Suisse Group, Deutsche
Bank and Citigroup. We also
compete with private banks that
operate within their respective
domestic markets.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Business Banking
Switzerland&#146;s major competitors
are banks active in the retail
and corporate banking markets in
Switzerland. This includes Credit
Suisse Group, cantonal banks
throughout the country, and other
regional Swiss banks.
</FONT></DIV>

</DIV>

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<P align="left"><FONT size="2"><B>
22
</B></FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="5" color="#7F7F7F">Private Banking
</FONT></TD>
    </TR>
</TABLE>

<br>

<br>

<P align="left"><FONT size="2"><FONT color="#C66005"><B>With more than 140&nbsp;years of private banking experience, an extensive global
network and CHF 688&nbsp;billion in invested assets on 31 December&nbsp;2002, UBS Private
Banking is the world&#146;s largest private bank.</B></FONT>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P><FONT size="2"><FONT color="#C66005"><B>Business</B></FONT>
</FONT>

<P align="left"><FONT size="2">UBS Private Banking provides a
comprehensive range of products
and services individually
tailored for wealthy clients
around the world via its global
branch network and an extensive
channel of financial
intermediaries.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With CHF 688&nbsp;billion in
invested assets on 31 December
2002, more than 140&nbsp;years of
private banking experience and an
extensive branch network
comprising 111 offices in
Switzerland and 53 offices around
the world, UBS Private Banking is
the world&#146;s largest private bank.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our 3,291 highly trained
client advisors back up strong
personal relationships with
access to the resources of the
whole UBS Group, providing a full
range of wealth management
services from asset management to
estate planning and from
corporate finance advice to art
banking. Furthermore, our open
product platform gives clients
access to a wide array of
pre-screened, top-quality
products from third party
providers that complement UBS&#146;s
own line.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the beginning of 2001, we
launched the European wealth
management initiative, a major
</FONT></DIV>

<P><FONT size="2"><IMG src="y84349y8434972.gif" alt="(Invested assets by mandate type)">
</FONT>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P align="left"><FONT size="2">growth initiative to expand our
domestic private banking presence
in the five key European markets
of France, Germany, Italy, Spain
and the UK. Since 2001, we have
steadily opened offices and hired
experienced client advisors in
key locations within our five
target markets.
</FONT>

<P><FONT size="2"><FONT color="#C66005"><B>Organizational structure</B></FONT>
</FONT>

<P align="left"><FONT size="2">Our global product offering is
carefully tailored to meet
country-specific tax and legal
regulations as well as the varied
aspirations of clients in
different markets. With this
geographical focus in mind, our
client advisors are organized
into the two business areas of:
</FONT>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Private Banking &#151; Swiss
Clients, covering clients
domiciled in Switzerland,
divided into eight
geographical regions in
Switzerland
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Private Banking &#151; International Clients,
serving clients domiciled
outside of Switzerland,
including the clients of the
European wealth management
initiative. It is organized
into the seven regions of
Italy, Western Europe,
Germany and Benelux,
UK/Northeastern and
Southeastern Europe, the
Middle East and Africa,
Asia, and the Americas.
</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have a number of global
teams that have areas of
specialized expertise and which
concentrate on the requirements
of particular client groups. In
September&nbsp;2002, we were the first
European financial group to open
a subsidiary in Bahrain. Called
Noriba bank, it offers
sharia-compliant products to
institutions and high net worth
individuals residing in the
Arabian Gulf and around the
world.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We also provide financial
intermediaries, both inside and
outside Switzerland, with our
solutions, products and services,
helping them to add substantial
value to their client
relationships.
</FONT></DIV>

</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 23
</B></FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P><FONT size="2"><B>The Business Groups<BR>
UBS Wealth Management &#038; Business Banking</B>
</FONT>

<P><FONT size="2"><br>
</FONT>

<P><FONT size="2"><br>
</FONT>

<P><FONT size="2"><br>
</FONT>

<P><FONT size="2"><br>
</FONT>

<P><FONT size="2"><br>
</FONT>

<P align="left"><FONT size="2"><IMG src="y84349y8434973.gif" alt="(Invested assets by asset class and assety by currency)">
</FONT>
<br>

<br>

<br>

<br>

</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="26%">&nbsp;</TD>
    <TD width="74%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="5">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="5">
<HR size="1" noshade></FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#FFFFFF">
    <TD valign="top"><FONT size="5" color="#7F7F7F">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="5" color="#7F7F7F">
Growth platform for independent wealth<BR>
management subsidiaries</FONT></TD>
</TR>
 </TABLE>
</DIV>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">During the first half of 2003,
UBS will create a new holding
company to incorporate GAM, its
specialist asset management firm,
as well as its five independent
private banks &#151; Cantrade
(Zurich), Banco di Lugano
(Lugano), Ferrier Lullin
(Geneva), Bank Ehinger (Basel)
and Armand von Ernst (Bern). With
this common platform, all of our
independent wealth management
subsidiaries will be equipped and
encouraged to grow faster, and
deliver their full value creation
potential. The new structure will
ease the path to integration
where it makes sense, targeting
economies of scale not achievable
by each organization on its own.
It may allow a future role in the
consolidation of the private
banking industry.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The new company will be
chaired by Hans De Gier,
currently UBS Executive
Vice-Chairman, who will as a
result leave UBS&#146;s Chairman&#146;s
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P align="left"><FONT size="2">Office. He will be joined on the
board as Deputy Chairman by
Georges Gagnebin, Chairman of UBS
Wealth Management &#038; Business
Banking and Peter Kurer, UBS
Group General Counsel. Hans De
Gier will lead the strategic
reorganization and integration
efforts, supported by the six
current Chief Executives of the
subsidiaries, and will join the
boards of all six firms.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The companies involved
employ approximately 1,750 staff
globally, and their clients have
invested assets of approximately
CHF 70&nbsp;billion. The new company
will not
be integrated with UBS&#146;s
wealth management operations, and
will be part of the Corporate
Center. This structure will be
reflected in our financial
reporting with effect from first
quarter 2003. We will release
restated figures for 2000, 2001
and 2002 reflecting these changes
prior to the publication of first
quarter results.
</FONT></DIV>

</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 24
</B></FONT>
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<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Clients</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">In order to achieve our business
objectives and maintain our
position as the wealth management
provider of choice, it is
imperative that we constantly
work to fulfill our clients
objectives, demands and needs
around the world.
</FONT>

<P align="left"><FONT size="2"><B>Four-step advisory process</B>
</FONT>

<DIV align="left"><FONT size="2">A key part of fulfilling our
clients&#146; needs is our structured
advisory process. The consistent
delivery of a truly consultative
advisory process combined with a
comprehensive product-positioning
framework is essential to putting
Private Banking&#146;s value
proposition into action. Highly
skilled client advisors take time
to understand client needs,
taking into account all the
different factors that might
affect a client&#146;s investment
goals and risk appetite. The
client advisor then acts as a
consultant, helping to build a
personalized financial strategy
that meets those requirements -
one that provides best-in-class
solutions supported by
state-of-the-art technology.
Thus, our commitment to open
architecture forms a key part of
the value proposition for our
clients in this process. The
selection of the most appro-
</FONT></DIV>

<P><FONT size="2"><IMG src="y84349y8434974.gif" alt="(Invested assets by client domicile and wealth)">
</FONT>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P><FONT size="2"><IMG src="y84349y8434975.gif" alt="(Invested assets by client domicile and wealth)">
</FONT>

<P align="left"><FONT size="2">priate
solution is based on an agreement
between the client and the client
advisor, a solid basis for a
long-lasting relationship.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The whole process is rounded
out by comprehensive monitoring
and reporting of investment
performance, as well as the
regular communication between the
client advisor and the client in
which goals and strategies are
constantly evaluated, and
adjusted or revised as required.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our extensive training
programs ensure that client
advisors become fully versed in
all aspects of this structured,
four-step advisory process,
thereby giving them the tools to
strengthen their client
relationships.
</FONT></DIV>

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

<DIV align="left"><FONT size="2">We are a market leader in
providing products and services
to financial intermediaries. They
include small to medium-sized
banks, independent asset managers
and financial consultants in
Switzerland, France and Germany
as well as in other locations
around the world. Using
intermediaries to offer our
products and services allows us
to further leverage the scale and
scope of our private banking
expertise, while giving them
integrated, comprehensive
solutions suited to their
clients&#146; needs.
</FONT></DIV>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>European wealth management</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">The European wealth management
initiative was launched in early
2001 and is aimed at wealthy
clients in the five target
countries of France, Germany,
Italy, Spain and the UK. Together
they comprise around 80% of the
total European market for wealthy
clients. The initiative combines
our extensive private banking
experience with the best of UBS
PaineWebber&#146;s marketing and
product
skills, using both as powerful
catalysts to build a significant
domestic European presence.
</FONT>

</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 25
</B></FONT>
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<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="26%">&nbsp;</TD>
    <TD width="74%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<B>The Business Groups<BR>
UBS Wealth Management &#038; Business Banking</B></FONT></TD>
</TR>
 </TABLE>
</DIV>
<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="400">&nbsp;</TD>
    <TD width="58">&nbsp;</TD>
    <TD width="205">&nbsp;</TD>
    <TD width="60">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2"><IMG src="y84349y8434976.gif" alt="(European Office locations)"></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2"><br><br><br><br><br><br><br><br><br>
<B>People</B><br>
Acquiring high quality client
advisors with specialized
knowledge of their domestic
markets is a cornerstone of the
European wealth management
initiative. Since the
initiative&#146;s start in early 2001,
we have tripled the number of
advisors in our five key European
countries. In 2002, we employed
an additional 181, raising the
total to 551 client advisors on
31 December&nbsp;2002. New hires
benefit from a training
initiative that helps every
private banker learn about the
current state-of-the-art in
wealth management, complemented
by product-specific training on
the new generation of open
architecture solutions. We
regularly review the performance
of our client advisors against
pre-set, mutually agreed targets.</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>
</TR>
 </TABLE>
</DIV>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

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

<DIV align="left"><FONT size="2">In 2002, the European wealth
management initiative proved
itself on many fronts. Its growth
potential was underlined by the
continued hiring of new client
advisors, who helped bring in net
new money of CHF 7.6&nbsp;billion.
This inflow represents an annual
growth rate of 48%. In the same
timeframe, invested assets
increased by 75% to CHF 28
billion on 31 December&nbsp;2002. The
impact of Italy&#146;s tax amnesty at
the beginning of 2002 highlighted
the initiative&#146;s defensive
characteristics as almost half of
the assets repatriated by our
Italian clients were directed to
our domestic Italian business.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our current strategy for
this initiative focuses on the
three building blocks of
&#147;People&#148;, &#147;Products&#148; and
&#147;Platform&#148;. Only by deploying the
best people, with the best
products and superior technology
to support them, will we build
the client base we seek in our
target countries.
</FONT></DIV>

<P align="left"><FONT size="2"><IMG src="y84349y8434977.gif" alt="(European Office locations)">
</FONT>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:35%">


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

<DIV align="left"><FONT size="2">We offer our clients a full range
of Private Banking&#146;s products
based on our open architecture
philosophy. We carefully tailor
our investment solutions to the
regulatory and tax environment of
each specific country and, of
course, to individual client
needs.
</FONT></DIV>

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

<DIV align="left"><FONT size="2">We are continuing to expand our
European branch network,
extending our reach to new
clients and improving our service
to our existing clients.
Potential locations in our five
target countries are
systematically
screened according to a number of
criteria including market
potential, the market share
required to break even, and the
potential availability of
professional client advisors. We
have three different types of
offices: main country offices,
branch offices and satellite
offices. The main country offices
are located in a country&#146;s most
important financial center and
enjoy extensive infrastructure.
Branch offices and satellite
offices operate with a leaner set
up. We currently have 25 offices,
up from the 19 offices operating
at the start of 2002. The new
branch offices opened during 2002
are located in Bielefeld,
Bordeaux, Lille, Nantes, Naples,
and Strasbourg. In addition,
although not directly part of the
European wealth management
initiative, a satellite office
was opened in Brussels.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order
to ensure our flexibility and
capability to swiftly introduce
innovative new products, we are
building a new IT infrastructure
to sup-
</FONT></DIV>

</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 26
</B></FONT>
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<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="26%">&nbsp;</TD>
    <TD width="74%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<IMG src="y84349y8434978.gif" alt="(Private Banking Product positioning framework)"></FONT></TD>
</TR>
 </TABLE>
</DIV>


<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">port the European wealth
management initiative. It was
successfully launched in France
in 2002, and will be rolled out
next in Germany and Italy,
followed by the remaining target
markets.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Market forecasts
indicate that the client segment
targeted by the initiative will
grow significantly in coming
years. We believe that our
expertise, strategy and
technology put us in an excellent
position to significantly enhance
our position in Europe, and help
to establish ourselves as the
wealth manager of choice in our
five target countries.
</FONT></DIV>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Products and services</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">In order to maintain our
credibility and reputation with
clients, we have to offer them
neutral advice that is not biased
towards any particular set of
products or services. Doing this
successfully entails opening our
product architecture to include
products and services from
third-party suppliers. At the
same time, we have no intention
of becoming a one-stop financial
supermarket, and we therefore
carefully choose and screen third
party offers, only selecting
those that meet the high quality
standards our clients demand.
Combining this careful product
selection with our structured
advisory process ensures that the
solutions we propose to clients
are the ones that best fit their
needs and goals. Open
architecture is key to offering
high-quality solutions building
on the trust inherent in any
relationship between client and
client advisor.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To have the greatest
possible impact, our open
architecture framework focuses on
products or services that differ
substantially in both scope and
content between the different
providers.
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


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

<DIV align="left"><FONT size="2">Depending on their financial
situation and individual
preferences, clients have varying
requirements regarding the level
of service they expect from their
advisor.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On a first level, <I>UBS
Investment Products </I>comprises
advisory services primarily
focused upon effective management
of a standard suite of
transaction-oriented products.
<I>UBS Investment Solution</I>s, the
second level, adds systematic
advisory services such as asset
allocation, investment selection
and portfolio management. Clients
choose investments based on a
consultative advisory service or
delegate all decision making to
their client advisor. The third
level<I>, UBS Financial Plannin</I>g,
goes beyond pure investment
decisions and offers
comprehensive advice reflecting
the client&#146;s needs and tax
implications. At the
top end of the range, <I>UBS Wealth
Management Solutions </I>provides the
whole range of financial services
in an exclusive and very
individualized format for ultra
high net worth individuals,
taking their entire asset base
into account, including, for
example, real estate and art
objects.
</FONT></DIV>

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

<DIV align="left"><FONT size="2">Our clients benefit from
exemplary service and execution
standards across a full range of
products that stretches from
equities to foreign exchange,
from structured products to
precious metals. In addition, our
clients can access a wide range
of alternative investments, from
in-house hedge funds to third
party private equity funds and
fund of funds products.
Increasingly, we are finding that
clients taking advantage of our
discretionary portfolio
management services are including
alternative investments into
their overall asset allocation
strategy.
</FONT></DIV>

</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 27
</B></FONT>
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<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="26%">&nbsp;</TD>
    <TD width="74%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<B>The Business Groups<BR>
UBS Wealth Management &#038; Business Banking</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2"><br></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2"><br></FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2"><br></FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2"><br></FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2"><br></FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<IMG src="y84349y8434979.gif" alt="(Private Banking Product Portal)"></FONT></TD>
</TR>
 </TABLE>
</DIV>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our UBS Life business, which
was established in first quarter
2001, focuses on the sale of
unit-linked products. They are
sold alongside more traditional
life insurance policies that we
provide from third party sources.
In 2002, 4,193 clients bought
life insurance from UBS Life,
ranking it among the top
providers in the Swiss market for
unit-linked insurance.
</FONT>
<P align="left"><FONT size="2"><B>Investment solutions</B>
</FONT>

<DIV align="left"><FONT size="2">We offer systematic advisory
services such as investment
selection and portfolio
management. Our clients can
choose between discretionary
portfolio management and advisory
management of assets, just as
they can choose between UBS and
third party investment
management.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clients that choose
discretionary portfolio
management delegate the
management of their assets to a
team of professional UBS
portfolio managers according to
an investment strategy agreed
with their client advisor and
which reflects their risk
appetite. Discretionary portfolio
management allows our clients to
directly benefit from the
investment policy of a leading
financial institution with
international resources. It gives
them access to a large reservoir
of knowledge and experience, and
they are secure in the knowledge
that portfolios and risks are
continuously being monitored.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Many clients increasingly wish to
be involved in the management of
their own assets, with
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P align="left"><FONT size="2">support
from UBS&#146;s investment
professionals. For them, Private
Banking provides analysis and
supervision of portfolios and
their risk profiles, together
with tailor-made proposals to
support investment decisions. We
offer different levels of
structured advisory services,
each based on an all-inclusive
fee.
</FONT>

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

<DIV align="left"><FONT size="2">We provide professional financial
planning services that help our
clients achieve their personal
and financial
objectives while assisting them
when they have to make key
financial decisions at different
stages of their lives. The
financial planning advice we
provide to our clients and their
families covers all
eventualities, from education
funding and gifts to children
through to business start-ups and
inheritance planning. Specific
advisory services we provide
include strategic wealth
management and lifestyle
planning, retirement planning,
inheritance and succession
planning, real estate advice,
asset protection, tax planning,
insurance advice and the
establishment of trusts,
foundations and other corporate
structures.
</FONT></DIV>

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

<DIV align="left"><FONT size="2">Wealth management solutions
comprise the whole range of
financial services offered by
Private Banking to ultra high net
worth individuals in an exclusive
and very individualized format.
</FONT></DIV>

</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 28
</B></FONT>
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<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The family office team helps
wealthy families preserve and
optimize their investments across
generations, taking into account
all economic, political, legal,
and personal aspects.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Private Banking also provides
independent corporate finance
advice and services to business
owners through a team of
professional investment bankers at
UBS Private Banking who can draw
on the extensive resources of UBS
Warburg.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate is the
world&#146;s largest asset class&nbsp;&#151;&nbsp;about
50% of the world&#146;s wealth is held
in real estate assets. UBS Private
Banking offers comprehensive
advisory services for real estate
matters around the globe. It
assists clients evaluating their
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P align="left"><FONT size="2">real estate portfolios, offering
support in complicated
cross-border real estate
transactions.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, we offer a
unique professional approach to
art investment. Experienced art
client service advisors
collaborate with our clients to
design an art collection,
structure tailored art-related
solutions or advise on buying and
selling rare coins. We draw upon
the resources of over 150
international service providers
in the art-related business.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We also provide executives
and corporations with a leading
edge platform that manages stock
and options plans, based on a
similar UBS PaineWebber service.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 29
</B></FONT>
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<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="26%">&nbsp;</TD>
    <TD width="74%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<B>The Business Groups<BR>
UBS Wealth Management &#038; Business Banking</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
 </TABLE>
</DIV>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="5" color="#7F7F7F">Business Banking Switzerland
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2"><FONT color="#C66005"><B>Business Banking Switzerland, UBS Wealth Management &#038; Business Banking&#146;s retail
and commercial banking unit, is the market leader in Switzerland and provides a
complete set of banking and securities services for individual and corporate
clients.</B></FONT>
</FONT>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Business</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">UBS is the leading bank in
Switzerland. At the end of 2002,
the Business Banking Switzerland
unit had around 3.5&nbsp;million
individual client accounts, and
relationships with around 180,000
enterprises across Switzerland as
well as 5,000 financial
institutions worldwide. Clients
have invested assets of CHF 205
billion with us. With a
total loan book of CHF 139
billion on 31 December&nbsp;2002, we
have a leading position in the
Swiss lending and retail mortgage
market.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We aim to provide our clients
with optimal levels of convenience
and service by continuously
expanding our comprehensive range
of distribution channels. Together
with our successful e-banking
offering and customer service
centers, our 1,225 ATMs and 311
branches across Switzerland
provide a network that is more
extensive than that of any
domestic competitors. At the end
of 2002, Business Banking
Switzerland employed 18,442 people
throughout Switzerland. This
represents a reduction of more
than 6,000 employees since the
merger in 1998 between the Union
Bank of Switzerland and Swiss Bank
Corporation. To a great extent,
this was due to merger synergies,
including a reduction in the
number of retail branches by
almost 250.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One of Business
Banking Switzerland&#146;s key
objectives is to increase
profitability by continuously
realizing cost savings and by
improving revenues through a
further implementation of our
risk-adjusted pricing model. We
strive to create additional value
by providing integrated financial
solutions for our clients&#146;
individual requirements.
</FONT></DIV>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Organizational structure</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">The Business Banking Switzerland
unit comprises the Business
Banking retail network, as well
as the main activities of the
three logistics business
</FONT>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P align="left"><FONT size="2">areas of
Operations, Resources, and
Information Technology.
</FONT>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Clients and products</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">Business Banking Switzerland
offers high-quality, standardized
products to the retail market for
individual and small company
clients, as well as more complex
products and advisory services
for larger corporate and
institutional clients and
financial institutions.
</FONT>

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

<DIV align="left"><FONT size="2">We serve around 3.5&nbsp;million
individual client accounts in
Switzerland, offering them a wide
range of product and services.
Supported by a powerful
electronic distribution channel,
our branches, which are organized
into eight regions, are key
driving forces in serving our
clients effectively.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our range of products and
services for private clients
provides a comprehensive
selection of current accounts,
savings products, residential
mortgages, pensions and life
insurance.</FONT></DIV>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Business Banking
Switzerland has a leading
position in many Swiss markets.
In the loan and savings markets
for individuals it has a market
share of 25%, while in the credit
card business its market share is
31%.
</FONT></DIV>

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

<DIV align="left"><FONT size="2">Business Banking Switzerland
services 180,000 corporate
clients, including institutional
investors, public entities and
foundations based in Switzerland.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Of the 180,000, around 160
are capital market companies,
with operations that span a broad
range of markets and geographical
regions. These clients require
our advanced financing and risk
management skills and
comprehensive access to the
capital markets for funding
needs.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 30
</B></FONT>
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<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2"><IMG src="y84349y8434980.gif" alt="(Invested assets by asset class and client type)">
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Around 7,500 of our clients
are large companies that utilize
our expertise in handling complex
financial transactions. We
provide a wide range of financial
advice to them, from the
selection and design of
investment products to assisting
with complex mergers and
acquisitions or providing
structured financing advice
services, often working in close
cooperation with specialists from
elsewhere in the UBS Group.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
remaining some 170,000 corporate
clients are small and
medium-sized enterprises
requiring local market expertise
and access to our full range of
products and services.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 1998,
we introduced a new lending
business process that uses a
risk-adjusted pricing model. It
was designed to shift the focus
away from lending volumes while
putting more emphasis on
transactions that create economic
value by establishing an
appropriate risk/return
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P align="left"><FONT size="2">relationship. As a result of this
process, the risk profile of our
loan portfolio has gradually
improved in the four years since
its introduction, while the
credit quality of counterparties
has also improved. At the same
time, risk-adjusted pricing
benefits our clients by promoting
transparent and open discussions
between client and advisor. The
advisor clearly communicates the
basis for credit decisions, and
possible areas of improvement can
be identified, which, if
successfully implemented, can
then be reflected in lower loan
pricing.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We also provide substantial
business process support to our
(clients, ranging from
transactional payments and
securities services to
facilitating cross-border
transactions with trade finance
products.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our global custody services
offer institutional investors the
opportunity to consolidate
multiple bank relationships into
a single cost-efficient global
custodial relationship. This
simplifies their processing and
administration arrangements and
allows them to take advantage of
our value-added services, such as
flexible consolidated performance
reporting, and powerful portfolio
management tools.
</FONT></DIV>

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

<DIV align="left"><FONT size="2">We also offer payments,
securities, and custodial
services to more than 5,000
financial institutions worldwide
and play a leading role together
with UBS Warburg in the firm&#146;s
&#147;Bank for Banks&#148; initiative that
focuses on offering
state-of-the-art services to
other banks. This allows us to
optimize the utilization of our
existing infrastructure and
increase efficiency, while other
banks who lack our scale can
outsource activities and benefit
from UBS&#146;s wide-ranging
expertise.
</FONT></DIV>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Logistics areas</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">Business areas focusing on client
needs can only fully exploit
their potential if they are
provided with a reliable and
efficient infrastructure.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The logistics business areas
(Operations, Resources and IT)
provide products and services to
UBS Wealth Management &#038; Business
Banking and to other UBS
businesses. For example,
inter-bank foreign exchange and
options transactions from key UBS
Warburg locations
such as London, Stamford,
Singapore, Hong Kong, and Tokyo
are centrally processed in
Switzerland.
</FONT></DIV>

</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 31
</B></FONT>
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<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="26%">&nbsp;</TD>
    <TD width="74%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<B>The Business Groups<BR>
UBS Wealth Management &#038; Business Banking</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2"><br></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2"><br></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2"><br></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2"><br></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
 </TABLE>
</DIV>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Distribution</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">In recent years the needs of our
private clients have changed.
Although our physical branch
network used to be the principal
distribution platform, today
clients want the flexibility of
being able to access their
accounts using the full range of
modern communication technology.
They want to contact their bank
when it is convenient for them,
and without restrictions imposed
by regular business hours.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because of that, UBS Wealth
Management &#038; Business Banking
pursues an integrated,
multi-channel strategy. We use
technology to complement, rather
than replace the traditional
physical branch network. Standard
transactions can be conveniently
executed using one of the
alternative electronic channels,
enabling client advisors to focus
on providing personalized advice
to individuals, developing
financial solutions to match each
client&#146;s individual requirements.
Technology is therefore critical
to supporting our goal of
building strong client
relationships, with advice at the
center.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For basic products and
services, technology is used to
ensure round the clock
availability. Our customer
service centers provide basic
information and advice 24 hours a
day. In 39 of our branches in
Switzerland we have implemented a
&#147;two-zone concept&#148; where standard
transactions are executed via
ATMs, while client advisors focus
on value-added advice.
</FONT></DIV>

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

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

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Security of the e-banking
platform has become an important
competitive factor for UBS Wealth
Management &#038; Business Banking.
Because of that, over the course
of last year, we introduced a new
UBS Smartcard access system to
replace our paper password lists.
UBS Smartcard is based on a code
that is saved on each individual
UBS e-banking card and does not
require any installation. The
card&#146;s content is protected and
cannot
</FONT></DIV>

</DIV>

<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P align="left"><FONT size="2">be copied or decoded. Its
codes are only valid for a very
short timespan &#151; unlike the paper
list.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our customers make
extensive use of our e-banking
channels. On 31 December&nbsp;2002,
almost 330,000 clients had active
e-banking contracts. During 2002,
74% of payment orders were
initiated via e-banking, and 12%
of securities transactions were
initiated via e-banking.
</FONT></DIV>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Loan portfolio</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">On 31 December&nbsp;2002, Business
Banking Switzerland&#146;s loan
portfolio was CHF 139&nbsp;billion.
Mortgages represented CHF 107
billion, of which more than 80%
were residential mortgages.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Continued discipline in
implementing our risk-adjusted
pricing model has resulted in a
strengthened focus of origination
efforts on higher
quality exposures with an
attractive risk/return
relationship. Thanks to the
introduction of this model, the
risk profile of our portfolio
continues to improve.
</FONT></DIV>

<P align="left"><FONT size="2"><IMG src="y84349y8434981.gif" alt="(Loan portfolio by loan category)">
</FONT>

</DIV>
<!-- nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 32
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">For details on the credit
portfolio, please refer to the
&#147;Risk Analysis&#148; section on pages
59 to 77.
</FONT>

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

<DIV align="left"><FONT size="2">Because there will always be a
certain percentage of clients
unable to meet their financial
obligations, we have dedicated
teams of recovery specialists to
help them, either by pursuing a
possible economic recovery
through restructuring, or
alternatively, by achieving the
best possible value through
liquidation of available
collateral in order to limit
financial loss on the loan.
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The recovery portfolio
amounted to CHF 8.6&nbsp;billion at 31
December&nbsp;2002, of which CHF 7.8
billion was impaired and carried
provisions of CHF 3.4&nbsp;billion.
The recovery portfolio has been
cut by 67% over the last four
years from CHF 26&nbsp;billion at 31
December&nbsp;1998 thanks to our
successful recovery efforts. Over
the same period, non-performing
loans (those with payments
outstanding for ninety days or
longer) decreased from CHF 14.0
billion to CHF 5.0&nbsp;billion,
leading to a non-performing loans
to gross loans ratio of 3.6%.
</FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="26%">&nbsp;</TD>
    <TD width="74%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="5">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="5">
<HR size="1" noshade></FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#FFFFFF">
    <TD valign="top"><FONT size="5" color="#7F7F7F">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="5" color="#7F7F7F">
Strategic Solution Project (SSP)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="5">&nbsp;</FONT></TD>
    <TD><FONT size="5">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="5">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="5">&nbsp;</FONT></TD>
    <TD><FONT size="5">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="5">&nbsp;</FONT></TD>
</TR>
 </TABLE>
</DIV>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">The extensive consolidation in
the financial industry over the
last decade and the rise of new,
interactive technologies such as
the internet have substantially
changed the demands and
performance requirements for the
IT infrastructures of major
global financial service
providers. Flexible platforms and
online capabilities are now de
rigueur, as are IT applications
that give clients comprehensive
real-time, online services and
allow the bank and client
advisors to get an integrated
view of client data and
transactions.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recognizing the
need to comprehensively overhaul
our basic IT architecture, in
1999 we launched a large-scale
project called the &#147;Strategic
Solution Program&#148; for
Switzerland. It will provide us
with a wholly new IT platform and
replace a number of current
platforms, which have reached,
despite continual updates and
renewals, certain limits. The SSP
is a basic platform that will
hold all basic data and
information necessary for UBS&#146;s
business in Switzerland, and from
which business-critical
applications can be built on top.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The main objectives of the
new banking software platform are
to increase business flexibility,
improve online, interactive
capabilities, lower
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P align="left"><FONT size="2">operational
risks, achieve shorter times to
market for products and services,
introduce front-line applications
for all business processes, cut
operational costs and create
clearly-defined interfaces based
on industry standards.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2003, the core system
will be programmed and installed,
after which all bank applications
in Switzerland will be built on
top of it. Users themselves will
not notice a great difference on
their computer screens as a
conscious decision was taken at
the outset to change as little to
the graphic interface as possible
during the first stage of the
project.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As SSP progresses,
certain applications will be
bought from external providers;
some will be taken from the old
UBS platform and updated, while
UBS&#146;s internal
business and IT specialists
will develop others.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We also know
that SSP works effectively. Some
components of our information
technology infrastructure started
to be processed on the SSP
platform last year. Moreover, to
test stability and performance,
we ran the basic system
successfully in parallel with our
old system when performing
year-end processing.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 33
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="26%">&nbsp;</TD>
    <TD width="74%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
     <TD align="left" valign="top"><FONT size="2">
<B>The Business Groups</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<B>UBS Global Asset Management</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2"><br></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2"><br></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2"><br></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2"><br></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
 </TABLE>
</DIV>

<!-- link2 "UBS Global Asset Management" -->
<DIV align="left"><A NAME="161"></A></DIV>
<P><FONT size="5">UBS Global Asset Management
</FONT>

<P><DIV style="float: left; width:24%">

<P align="center"><FONT size="2"><IMG src="y84349y8434982.gif" alt="(John A. Fraser)">
</FONT>

<P><FONT size="2">
 <B>John A. Fraser</B><BR>
Chairman and CEO<BR>
UBS Global Asset Management
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:1%">

</DIV><DIV style="float: right; width: 74%">

<P align="left"><FONT size="2"><FONT color="#C66005"><B>UBS Global Asset Management is a leading asset manager, providing
investment management solutions to institutional clients as well as to
private clients through financial intermediaries.</B></FONT>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="82%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left" colspan="9"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left"><FONT size="2"><B>Business Group reporting</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="6"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="6"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="2">UBS Global Asset Management</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="2"><HR size="1" color="#000000" noshade></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD nowrap align="left"><FONT size="2"><I>CHF million, except where indicated</I></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2"></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left"><FONT size="2">For the year ended</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2"><FONT color="#C66005"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">31.12.01</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">Institutional fees</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>899</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,174</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Wholesale Intermediary fees</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>1,054</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,044</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2"><B>Total operating income</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>1,953</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2,218</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">Personnel expenses</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>946</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,038</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">General and administrative expenses</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>513</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">569</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Depreciation</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>37</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">46</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Amortization of goodwill and other intangible assets</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>270</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">286</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2"><B>Total operating expenses</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>1,766</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,939</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2"><B>Business Group performance before tax</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>187</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">279</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">Cost/income ratio before goodwill (%)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>77</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">75</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Net new money &#151; Institutional (CHF billion)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>(0.6</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">6.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Invested assets &#151; Institutional (CHF billion)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>279</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">328</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Net new money &#151; Wholesale Intermediary (CHF billion)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>(1.8</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">28.7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Invested assets &#151; Wholesale Intermediary (CHF billion)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>278</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">344</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">Headcount (full-time equivalents)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>3,346</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">3,281</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Business</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">UBS Global Asset Management
provides investment management
services for institutional
investors, and for financial
intermediaries worldwide. Our
purpose is to deliver superior
results for clients through our
integrated investment platform.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are distinguished by our
integrated global investment
platform and the breadth, depth
and scope of our investment
capabilities that enable us to
offer clients investment
portfolios in nearly every major
asset class.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invested assets
totaled CHF 557&nbsp;billion on 31
December&nbsp;2002, making us one of
the largest global institutional
asset managers, the second
largest mutual fund manager in
Europe, and by far the largest
mutual fund manager in
Switzerland.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our organization consists of
three platforms. Our price/value
investment philosophy is at the
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<DIV align="left"><FONT size="2">heart of our core investment
management business. We can
demonstrate strength and depth of
investment resources around the
world and have the critical mass
to attract and retain the best
people. State-of-the-art risk
management tools
</FONT></DIV>

<P align="left"><FONT size="2"><IMG src="y84349y8434983.gif" alt="(Invested assets by client type)">
</FONT>

</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">



<P align="left"><FONT size="2"><B>
 34
</B></FONT>


<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">and processes
are central to our disciplined
investment approach. Developed
in-house, our Global Equity Risk
System allows portfolio managers
to call upon comprehensive risk
analysis within seconds. In this
way, portfolio managers can be
sure that portfolios are managed
in line with clients&#146; individual
risk/return objectives.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our second alternative and
quantitative investments platform
encompasses several specialist
businesses with distinctive
brands, including O&#146;Connor (hedge
funds and other alternative
investments), AIS (the Hong
Kong-based fund of hedge funds
business), DSI (global equity
index managers) and ACM (the
Zurich-based institutional hedge
fund and private equity manager).
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The third, the real estate
business &#151; principally located in
the US and the UK, with
significant presence in
Switzerland and Japan &#151; have been
combined into a separate and
global real estate capability.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS Global Asset Management has
devoted substantial resources to
creating and maintaining its
systems. We run a number of
proprietary systems including
models and tools for equity and
fixed income research, valuation,
risk monitoring and portfolio
management. We have also invested
in sophisticated, web-based
communication tools to
disseminate investment
information internally. Through
these communication links between
our investment professionals
worldwide, we create conditions
for generating superior
investment research and for
sharing knowledge and ideas for the benefit of our clients.
</FONT></DIV>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Organizational structure</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">UBS Global Asset Management&#146;s
main offices are in London,
Chicago, New York, Tokyo and
Zurich. With over 3,000 employees
in more than 20 countries, UBS
Global Asset Management is truly
global.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS Global Asset Management
was formed as a result of the
merger of Union Bank of
Switzerland and Swiss Bank
Corporation in 1998. In July
2000, this culminated in the
integration of the investment
teams of the respective asset
management businesses &#151; UBS Asset
Management, Brinson Partners
(whose Chicago origins date back
to the early 1970s) and Phillips
&#038; Drew (established in London in
1895). In April&nbsp;2002, with the
integration completed, the
Business Group was re-branded as
UBS Global Asset Management.
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P align="center"><FONT size="2"><IMG src="y84349y8434984.gif" alt="(Institutional invested assets by client location)">
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GAM (specialist
multi-manager, founded in 1983
and acquired by UBS in 1999),
which was part of our Business
Group, will be transferred to the
Corporate Center as of first
quarter 2003. For further details
please refer to the &#147;Private
Banking&#148; section on page 24).
</FONT></DIV>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Competitors</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">UBS Global Asset Management
competes against other global
asset managers such as Merrill
Lynch Investment Managers,
Deutsche Asset Management,
Fidelity and AMVESCAP.
</FONT>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Clients</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">UBS Global Asset Management
offers a range of investment
capabilities designed for
institutional investors and the
wholesale intermediary
marketplace around the globe.
</FONT>

<P align="center"><FONT size="2"><IMG src="y84349y8434985.gif" alt="(Global capabilities)">
</FONT>

</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 35
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P><FONT size="2"><B>The Business Groups<BR>
UBS Global Asset Management</B>
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We combine investment
expertise and sophisticated risk
and currency management with a
clear commitment to providing
client-centric solutions. Our
capabilities include active
investment in equity and fixed
income, passive and
exchange-traded funds, as well as
alternative investment strategies
using fund-of-funds and
multi-manager funds, real estate
and timber.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These investment
management services are offered
in the form of segregated, pooled
and advisory mandates as well as
through investment funds. We aim
to deliver superior investment
performance to clients through
the management and allocation of
their investments across and
within all major asset classes.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe that client
service means more than providing
investment expertise and
wide-ranging investment
capabilities. UBS Global Asset
Management also recommends
relevant investment
solutions based on its
understanding of the needs of
clients. Ongoing dialogue is
critical. Beyond the consultative
and reporting aspects of our
client relationships, we
communicate with clients
utilizing a comprehensive range
of publications and events to
keep them up-to-date with
research, investment views and
business issues.
</FONT></DIV>

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

<DIV align="left"><FONT size="2">We have a diverse institutional
client base located throughout
the world. Our clients include:
</FONT></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">corporate and public pension
plans
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">endowments and private
foundations
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">insurance companies
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">sovereign governments and their
central banks; and
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">supranationals
</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2"><IMG src="y84349y8434986.gif" alt="(Institutional invested assets by client mandate)">
</FONT>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In consultant-driven
markets, such as the US and UK,
we rely on developing and
maintaining strong relationships
with the major consultants that
advise institutions. We also
dedicate resources to generating
new business directly with large
clients.
</FONT></DIV>

<P><FONT size="2"><B>Wholesale Intermediary</B>
</FONT>

<DIV align="left"><FONT size="2">UBS Global Asset Management
offers over 400 investment funds,
exchange traded funds and other
investment vehicles, across all
asset types in diverse country,
regional and industry sectors.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution of our
investment funds is principally
through financial intermediaries.
Our most significant distribution
channels are UBS Wealth
Management &#038; Business Banking and
UBS PaineWebber. We are
continuing to evolve towards a
distribution architecture in
which an increasing proportion of
funds will be sold through third
party channels.
</FONT></DIV>

<P align="center"><FONT size="2"><IMG src="y84349y8434987.gif" alt="(Wholesale Intermediary invested assets by distribution channel and Wholesale Intermediary invested assets by fund type)">
</FONT>

</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 36
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Strategic opportunities</B>
</FONT></TD>
    </TR>
</TABLE>


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

<DIV align="left"><FONT size="2">Despite the recent equity market
volatility the longer-term
outlook for the asset management
industry remains strong,
primarily driven by demographic
pressures and accompanying
pension reform. However, asset
management, like most of the
financial services industry, is
undergoing a period of
reassessment and review. There is
widespread recognition that costs
will need to be reduced and that
fee levels cannot be sustained.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Open architecture
distribution appears to be
increasingly commonplace in the
US while it is making inroads
into the European and Asia
Pacific regions. This continues
to present both opportunities and
challenges for asset managers;
opportunities to gain access to
new and formerly closed
distribution channels and
challenges in maintaining
penetration rates within
proprietary ones.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recent volatility within the
equity markets has encouraged
many investors to seek
alternative forms of investment
that diversify their investment
styles. This has led to the
increased popularity of hedge
funds and private equity
investments driven by higher
potential returns and lower
correlation with stock market
indices. Furthermore, in the
short-term, an increased
allocation to fixed income and
money market instruments has been
witnessed. Only asset managers
possessing global,
multi-specialist offerings are
able to service such changing
needs in a flexible manner.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe we are strongly
positioned to take advantage of
this changing market as we have
the reach and necessary scale to
succeed in an
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<DIV align="left"><FONT size="2">increasingly global
industry, and we have a
multi-specialist offering of
diverse investment capabilities
matched by very few companies.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The more clearly focused
structure we have implemented,
now more clearly delineates
between our price/value
investment capabilities,
alternative and quantitative
investments platform and our
global real estate capabilities.
Distribution of all these
capabilities to both
institutional and wholesale
clients will continue to rely
heavily upon our strong regional
business structure. In this way,
we will endeavor to provide
clients with the best solutions
to their needs.
</FONT></DIV>

<P><FONT size="2"><B>Investment performance</B>
</FONT>

<DIV align="left"><FONT size="2">In all capabilities, there have
been strong investment
performance trends in recent
years. In the core investment
management platform, this was
particularly evident in 2002 &#151;
portfolios were well positioned
early in the year for the
disappointment faced by investors
in capital markets flowing from
both poor economic and earnings
growth. Balanced portfolios
benefited from equity
underweightings in the first half
of the year and overweightings
thereafter. Across the various
asset classes, individual
security selection proved as
strong as in recent years,
especially in the global equity
mandate. Performance in active
currency mandates was also
strong. In the other
capabilities, performance was
affected by the challenging
market conditions. Several of the
capabilities performed well while
others faced particular
difficulties in the middle part
of the year. Performance towards
the end of the year was stronger
across the board.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 37
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P><FONT size="2"><B>The Business Groups<BR>
UBS Warburg</B>
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<!-- link2 "UBS Warburg" -->
<DIV align="left"><A NAME="162"></A></DIV>
<P><FONT size="5"><B>UBS Warburg</B>
</FONT>

<P><FONT size="5">&nbsp;
</FONT>

<P><FONT size="2"><IMG src="y84349y8434988.gif" alt="(Photo of John P. Costas)">
</FONT>

<DIV align="left"><FONT size="2"><B>John P. Costas</B><br>
Chairman and CEO<br>
UBS Warburg
</FONT></DIV>

</DIV><DIV style="float: right; width: 74%">

<P align="left"><FONT size="2">&nbsp;
</FONT>

<P align="left"><FONT size="2">&nbsp;
</FONT>

<P align="left"><FONT size="2">&nbsp;
</FONT>

<P align="left"><FONT size="2"><FONT color="#C66005"><B>UBS Warburg is one of the leading investment banking and securities
firms, providing a full spectrum of services to institutional and
corporate clients, governments and financial intermediaries around the
world.</B></FONT>
</FONT>

<P align="center"><HR align="center" color="#000000" size="1" width="100%" noshade>

<P><FONT size="2"><B>Business Group reporting</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="1">Corporate and</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="6"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="6"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="1">Institutional Clients</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="1">UBS Capital</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="1">UBS Warburg</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left"><FONT size="1"><I>CHF million, except where indicated</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="6"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="6"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="6"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left"><FONT size="1">For the year ended</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#C66005"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#C66005"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#C66005"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Income</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>14,100</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">15,587</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>(1,602</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(872</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>12,498</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">14,715</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Credit loss expense</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>(128</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(112</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>(128</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(112</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Total operating income</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>13,972</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">15,475</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>(1,602</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(872</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>12,370</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">14,603</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Personnel expenses</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>7,784</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8,258</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>94</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">96</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>7,878</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8,354</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">General and administrative expenses</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>2,314</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,586</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>64</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">64</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>2,378</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,650</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Depreciation</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>381</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">454</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>1</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>382</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">456</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Amortization of goodwill and
other intangible assets</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>364</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">402</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>364</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">402</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Total operating expenses</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>10,843</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">11,700</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>159</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">162</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>11,002</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">11,862</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Business Group performance before tax</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>3,129</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,775</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>(1,761</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(1,034</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>1,368</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,741</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Cost/income ratio before goodwill (%)</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>74</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">72</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>85</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">78</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Net new money (CHF billion)</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>0.5</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Invested assets (CHF billion)</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>3</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Headcount (full-time equivalents)</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>15,964</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">15,562</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>73</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">128</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>16,037</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">15,690</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Business</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">UBS Warburg operates globally as
a client-driven investment
banking and securities firm. Our
salespeople, research analysts
and investment bankers provide
products and services to the
world&#146;s key institutional
investors, intermediaries, banks,
insurance companies,
corporations, sovereign
governments and supranational
organizations.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For both its own corporate
and institutional clients and the
individual clients of other parts
of the UBS Group, UBS Warburg
provides product innovation,
research and advice, and
comprehensive access to the
world&#146;s capital markets.
</FONT></DIV>

<P><FONT size="2"><B>Organizational structure</B>
</FONT>

<DIV align="left"><FONT size="2">Since 1 January&nbsp;2002, UBS Warburg
has been organized into two
business units:
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">the Corporate and Institutional
Clients business unit, which is
one of the leading global
investment banking and securities
firms, providing products and
advice to institutional and
corporate clients
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">UBS Capital, which is
responsible for managing our
private equity investments in a
diverse global range of private
companies
</FONT></TD>
</TR>
</TABLE>
<DIV align="left"><FONT size="2">Our former private
clients business centered around
UBS PaineWebber, became a
separate and independent Business
Group effective 1 January&nbsp;2002.
Results shown in the Business
Group reporting table have
therefore been restated to
reflect this.
</FONT></DIV>

<P><FONT size="2"><B>Competitors</B>
</FONT>

<DIV align="left"><FONT size="2">As a global investment banking
and securities firm, we compete
against other global players like
Merrill Lynch, Goldman Sachs,
Morgan Stanley and Credit Suisse
Group.
</FONT></DIV>

</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 38
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="5" color="#7F7F7F">Corporate and Institutional Clients
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">&nbsp;
</FONT>

<P align="left"><FONT size="2"><FONT color="#C66005"><B>Our global reach gives our clients unique access to financial markets around
the world backed up by a complete array of services and products.</B></FONT>
</FONT>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Business</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">The Corporate and Institutional
Clients (CIC)&nbsp;business unit
provides wholesale products and
advisory services to a diverse
client base worldwide. It has a
significant corporate client
financing and advisory business,
with particular strengths in
advising on cross-border mergers
and acquisitions and the capital
raising requirements of our
global corporate and governmental
client base. Although
historically we have been among
the
leaders in European corporate
finance, we are also now the
fastest growing investment bank
in the US, according to Freeman &#038;
Co&#146;s &#147;All Industries&#148; data.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are also an important
partner for institutional
clients, with strengths in
equities research and
distribution as well as in
originating, structuring and
distributing fixed income cash
and derivatives products. We have
risk management skills across all
product areas, covering cash and
derivative products. We leverage
these skills to provide a broad
array of risk management products
for our institutional and
corporate clients.
</FONT></DIV>

<P><FONT size="2"><IMG src="y84349y8434989.gif" alt="(Operating income by business area)">
</FONT>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We also manage cash and
collateral trading and interest
rate risks on behalf of the UBS
Group while executing the vast
majority of securities,
derivatives and foreign exchange
transactions for UBS&#146;s retail
clients.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to the nature of our
business, our revenues vary
seasonally from quarter to
quarter. Historically, the first
half of the year tends to be
stronger than the second half.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CIC, headquartered in
London, employs almost 16,000
people in 31 countries around the
world.
</FONT></DIV>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Organizational structure</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">We organize our business into three distinct areas:
</FONT>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Equities
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Investment Banking
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Fixed Income, Rates and Currencies
</FONT></TD>
</TR>
</TABLE>
<DIV align="left"><FONT size="2">They are distinguished by the
type of products and services
offered and the nature of the
business risks they raise. All
businesses are run on a global
basis.
</FONT></DIV>

<P><FONT size="2"><B>Legal structure</B>
</FONT>

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

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Products and services</B>
</FONT></TD>
    </TR>
</TABLE>


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

<DIV align="left"><FONT size="2">UBS Warburg&#146;s equity business is
a leading player in the global
primary and secondary markets for
equity, equity-linked and equity
derivative products. We sell,
trade, finance and clear cash
equity and equity-linked
products. We also structure,
originate and distribute new
equity and equity-linked issues.
Additionally, we provide research
on companies, industry sectors,
geographic markets and
macro-economic trends.
</FONT></DIV>

</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 39
</B></FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P><FONT size="2"><B>The Business Groups<BR>
UBS Warburg</B>
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:66%">

<P><FONT size="2"><B><DIV style="margin-left:65px">Corporate and
Institutional Clients: income by client type</DIV></B>
</FONT>

<DIV align="center" style="margin-left:20px">
<TABLE cellspacing="0" border="0" cellpadding="0" width="80%">
 <TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="66%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="10"><FONT size="1">For the year ended</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="10"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="1"><I>% of total</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#C66005"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Investment banking clients</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>23</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">23</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">23</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Securities revenue from corporate clients</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>6</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Institutional clients and markets</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>71</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">71</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">72</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Total</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>100</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="13" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P align="center"><FONT size="2"><IMG src="y84349y8434990.gif" alt="(Pie Chart)">
</FONT>

</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are members of over 87
different stock exchanges in 31
countries and have a local
presence in 40 offices around the
world, with a team of 900
salespeople giving our clients
access to the global equity
markets. In the US, our equities
business is among the top
investment banks in terms of
trading volume, and for market
share of client commissions
(according to an industry
survey). We remain an important
provider of non-US primary and
secondary equities into the US
market.
</FONT></DIV>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In Europe, we continue to
defend our leading position while
in the Asia-Pacific region, we
have built a substantial equities
franchise. Also, we have
maintained longstanding and
first-ranked positions in
Australia in the research,
primary and secondary categories,
according to leading market
surveys. In Japan, we are one of
the main foreign players in the
domestic market. During 2002, UBS
Warburg received the following
awards, among others, from
industry publications and
surveys:
</FONT></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&#147;Equity House of the Year&#148;
from <I>The Banker </I>(second year
running)
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&#147;No.&nbsp;1 Global Product Sales&#148; from
<I>Institutional Investor</I>
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&#147;Equity Derivatives House of the Year&#148; from
<I>International Financing Review</I>
</FONT></TD>
</TR>
</TABLE>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The technology platform has
been incorporated into the
day-to-day management of each
business area, allowing us to
adapt, expand and improve our
business processes and client
services.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Equity Capital
Markets team lead manages many of
the world&#146;s largest and most
complex pricing transactions,
demonstrating the cross-border
nature of our relationships and
the strength of our distribution
network, with a significant
global position in distributing
block trades, rights offerings,
IPOs, and hybrid and convertible
issues to both institutional and
private clients.
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The global Equity Finance
business focuses on hedge funds,
with substantial market positions
in equity swaps, stock borrowing
and lending, and integrated
international prime brokerage
services.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our equity research
team supplies independent
assessments of the prospects of
approximately 3,400 companies
across diverse sectors worldwide,
representing about 90% of world
market capitalization, as well as
economic, strategy, and
derivative research. Our equity
research principles are very
strict in maintaining effective
confidential information barriers
between investment banking and
research and in following
appropriate and clear procedures
for any crossing of those
barriers in connection with
investment banking transactions.
</FONT></DIV>

<P><FONT size="2"><B>Investment Banking</B>
</FONT>

<DIV align="left"><FONT size="2">In the investment banking
business, UBS Warburg provides
advice and execution capabilities
to a global client base. This
advice encompasses mergers and
acquisitions, strategic reviews
and corporate restructuring
solutions. In conjunction with
other business areas of UBS
Warburg, and other Business
Groups of UBS, the investment
banking business also arranges
execution of new debt and equity
issues on a global basis.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2002, against a
challenging economic background,
we assisted our clients in a
range of successful M&#038;A
transactions and capital market
issues. Some of the more notable
deals of 2002 included:
</FONT></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Carnival&#146;s USD 7.5&nbsp;billion
acquisition of P&#038;O Princess
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Univision Communications
USD 3.5&nbsp;billion all-stock
acquisition of Hispanic
Broadcasting Corporation &#151; a
landmark strategic deal to
combine the leading US
Spanish language television
and radio companies
</FONT></TD>
</TR>
</TABLE>
</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 40
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Network Rail&#146;s GBP 9&nbsp;billion
acquisition of Railtrack Plc,
which was supported by GBP 21
billion of standby loans
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">the
USD 24&nbsp;billion restructuring of
NTL &#151; one of the largest corporate
restructuring transactions in
history for the leading UK
broadband cable operator
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Bank of China (Hong Kong)
restructuring and USD 2.7
billion IPO, the first from
a state-owned financial
institution in the People&#146;s
Republic of China.
</FONT></TD>
</TR>
</TABLE>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have more than 2,100
investment banking professionals
worldwide.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One of our strategic
goals is the expansion of our
global corporate client
franchise. We continue to invest
in completing the buildup of our
US franchise, which we started to
do in late 2000, by hiring highly
qualified bankers. Despite these
investments, we do not expect
immediate results. Gaining new
investment banking business
involves long lead times, but we
are pleased with the progress
made in 2002. The combination of
our expanded investment banking
and equities footprint in the US
gives us greater access to key
corporate executives which has
allowed us to become involved in
some of the largest and most
complex deals in 2002. We
achieved the highest US market
share growth of any investment
bank in 2002.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have a longer
term goal of achieving market
share, on a global basis, in
excess of 5%. We believe that the
results achieved this year
globally, with a market share of
5% compared to 4.4% a year
earlier, against a background of
very challenging conditions for
corporates, clearly show the
strength and momentum of our
investment banking franchise.
</FONT></DIV>

<P><FONT size="2"><IMG src="y84349y8434991.gif" alt="(Fee pool market share, investment banking products)">
</FONT>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P><FONT size="2"><B>Fixed Income, Rates and Currencies</B>
</FONT>

<DIV align="left"><FONT size="2">UBS Warburg is also a substantial
fixed income and foreign exchange
house, providing products and
original thinking to corporate
and institutional clients in all
major markets. With over 2,100
professionals employed around the
world, we offer our clients a
genuinely seamless global
service. Our business includes:
</FONT></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">government and corporate bonds
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">foreign exchange
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">interest rates
derivatives
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">vanilla and
structured credit derivatives
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">mortgage and asset-backed
securities
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">principal finance
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">cash and collateral trading
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">structured products
</FONT></TD>
</TR>
</TABLE>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our approach
to specific products and markets
varies. Where potential for
sufficient risk-adjusted returns
exist, we seek market share
leadership in high-volume, liquid
markets, using our client flow,
capital and economies of scale to
generate returns. As an example
of that, we have, according to
Euromoney, the leading 23.8%
market share in the online
foreign exchange trading market.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;However, there are certain fixed
income markets where scale can
only be gained at the expense of
returns. In these cases, we focus
on earning higher margins in
specialized products.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2002, we maintained our
presence in the international and
US debt capital markets through
our ability to execute across a
range of currencies and products
and our placing capabilities in
global institutional and retail
markets. We have not pursued
volume and have not chased
mandates through large-scale
lending, nor have we issued in
large volume where mandates are
awarded on price.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Furthermore,
while there are no definitive
surveys or measures of market
share in the highly fragmented
fixed income and foreign exchange
markets, we continue to win
awards for the depth of our
client coverage and technical
expertise.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Awards we won last year
include the 2002 FX House of the
Year from <I>The Banker, </I>and second
rank in <I>Thomson Financial&#146;s </I>Extel
Survey for Fixed Income Strategy,
Fixed Income Derivatives, and
European Government Bonds.
</FONT></DIV>

<P><FONT size="2"><B>Loan portfolio</B>
</FONT>

<DIV align="left"><FONT size="2">UBS took a strategic decision in
1998 to reduce the size of its
international loan portfolio,
limiting exposures to those which
directly support
</FONT></DIV>

</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 41
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P><FONT size="2"><B>The Business Groups<BR>
UBS Warburg</B>
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<DIV align="left"><FONT size="2">core client
relationships. UBS
continues to avoid
engaging in
substantial
balance-sheet-led
earnings growth,
with the result
that the size of
its international
loan portfolio has
fallen considerably
from the level
recorded in 1998.
Despite this, we
continue to support
our core clients in
their financing
needs. Risk/return
considerations are
the paramount
drivers in
determining balance
sheet usage. We
occasionally
provide bridge
financing to our
core clients for
the purposes of
completing
significant deals.
Thanks to this more
risk-averse
approach,
we were not
significantly
exposed to the
heavily publicized
corporate failures
of 2001 and 2002.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate and
Institutional
Clients&#146; loan
portfolio was CHF
62&nbsp;billion at 31
December&nbsp;2002. The
&#147;Risk analysis&#148;
section on pages 59
to 77 contains an
in-depth review of
UBS&#146;s credit
portfolio and
business, including
a discussion of
impaired and
non-performing
loans.
</FONT></DIV>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>E-commerce capabilities</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">Our e-commerce capabilities are
based around our client online
portal. This site gives our
clients direct access to prices,
research, trade ideas and
analytical tools through
applications such as ResearchWeb
- our equity research site,
DealKey, an internet facility for
managing equity and equity-linked
new issues, and CreditDelta, our
credit portfolio management
product.
</FONT>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Strategic opportunities</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">We believe that markets will
continue to be difficult until at
least the second half of 2003,
</FONT>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P align="left"><FONT size="2">&nbsp;
</FONT>

<P align="left"><FONT size="2">&nbsp;
</FONT>

<P align="left"><FONT size="2">&nbsp;
</FONT>

<P align="left"><FONT size="2">which will have a short-term
negative impact, particularly on
our equities and investment
banking businesses. Nonetheless,
we are confident that as recent
new investment banking hires
build their productivity, and as
the momentum we have built in the
European and US markets pays
dividends, we will continue to
gain market share in 2003.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In investment banking, we
have focused on specific sectors
where there is a substantial
current fee pool, as well as
sectors where we believe there
are significant opportunities in
the future. Our hiring efforts
have been mainly centered on the
development of industry-leading
franchises in several key areas,
including Consumer Products,
Energy and Power, Healthcare,
Wireless, Media and Industrials.
We also intend to build on our
existing franchise in the
Financial Institutions sector.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Building our franchise in this
way will not result in overnight
success. Despite this, we have
already achieved clear results
with our market share in the
Americas rising from 2.0% in
first quarter 2001 to 3.5% at the
end of 2001 and 4.4% by the end
of 2002 (according to &#147;Freeman &#038;
Co.&#148;).
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We aim to build a secondary
market franchise in the US that
is similar in depth and breadth
to our leading European and Asia
Pacific businesses. As a result
of the boost to our franchise
from the integration of UBS
PaineWebber, we now rank
strongly in equity research
and have more than doubled our US
secondary equity market share,
although we remain some way
behind the market share we enjoy
in Europe.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 42
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>

<TD align="left"><FONT size="6" color="#7F7F7F">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS Capital
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2"><FONT color="#C66005"><B>UBS Capital is the Group&#146;s private equity business. It now focuses on managing
its existing portfolio to maximize value.</B></FONT>
</FONT>

<P><DIV style="float: left; width:24%">

</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Business</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">UBS Capital invested in unlisted
companies with a view to
preparing them for sale to a
trade or financial buyers, and,
where appropriate, staging an
Initial Public Offering (IPO). A
review in late 2001 and early
2002, carefully considered the
strategic future of UBS Capital
in light of the generally
negative market environment, the
overall changes occurring in the
private equity industry and our
assessment of the long-term
opportunities inherent in the
business. After the review, and
in light of UBS&#146;s focus on
advisory services, we decided
that UBS Capital should focus on
managing down its existing
portfolio, capitalizing on exit
opportunities where they arise
and minimizing the level of new
direct investments.
</FONT>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Organizational structure</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">UBS Capital is structured along
regional lines and is fully
integrated within the UBS Warburg
Business Group. Its portfolio in
Asia and Europe mostly comprises
balance sheet investments. UBS
Capital in the US is focused on
both balance sheet investments
and the UBS Capital Americas
</FONT>

<P><FONT size="2"><IMG src="y84349y8434992.gif" alt="(Investment portfolio by investment stage)">
</FONT>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P align="left"><FONT size="2">fund. Around 30% of UBS Capital&#146;s
portfolio is invested in third
party funds which are overseen by
a dedicated portfolio management
team.
</FONT>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Investment portfolio</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">UBS Capital had a total
investment portfolio of CHF 3.1
billion on 31 December&nbsp;2002,
measured by the historic cost of
investments less divestments and
permanent impairments. The fair
value of the portfolio at the
same date was CHF 3.8&nbsp;billion.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On 31 December&nbsp;2002,
approximately 52% of the
investment portfolio was three
years old or less. Generally,
investments are sold between the
third and the sixth year after
the initial investment.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In line with the bank&#146;s aim
of reducing exposure to private
equity, UBS Capital gradually
reduced undrawn commitments to
CHF 2.1&nbsp;billion on 31 December
2002 from CHF 3.0&nbsp;billion a year
earlier, while obtaining the best
possible returns for UBS
shareholders and for existing UBS
Capital funds.
</FONT></DIV>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Investment process</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">UBS Capital&#146;s portfolio primarily
comprises late stage investments
that are spread throughout
Europe, the US and Asia and are
typically held for
three to six years. UBS Capital&#146;s
exit strategies include direct
sales to strategic buyers,
initial public offerings,
leveraged recapitalizations and
sales to other financial
sponsors.
</FONT>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Strategic opportunities</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">Conditions in the international
capital markets, and in the
global economy more generally,
are expected to remain harsh for
some time. UBS Capital&#146;s strategy
is to manage existing assets in
order to reduce balance sheet
risk. The investment teams
managing UBS Capital&#146;s assets
will endeavor to obtain the best
possible returns for UBS and for
investors in its private equity
funds.
</FONT>

</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 43
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="float: left; width:24%">

</DIV><DIV style="float: right; width: 78%">

<FONT size="2"><B>The Business Groups<BR>
UBS Warburg</B>
</FONT>



<P><FONT size="2"><B>UBS Capital investment portfolio</B><BR>
Aging (based on date of initial investment)
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="34%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>

<TR  valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="11"><FONT size="2">As at</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="11"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="2"><I>CHF million</I><SUP><I>1</I></SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2"><FONT color="#C66005"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">31.12.01</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">31.12.00</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">pre-1994</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>54</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">85</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">65</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1994</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>97</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">190</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">253</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1995</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>112</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">214</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">272</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1996</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>63</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">202</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">166</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1997</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>134</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">207</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">520</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1998</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>373</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">722</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">842</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1999</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>636</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,123</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,490</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2000</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>1,119</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,781</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,941</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2001</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>438</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">487</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2002</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>58</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>3,084</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">5,011</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">5,549</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<DIV align="left"><FONT size="1"><SUP>1</SUP> All amounts are Investment, defined as cost less disposals and impairments.
</FONT></DIV>

<P><FONT size="2"><B>UBS Capital investment portfolio</B><BR>
Geographic region (by headquarters of investee)
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="34%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="11"><FONT size="2">As at</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="11"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="2"><I>CHF million</I><SUP><I>1</I></SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2"><FONT color="#C66005"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">31.12.01</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">31.12.00</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">North America</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>1,302</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2,134</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2,356</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Europe</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>1,238</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2,018</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2,333</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Latin America</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>189</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">339</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">382</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Asia Pacific</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>355</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">520</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">478</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>3,084</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">5,011</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">5,549</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<DIV align="left"><FONT size="1"><SUP>1</SUP> All amounts are Investment, defined as cost less disposals and impairments.
</FONT></DIV>

<P><FONT size="2"><B>UBS Capital investment portfolio</B><BR>
Industry sector (based on industry classification codes)
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="49%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="23"><FONT size="2">As at</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="23"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="2"><I>CHF million</I><SUP><I>1</I></SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2"><FONT color="#C66005"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2"><FONT color="#C66005"><B>% of Portfolio</B></FONT></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">31.12.01</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">% of Portfolio</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">31.12.00</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">% of Portfolio</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Consumer related</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>517</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>17</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">773</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">15</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,023</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">18</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Transportation</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>85</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>3</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">522</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">10</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">640</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">12</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Communications</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>240</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>8</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">414</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">380</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Computer related</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>342</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>11</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">833</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">17</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">819</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">15</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Energy</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>83</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>3</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">152</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">190</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other electronics related</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>174</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>6</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">247</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">247</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other manufacturing</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>286</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>9</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">94</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">106</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Chemicals and materials</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>8</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">54</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">106</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD nowrap><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Industrial products and services</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>746</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>24</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,360</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">27</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,361</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">25</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Others</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>603</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>19</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">562</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">12</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">677</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">12</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>3,084</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>100</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">5,011</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">100</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">5,549</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">100</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<DIV align="left"><FONT size="1"><SUP>1</SUP> All amounts are Investment, defined as cost less disposals and permanent impairments.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 44
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 78%">

<P><FONT size="2"><B>The Business Groups<BR>
UBS PaineWebber</B>
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<!-- link2 "UBS PaineWebber" -->
<DIV align="left"><A NAME="163"></A></DIV>
<P><FONT size="6">UBS PaineWebber
</FONT>

<P><DIV style="float: left; width:24%">

<P><FONT size="2"><IMG src="y84349y8434993.gif" alt="(Photo of Joseph J. Grano, Jr.)">
</FONT>

<DIV align="left"><FONT size="2"><B>Joseph J. Grano,
Jr.</B></FONT></DIV>
<DIV align="left"><FONT size="1">Chairman and CEO, UBS PaineWebber
</FONT></DIV>

<P><FONT size="2"><IMG src="y84349y8434994.gif" alt="(Photo of Mark B. Sutton)">
</FONT>

<DIV align="left"><FONT size="2"><B>Mark B. Sutton</B></FONT></DIV>
<DIV align="left"><FONT size="1">President and Chief Operating Officer<br>
UBS PaineWebber
</FONT></DIV>

</DIV><DIV style="float: right; width: 74%">

<P align="left"><FONT size="2"><FONT color="#C66005"><B>UBS PaineWebber, one of the top wealth managers in the US, provides a
complete set of sophisticated wealth management services through
consultative relationships with affluent and high net worth clients.</B></FONT>
</FONT>

<P align="center"><HR align="center" color="#000000" size="1" width="100%" noshade>

<P><FONT size="2"><B>Business Group reporting adjusted for significant financial events<SUP>1</SUP></B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="82%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="7"><FONT size="2">UBS PaineWebber</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="7"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left"><FONT size="2"><I>CHF million, except where indicated</I></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left"><FONT size="2">For the year ended</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2"><FONT color="#C66005"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">31.12.01</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Income</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>5,561</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">6,391</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Credit loss expense</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>(13</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(18</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total operating income</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>5,548</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">6,373</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Personnel expenses</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>4,245</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">5,019</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">General and administrative expenses</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>1,263</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,441</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Depreciation</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>149</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">124</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Amortization of goodwill and other intangible assets</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>457</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">502</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total operating expenses</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>6,114</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">7,086</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Business Group performance before tax</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>(566</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(713</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Business Group performance before tax and acquisition costs</B><SUP><B>2</B></SUP></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>632</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">693</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR>
<TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cost/income ratio before goodwill (%)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>102</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">103</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cost/income ratio before acquisition costs (%)<SUP>2</SUP></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>89</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">90</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net new money (CHF billion)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>18.5</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">33.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Interest and dividend income (CHF billion)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>17.9</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">21.5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Invested assets (CHF billion)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>584</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">769</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Headcount (full-time equivalents)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>19,563</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">20,413</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<DIV align="left"><FONT size="2"><SUP>1</SUP></FONT> <FONT size="1">Details of significant financial events can be found in the
Financial Report 2002. <SUP>2</SUP>Acquisition costs include goodwill and
intangible asset amortization and related funding, net of risk-free
return on the corresponding equity allocated, and retention payments.
</FONT></DIV>

</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<P>&nbsp;
<P align="right"><FONT size="2"><B>
 45
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P><FONT size="2"><B>The Business Groups<BR>
UBS PaineWebber</B>
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P align="left"><FONT size="2"><IMG src="y84349y8434995.gif" alt="(Contribution to UBS businesses)">
</FONT>

</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Business</B>
</FONT></TD>
    </TR>
</TABLE>


<DIV align="left"><FONT size="2">UBS PaineWebber, with CHF 584
billion in invested assets and 2
million private client
relationships, focuses on
providing wealth management
services to the core affluent
(clients with more than USD
500,000 in investable assets) and
to high net worth individuals
(upwards of USD 5&nbsp;million in
investable assets). We have a
network of almost 9,000 financial
advisors in 365 branch office
locations. Our strength lies in
the emphasis we put on building
and maintaining consultative
relationships with our clients.
</FONT></DIV>

<P><FONT size="2"><B>Organizational structure</B>
</FONT>

<DIV align="left"><FONT size="2">When PaineWebber merged in
November&nbsp;2000 with UBS, its US
private clients business became a
business unit of UBS Warburg.
PaineWebber&#146;s Capital Markets
Group was integrated into the
Corporate and Institutional
Clients business unit of UBS
Warburg; the asset management
unit (formerly called Mitchell
Hutchins) moved into UBS Global
Asset Management and most of the
non-US private client business
became part of UBS Private
Banking.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On 1 January&nbsp;2002, UBS
PaineWebber became a separate
Business Group within UBS. Our
business comprises the US Private
Client Group, which offers a full
range of wealth management
products and services to affluent
investors in the United States.
</FONT></DIV>

<P><FONT size="2"><B>Legal Structure</B>
</FONT>

<DIV align="left"><FONT size="2">UBS PaineWebber operates through
direct and indirect subsidiaries
of UBS. Securities activities
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P align="left"><FONT size="2">in
the US are conducted through four
registered broker-dealers.
</FONT>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Competitors</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">UBS PaineWebber competes against
other wealth management firms in
the US, including Citigroup&#146;s
Smith Barney business, Morgan
Stanley and Merrill Lynch.
</FONT>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Clients and strategy</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">Our business strategy is based on
gathering new assets, which we
achieve by focusing on meeting
the investment needs of core
affluent and high net worth
clients in the US. During 2002,
we attracted CHF 18.5&nbsp;billion in
net new money excluding interest
and dividends, and, according to
a leading industry survey, our
share of the US private clients
market grew to 13.8% from 12.8%
in 2001.
</FONT>

<P><FONT size="2"><IMG src="y84349y8434996.gif" alt="(Invested assets by client wealth)">
</FONT>

</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 46
</B></FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center"><FONT size="2"><IMG src="y84349y8434997.gif" alt="(Geographical presence)">
</FONT>

<P><DIV style="float: left; width:24%">

</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our asset-gathering strategy
also emphasizes the importance of
generating recurring fees from
advice and products. Fee-based
relationships provide UBS
PaineWebber with a source of
regular, low volatility revenues.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Another component of our
asset-gathering strategy is the
work of the Corporate Employee
Financial Services group, which
provides stock option financing
and other services to many of the
largest US corporations. This
corporate relationship, in turn,
helps create relationships with
core affluent and high net worth
corporate executives.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the heart
of the relationship between the
</FONT></DIV>

<P><FONT size="2"><IMG src="y84349y8434998.gif" alt="(Invested assets by asset class)">
</FONT>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P align="left"><FONT size="2">client and the financial advisor is our consultative
process, in which each financial advisor profiles and creates an investment
plan for his or her client based on the client&#146;s individual needs and goals.
Centered around an asset allocation strategy and considering the client&#146;s risk
tolerance, the plan is designed to help the client accumulate, preserve and
transfer wealth. After the plan is in place, there are regular portfolio
reviews that help ensure it remains on track to meet the client&#146;s long-term
goals.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We continually commit
considerable resources to develop
and expand the capabilities
</FONT></DIV>

<P><FONT size="2"><IMG src="y84349y8434999.gif" alt="(Recurring fees)">
</FONT>

</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">



<P align="right"><FONT size="2"><B>
 47
</B></FONT>


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

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P><FONT size="2"><B>The Business Groups<BR>
UBS PaineWebber</B>
</FONT>

<P align="center"><FONT size="2"><IMG src="y84349y84349c3.gif" alt="(STRUCTURED ADVISORY PROCESS)">
</FONT>

<P align="left"><FONT size="2">of
our financial
advisors. All new
financial advisors
undergo a training
program designed to
provide them with
the necessary
financial planning,
analysis, client
relationship
management, and
legal and
compliance
expertise. This is
a continuous
process and does
not end when the
financial advisor
enters a branch
office. In our
experience, our
training programs
are a key factor in
both
developing
long-term, mutually
beneficial
relationships with
our clients as well
as in retaining our
financial advisors.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our dedication to
and emphasis on
training is one of
the reasons why our
financial advisors
are among the most
productive in the
industry. A leading
industry survey
made in fourth
quarter 2002 put
our revenue per
financial advisor
at 16.5% above the
industry average at
the end of 2002. By
comparison, in
second quarter 2000
(when we announced
the merger with
UBS), our
productivity stood
4% above the
average.
</FONT></DIV>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Products and services</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">We offer clients wealth
management services that meet
individual investment needs. We
have an open architecture product
platform that gives our clients
investment products from both UBS
and third party providers &#151; where
and when appropriate. This
ensures that financial advisors
and clients have a comprehensive
source of investment solutions at
their disposal. Our wealth
management services include
financial planning and wealth
management consulting,
transaction-based services such
as securities brokerage,
asset-based and advisory services
such as discretionary and
non-discretionary portfolio
management, money market accounts
and fiduciary products, and
lending products, including
collaterized loans and mortgages
</FONT>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P><FONT size="2"><B>Investment products</B>
</FONT>

<DIV align="left"><FONT size="2">We offer core affluent and high
net worth clients a number of
products designed to help enhance
the equity portion of their
investment portfolios. For
example, in 2002, in order to
meet client needs for innovative
types of products, we launched
two equity-linked investments:
the Enhanced Appreciation
Security, linked to 20 blue chip
stocks, and a Principal Protected
Note, linked to the S&#038;P 500
Index.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our clients can choose
from an array of fixed income
securities, including government,
mortgage-backed, corporate and
municipal bonds, as well as
preferred stock. As one of the
leading US underwriters of
municipal bonds, an investment
class particularly attractive to
many core affluent and high net
worth investors, we offer clients
access to new issue offerings and
the secondary market. Our
Municipal Securities Group
is a complete origination,
structuring and distribution
team. It assists municipalities
and agencies in addressing their
funding needs by accessing the
debt markets, and distributing
securities through the UBS
PaineWebber network. For 2002,
the Group was ranked second in
senior negotiated volume.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We offer a broad range of
fee-based money management
programs that utilize the
expertise of professional money
managers, both within UBS and
through third parties.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicative
of the scope of investment
products for our clients, we have
selling arrangements with over
140 mutual fund companies, many
of which are leaders in the
industry.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In response to investor
interest in such products as hedge
funds and fund of funds, we offer
the capability to create,
structure and manage a broad array
of alternative investments for
qualified high net worth
individuals and institutions.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
2002, we broadened the scope of
our financial relationship with
clients by entering the lending
business in the US, and
introducing a number of
securities-based borrowing
solutions for a variety of
investor and business needs. Early
in the year, we rolled out the
Premier Fixed and Variable Credit
Lines. These are revolving lines
of credit that offer competitive
interest rates and are secured by
the client&#146;s investment portfolio.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to collaterized
lending, the creation of UBS
PaineWebber Mortgage LLC in first
quarter 2002, in partnership with
Wells Fargo Home Mortgages,
enables our financial advisors
</FONT></DIV>

</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 48
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">to
offer a full array of mortgage
products that helps meet our
clients&#146; home financing needs.
</FONT>

<P><FONT size="2"><B>For corporations and corporate executives</B>
</FONT>

<DIV align="left"><FONT size="2">Providing appropriate financial
solutions also extends to the
relationships that we enjoy with
our corporate clients.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS
PaineWebber&#146;s Corporate Employee
Financial Services business has
been providing stock option
financing services to large
corporations and their executives
since the mid-1990s.
</FONT></DIV>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Technology for clients and financial advisors</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">For financial advisors, 2002 saw
the introduction of a number of
tools to leverage the
asset-gathering technology
available on ConsultWorks, the
firm&#146;s web-based workstation.
Chief among these was the UBS
PaineWebber <I>Advisor,sm </I>which can
help lead financial advisors
step-by-step through our
consultative process with both
clients and prospects. In 2003,
we will introduce Consultworks2
that will give our financial
advisors the ability to con-
</FONT>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P align="left"><FONT size="2">duct
comprehensive profiling and asset
allocation, and offer investment
recommendations.
</FONT>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Industry trends</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">In 2003, we plan to remain
focused on further increasing our
market share of US household
financial assets and capitalizing
on the enhanced capabilities and
balance sheet strength that the
merger with UBS has brought.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A key to achieving further growth
will be a continued commitment to
recruiting top financial advisors
and providing them with the
resources they need to sustain
increased productivity. We ended
2002 with 8,857 financial
advisors, and are focused on
growing that number.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The union
with UBS has enabled us to expand
our product offerings in such
areas as global asset management,
lending products, alternative
investments and risk management.
We are committed to pursuing
financial success in 2003 and
beyond by providing US clients
with access to the resources of a
global powerhouse.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B><BR>
<BR>
<BR>
<BR>

49
</B></FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="72%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top"><FONT size="2"><B>The Business Groups<BR>
Corporate Center</B></FONT></TD>
</TR>


<TR><TD>&nbsp;</TD></TR>
<TR><TD>&nbsp;</TD></TR>
<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top"><FONT size="5"><B>Corporate Center</B></FONT></TD>
</TR>


 </TABLE>
</DIV>


<!-- link2 "Corporate Center" -->
<DIV align="left"><A NAME="164"></A></DIV>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:<B>74%</B>">

<P align="left"><FONT size="2"><B><FONT color="#C66005">Corporate Center&#146;s aim is to ensure that all our businesses act as
coherently and effectively as possible.</FONT></B>
</FONT>


<P><HR size="1" color="#000000" noshade>
<DIV><FONT size="2"><B>Business Group reporting adjusted for significant financial events<sup>1</sup></B>
</FONT></DIV>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="82%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="2">Corporate Center</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="2"><I>CHF million, except
where indicated&nbsp;</I></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="7"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="2">For the year ended</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2"><FONT color="#C66005"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">31.12.01</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR></TR><TR></TR><TR></TR><TR></TR>

<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Income</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>1,315</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">800</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Credit loss recovery</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>249</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">236</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>
 </TD>
</TR>

<TR></TR><TR></TR><TR></TR><TR></TR>

<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total operating income</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>1,564</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,036</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR></TR><TR></TR><TR></TR><TR></TR>

<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Personnel expenses</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>645</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">592</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">General and administrative expenses</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>601</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">537</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Depreciation</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>473</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">372</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Amortization of goodwill and other intangible assets</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>24</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">24</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR></TR><TR></TR><TR></TR><TR></TR>

<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total operating expenses</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>1,743</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,525</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR></TR><TR></TR><TR></TR><TR></TR>

<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Business Group performance before tax</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>(179</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(489</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR></TR><TR></TR><TR></TR><TR></TR>

<TR>
    <TD colspan="9" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Headcount (full-time equivalents)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>1,185</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,132</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR></TR><TR></TR><TR></TR><TR></TR>

<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>


<DIV align="left"><FONT size="1"><sup>1</sup>&nbsp;&nbsp;Details of significant financial events can be found in the Financial
Report 2002.
</FONT>
</DIV>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P><FONT size="2"><B>Aims and objectives</B>
</FONT>

<DIV align="left"><FONT size="2">Our commitment to a strong,
integrated business model means
that our portfolio of
complementary businesses are
managed together to optimize
shareholder value, making the
whole worth more than the sum of
its parts.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Business Groups are
accountable for their results and
enjoy considerable autonomy in
pursuing their business
objectives &#151; hence the need for a
strong Corporate Center. Its
mission is to maximize
sustainable shareholder value by
coordinating the activities of
the Business Groups to ensure
that they operate as a coherent
and effective whole with a common
set of values and principles.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In performing its role,
Corporate Center avoids ownership
of processes wherever possible,
but instead establishes standards
and principles, thereby
minimizing its own staffing
levels.
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Key functions</B>
</FONT></TD>
    </TR>
</TABLE>


<P><FONT size="2"><B>Chief Risk Officer/Chief Credit Officer</B>
</FONT>

<DIV align="left"><FONT size="2">The Chief Risk Officer and Chief
Credit Officer functions pool
together a number of vital Group
risk functions. They are
responsible for safeguarding
our long-term financial stability
by aiding the Group in
maintaining an appropriate
balance between risk and rewards.
</FONT></DIV>

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

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Group Chief Risk Officer
is responsible for the policies,
methodologies and limits for all
other risk categories, and for
aggregating and assessing the
total risk exposure of the Group.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A more detailed discussion of our risk man-
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
50
</B></FONT>
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<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>

<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">agement and control principles can
be found in the &#147;Risk Management and Control&#148; section of this Handbook.
</FONT>

<P><FONT size="2"><B>Group Treasurer</B>
</FONT>

<DIV align="left"><FONT size="2">The Group Treasury area optimizes
our financial management,
providing cost efficient equity
and wholesale debt funding and
co-ordinating regulatory capital
and balance sheet requirements.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Group Treasury area is
also responsible for the
efficient management of the UBS
share. It is charged with
preserving our excellent funding
capacity, issuing cost-efficient
funding in the form of notes and
bonds in the name of UBS and
ensuring that we fully comply
with all payment obligations at
all times. It also manages UBS&#146;s
holdings of its own shares.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Further details on our
Treasury activities can be found
in the &#147;Group Treasury&#148; section
of this Handbook.
</FONT></DIV>

<P><FONT size="2"><B>Group Controller</B>
</FONT>

<DIV align="left"><FONT size="2">The Group Controller function
produces accurate and objective
regulatory, financial and
management accounts and reports.
It provides significant decision
support information to the Board
of Directors and executive
management and is a key liaison
to both our internal and external
auditors. It is responsible for
devising and implementing
integrated and consistent
financial control and accounting
processes throughout UBS. Another
important responsibility is the
coordination of the Group&#146;s
planning and budgeting process as
well as the control of Group tax
issues, ensuring compliance with
all local tax requirements. The
Group Controller function also
</FONT></DIV>

</DIV>

<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P align="left"><FONT size="2">ensures a central treatment of
UBS&#146;s real estate activities and
controls their impact on Group
results as well as on its capital
and tax position.
</FONT>

<P><FONT size="2"><B>Group Human Resources</B>
</FONT>

<DIV align="left"><FONT size="2">Group Human Resources&#146; mission is
to make UBS a global employer of
choice, able to attract, develop,
motivate and retain top talent by
establishing standards,
principles and procedures for
performance evaluation,
compensation and benefits,
graduate and professional
recruitment, training and
development.
</FONT></DIV>

<P><FONT size="2"><B>Chief Communication Officer</B>
</FONT>

<DIV align="left"><FONT size="2">The Chief Communication Officer
area of the Corporate Center has
an integrated structure that
comprises the firm&#146;s central
branding, communications and
public policy functions. Overall,
the area is responsible for the
effective communication of UBS&#146;s
strategy, values and results to
employees, clients, investors,
media, rating agencies and the
public, and for building the UBS
brand worldwide.
</FONT></DIV>

<P><FONT size="2"><B>Group Legal Services</B>
</FONT>

<DIV align="left"><FONT size="2">Group Legal Services provides
business-related legal services
in matters that affect the firm
as a whole, while monitoring and
reporting on legal risk,
litigation and legal implications
of major transactions at the
corporate level.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Group Legal
Services has both an advisory and
a risk control function. It
provides close-to-business legal
advice to business, oversees
litigation, ensures
enforceability of UBS&#146;s legal
undertakings and opines on legal
issues with the aim of minimizing
legal and liability risk.
</FONT></DIV>
<BR>
<BR>
<BR>
<BR>
<BR>

<P align="right"><FONT size="2"><B>51</B></FONT>

</div>


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<P align="center"><FONT size="2"><IMG src="y84349y84349c4.gif" alt="(BACKGROUND)">
</FONT>

<P align="left"><FONT size="2"><B>
52
</B></FONT>
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<P align="center"><FONT size="2"><IMG src="y84349y84349a0.gif" alt="(CAPITAL AND RISK MANAGEMENT)">
</FONT>

<P align="right"><FONT size="2"><B>
53
</B></FONT>
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<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="26%">&nbsp;</TD>
    <TD width="74%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top"><FONT size="2"><B>Capital and Risk Management<br>
Risk Management and Control</B></FONT></TD>
</TR>
 </TABLE>
</DIV>

<!-- link2 "Risk Management and Control" -->
<DIV align="left"><A NAME="165"></A></DIV>
<P><TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="26%">&nbsp;</TD>
    <TD width="74%">&nbsp;</TD>
</TR>
<TR><TD colspan="2"><FONT size="5"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Risk Management and Control</B></FONT></TD>
</TR>
</TABLE>

<P align="left"><FONT size="2"><B><FONT color="#C66005">Risk is an integral part of all our activities. Excellence in risk management
and control is a key success factor and requires everyone&#146;s commitment within
our organization.</FONT></B>
</FONT>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Risk management and control principles</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">UBS&#146;s approach to risk management
and control is set out in the
firm&#146;s Risk Management and
Control Principles, which lay the
foundations on which we build our
risk culture and risk process.
</FONT>

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

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

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

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

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

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">we continue to develop potential
stress loss measures for credit
and market risk
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">we avoid taking extreme positions in tax,
reg-
</FONT></TD>
</TR>
</TABLE>
</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">ulatory and accounting sensitive transactions
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">we aspire to the highest standards
in protecting the confidentiality
and integrity of our client
information
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">we aim to maintain the highest ethical standards in
all our businesses.
</FONT></TD>
</TR>
</TABLE>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every employee, but in
particular those involved in risk
decisions, must make UBS&#146;s
reputation an overriding concern.
Responsibility for the risk of
damage to our reputation cannot
be delegated or syndicated.
</FONT></DIV>

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

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

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS has an integrated
Corporate Center responsible for
finance, strategic planning, risk
control, and balance sheet and
capital management. Excellence in
risk management is, however, most
fundamentally based upon a
business management team that
makes risk identification,
management and control critical
components of its processes and
plans.
</FONT></DIV>

<P><FONT size="2"><B>Key responsibilities</B>
</FONT>

<DIV align="left"><FONT size="2">The <I>Board of Directors </I>is
responsible for the firm&#146;s
fundamental approach to risk (the
Risk
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
54
</B></FONT>
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<P><DIV style="float: left; width:<B>24%</B>">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P align="center"><FONT size="2"><IMG src="y84349y84349a1.gif" alt="(UBS RISK MANAGEMENT AND CONTROL FRAMEWORK)">
</FONT>

</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;
</FONT>

</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">Management and Control
Principles), and for the
determination of our risk
capacity and risk appetite.
</FONT>

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

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

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The <I>GEB Risk Sub-Committee</I>
(established in 2002) prepares
the decisions of the GEB in the
risk area and monitors the
implementation of such decisions
via the risk reporting process.
</FONT></DIV>

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

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The <I>Group Chief Risk Officer
(CRO) </I>is responsible for the
policies, methodologies and
limits for other inherent risk
categories (see &#147;The risks we
take&#148; section on page 56), and
for aggregating and assessing the
total risk exposure of the Group.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The <I>Business Group CEOs </I>are
responsible for all risk
exposures within their Business
Groups and must take corrective
action where
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P align="left"><FONT size="2">necessary, given the
aggregate risk profile of the
portfolio or the risks of
specific positions.
</FONT>

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

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The <I>Group Risk Committee</I>
reviews and evaluates the key
risk issues being presented to
the senior committees of the
Group, the state of the current
portfolio, emerging risk and
revenue trends, and
concentrations and
vulnerabilities. It is chaired by
the Group CRO.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Business Group Risk
Committees </I>monitor the risks
taken by the Business Groups.
They are chaired by the Business
Group CEOs and include heads of
business areas and delegates of
the Group CRO and CCO.
</FONT></DIV>

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

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

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><I>risk identification, </I>particularly in new businesses
and in complex or unusual transactions, but also in
response to external events and in the continuous monitoring of
the portfolio
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><I>risk measurement </I>of quantifiable risks, using
approved methodologies and models which have been independently
validated
</FONT></TD>
</TR>
</TABLE>
</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
55
</B></FONT>
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<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="26%">&nbsp;</TD>
    <TD width="74%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top"><FONT size="2"><B>Capital and Risk Management Risk<br>
Management and Control</B></FONT></TD>
</TR>
 </TABLE>
</DIV>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><I>risk policies, </I>consistent with evolving business requirements
and international best practice
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">comprehensive <I>risk reporting </I>to management at all levels against
the approved risk control framework and, where applicable,
limits
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><I>risk control, </I>to enforce compliance with the Risk
Management and Control Principles, and with policies,
limits and regulatory requirements.
</FONT></TD>
</TR>
</TABLE>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There are coordinated
processes covering all inherent
risk categories which are applied
before commencement of any new
business or significant change in
business, and before the
execution of any transaction
which is complex or unusual in
its structure or motivation, to
ensure that all these critical
elements are addressed, including
the assurance that transactions
can be booked in a way that will
permit appropriate ongoing risk
monitoring, reporting and
control.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The risk control process
also extends beyond the
independent risk control
functions to Financial Control
and the Logistics Areas<I>, </I>notably
Operations, which are critical to
establishing an effective control
environment.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Group Internal Audit
provides an independent view to
the Board of Directors, via the
Chairman&#146;s Office, of the
effectiveness of the Risk
Management and Control Principles
and their enforcement, and of the
effectiveness of the independent
control units.
</FONT></DIV>

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

<DIV align="left"><FONT size="2"><I>Business risks </I>are the risks
associated with a chosen business
strategy, including business
cycles, industry cycles, and
technological change. They are
the sole responsibility of the
relevant business, and are not
subject to an independent control
process. They are, however,
factored into the firm&#146;s planning
and budgeting process.
</FONT></DIV>

<P><FONT size="2"><IMG src="y84349y84349a2.gif" alt="(RISJ CATEGORIES)">
</FONT>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Inherent risks </I>are the risks
inherent in our business
activities which are subject to
independent risk control. A
distinction is made between
primary and consequential risks.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Primary risks </I>are the
exposures deliberately entered
into for business reasons and
which are actively traded and
managed:
</FONT></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><I>credit risk </I>is the risk of loss resulting from
client, counterparty or issuer default and arises on credit
exposure in all forms, including settlement risk
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><I>market risk </I>is exposure to observable market
variables such as interest rates, exchange rates and equity markets
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><I>liquidity and funding risk </I>is the risk that the Group is unable
to fund assets or meet obligations at a reasonable price
or, in extreme situations, at any price. These risks are discussed
in the &#147;Group Treasury&#148; section on pages 78 to 87.
</FONT></TD>
</TR>
</TABLE>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Consequential risks </I>(also
known as operational risks) are
exposures that are not actively
taken, but which are incurred as
a consequence of business
undertaken:
</FONT></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><I>transaction processing risk </I>arises from errors, failures or
shortcomings at any point in the transaction process, from deal
execution and capture to final settlement
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><I>compliance risk </I>is the risk of financial loss due to
regulatory fines or penalties, restriction or suspension of
business, or costs of mandatory corrective action. Such risks may
be incurred by not adhering to applicable laws, rules and
regulations, local or international best practice
(including ethical standards), or UBS&#146;s own internal standards
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><I>legal risk </I>is the risk of financial loss resulting from the
non-enforceability of UBS&#146;s actual or anticipated rights
arising under a contract or other arrangement or under case or
statute law
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><I>liability risk </I>is the risk that we, or someone
acting on our behalf, fail to fulfill the obligations,
responsibilities or duties imposed by law or assumed under a
contract and that claims are therefore made against us
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><I>security risk </I>is the risk of loss of confidentiality, integrity or
availability of our information or other assets
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><I>tax risk </I>is the risk of additional tax arising from technically incorrect
positions taken on tax matters, or failure to comply with tax
</FONT></TD>
</TR>
</TABLE>
</DIV><!-- NBSP --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
56
</B></FONT>
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<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">withholding or reporting requirements on behalf of clients
or employees; and the risk of claims by clients or
counterparties as a result of UBS involvement in tax sensitive
products or transactions.
</FONT></TD>
</TR>
</TABLE>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A failure adequately to
identify, manage or control any
of these risks, including
business risks, may result not
only in financial loss but also
in loss of reputation, and
repeated or widespread failure
compounds the impact. Reputation
risk is not directly quantifiable
and cannot be managed and
controlled independently of other
risks.
</FONT></DIV>

<P><FONT size="2"><B>How we measure risk</B>
</FONT>

<DIV align="left"><FONT size="2">For risks which are quantifiable,
in principle we measure the
potential loss at three levels&nbsp;&#151;&nbsp;expected loss, statistical loss
and stress loss.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expected loss is the loss
that is expected to arise on
average in connection with an
activity. It is an inherent cost
of such activity, and should be
budgeted and deducted from
revenues directly. The use of the
expected loss concept for credit
risk is discussed in the
&#147;Expected loss&#148; section on page
60. In the context of market
risk, expected loss is reflected
in valuation adjustments which
are routinely made in
mark-to-market books to reflect
market liquidity or model risk.
We are continuing to develop the
expected loss framework for
consequential risks, including
preparation for regulatory
capital requirements under the
New Basel Capital Accord (&#147;Basel
II&#148;).
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statistical loss (also known
as &#147;unexpected loss&#148;) is an
estimate of the amount by which
actual loss can exceed expected
loss over a specified time
horizon, measured to a specified
level of confidence
(probability). A statistical loss
measure in the form of Value at
Risk (VaR) has been used to
measure market risk in UBS for a
number of years, and is both the
basis of a key internal market
risk limit structure and the
measure used to determine our
market risk regulatory capital
requirement. We also have a
credit portfolio statistical loss
measure reflecting exposure
concentrations and default
correlations. We continue to work
towards robust measures of
statistical loss for other risk
categories, although it can be
complex to apply statistical
techniques to risks for which
data is sparse, where the loss
distribution is typically
asymmetrical, irregular and
discontinuous, and where the time
it would take to manage down,
close out or hedge positions is
uncertain.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stress loss is the loss that
could arise from extreme, but
plausible, stress events. The
Board of Directors establishes
stress loss limits to avoid
unacceptable damage to our
earnings, our dividend paying
ability and, ultimately, our
reputation and
ongoing business viability.
The identification of stress
events and scenarios to which we
are vulnerable and an assessment
of their potential impact is
therefore a key component of the
risk control process. Formal
stress loss measures and limits
are most extensively implemented
for our trading activities, for
certain credit portfo-
</FONT></DIV>

</DIV><!-- NBSP --><P>&nbsp;<BR clear="all">

<P><DIV style="float: RIGHT; width:100%">

<DIV align="LEFT"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>


</DIV><!-- <B>74%</B> --><P>&nbsp;<BR clear="all">

<P align="CENTER"><FONT size="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<IMG src="y84349y84349a3.gif" alt="(RISK MEASUREMENT)">
</FONT>

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<P align="right"><FONT size="2"><B>
57
</B></FONT>
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<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="26%">&nbsp;</TD>
    <TD width="74%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top"><FONT size="2"><B>Capital and Risk Management<br>
Risk Management and Control</B></FONT></TD>
</TR>
 </TABLE>
</DIV>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">lios and for country
risk, but we use a
variety of scenarios
and techniques, which
we continue to refine,
in order to identify
other areas of risk
concentration and
potential
vulnerability to
stress events.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stress situations can arise
from many sources, and the
essential complements to
quantitative assessments are, on
the one hand, a tried and tested
process which can be invoked
immediately in response to any
crisis and, on the other, well
prepared business continuity
management processes and plans,
both of which we continue to
develop, test and refine.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The measurement of risk is
clearly important, but
quantification does not always
tell the whole
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<DIV align="left"><FONT size="2">story, and not all
risks are quantifiable. We
therefore pay equal attention to
&#147;soft&#148; risks and avoid the
temptation to ignore risks that
cannot be properly quantified.
</FONT></DIV>

<P><FONT size="2"><B>Risk reporting</B>
</FONT>

<DIV align="left"><FONT size="2">Senior management at both
Business Group and Group level
are regularly provided with risk
reports, both quantitative, where
available, and qualitative. We
have continued to enhance the
coverage of the reports,
particularly for consequential
risk categories, with particular
focus on risks which pose a
reputational as well as financial
threat.
</FONT></DIV>


</DIV><!--  <B>nbsp</B> --><P>&nbsp;<BR clear="all">

<P>&nbsp;

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



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<P><DIV style="float: left; width:24%">

</DIV><DIV style="float: right; width: 74%">

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

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<!-- link2 "Risk Analysis" -->
<DIV align="left"><A NAME="166"></A></DIV>
<P><FONT size="5">
<DIV style="margin-left:57px"><B>Risk Analysis</B></DIV>
</FONT>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Credit risk</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">Credit risk represents the loss
which UBS would suffer if a
client or counterparty failed to
meet its contractual obligations.
It is inherent in traditional
banking products &#151; loans,
commitments to lend and other
contingent liabilities, such as
letters of credit &#151; and in
&#147;traded products&#148; &#151;&nbsp;forward
contracts, derivative contracts
such as swaps and options, repo
transactions and securities
borrowing and lending
relationships. Positions in
&#147;tradable assets&#148; such as bonds
and equities, including both
direct holdings and synthetic
positions through derivatives,
also carry credit risk, but where
they are held for trading and are
marked to market they fall under
the market risk limits and
controls described under &#147;Market
risk&#148; on page 71 below. For
completeness, they are included,
where applicable, in the credit
risk exposures reported in
&#147;Composition of credit exposures&#148;
on pages 63 to 68 below.
</FONT>

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

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

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The approval and monitoring
of new counterparties, and of new
transactions giving rise to
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<DIV align="left"><FONT size="2">credit risk, plays a central part
in the risk control process.
Credit approval authority is
exercised within the independent
CRC functions by authorized
credit officers. The notional
amount of their authority is
dependent on the quality of the
counterparty and any security,
and on the experience and
seniority of the credit officer.
</FONT></DIV>

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

<P><FONT size="2"><B>Credit risk of counterparties and groups</B>
</FONT>

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

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In UBS Warburg, where it is
most relevant, we differentiate
between &#147;take and hold&#148; exposure
and &#147;temporary&#148; exposure&nbsp;&#151;&nbsp;exposure accepted with the
intention of syndicating, selling
or hedging it within a short
period. The business is given
more authority for temporary
exposures but, in return, the
exposures are subject to
portfolio stress limits as
explained under &#147;Statistical and
stress loss&#148; on page 61.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exposure against limits is
measured for banking products as
the face value amount of the loan
or commitment. For most traded
products we determine the future
exposure profile by modeling the
potential evolution of the value
of the portfolio of trades with
each counterparty over its life
(potential credit exposure),
taking into account legally
enforceable close out netting
agreements where applicable (see
Note 23 to the UBS Group
Financial Statements). Credit
limits for individual
counterparties are applied to the
&#147;maximum likely exposure&#148; derived
from
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 59
</B></FONT>
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<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

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

<P><FONT size="2">&nbsp;
</FONT>

<P align="left"><FONT size="2">this
analysis, a 95%
confidence statistical
measure of the
exposure in each
counterparty
portfolio.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This way of measuring
exposure is broadly consistent
with accounting and regulatory
rules &#151; but it does not provide a
fully comparable measure of risk
across different products and
tenors. UBS Warburg has therefore
developed, primarily as a
management tool at this stage, a
measure of &#147;standalone
credit Value at Risk&#148; which
translates all exposures into a
benchmark loan equivalent,
against which maximum
counterparty concentration
guidelines are set for each
rating. Whenever a guideline is,
or could be, exceeded as a result
of new transactions or a rating
downgrade, exposure reduction is
triggered. This may be achieved
through syndication, sale or
hedging. For further detail of
our hedging program see page 65.
</FONT></DIV>

<P><FONT size="2"><B>Portfolio measures of credit risk</B>
</FONT>

<DIV align="left"><FONT size="2">In the Financial Statements, we
report credit loss expense
according to International
Financial Reporting Standards
(IFRS). Under these rules, losses
are recognized and charged to the
Financial Statements in the
period when they arise (see
&#147;Provisioning policies&#148; on page
62, and Notes 1 and 9 to the UBS
Group Financial Statements). By
contrast, in our segment and
business unit reporting, we
reflect the fact that credit risk
exists in every credit
engagement, and that credit loss
expenses must be expected as an
inherent cost of doing business.
</FONT></DIV>

<P><FONT size="2"><B>Expected loss</B>
</FONT>

<DIV align="left"><FONT size="2">The occurrence of actual credit
losses is erratic in both timing
and amount and those that arise
usually relate to transactions
entered into in previous
accounting periods. In order to
make the business accountable for
any credit losses they suffer and
to give them the incentive to
align their credit decisions and
risk-adjusted pricing with the
medium-term risk profile of their
credit transactions, we use the
concept of &#147;expected loss&#148;.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For UBS, expected loss is a
statistically based measure
intended to reflect the annual
costs that will arise, on
average, over time, from
positions that become impaired.
It is derived from the
probability that a given
counterparty will default, our
current and likely future
exposure to that counterparty and
the likely severity of the loss
should default occur.
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P><FONT size="2"><B>UBS internal rating scale and<BR>
mapping to external ratings</B>
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="23%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="19%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="1">Moody's</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="1">Standard</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="1">Investor</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="1">and</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1"><B>UBS</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="1">Services</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="1">Poor's</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1"><B>Rating</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="1">Description</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="1">equivalent</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="1">equivalent</FONT></TD>
</TR>

<TR>
    <TD colspan="7" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>0 and</B>&nbsp;<B>1</B>&nbsp;&nbsp;</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Investment</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Aaa</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">AAA</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>2</B>&nbsp;&nbsp;</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">grade</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Aa1 to Aa3</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">AA&#043; to AA-</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>3</B>&nbsp;&nbsp;</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">A1 to A3</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">A&#043; to A-</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>4</B>&nbsp;&nbsp;</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Baa1&nbsp;to&nbsp;Baa2</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">BBB&#043;&nbsp;to&nbsp;BBB</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>5</B>&nbsp;&nbsp;</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Baa3</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">BBB-</FONT></DIV></TD>
</TR>
<TR>
    <TD colspan="7" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>6</B>&nbsp;&nbsp;</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" nowrap valign="bottom"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Sub-investment</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Ba1</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">BB&#043;</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>7</B>&nbsp;&nbsp;</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">grade</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Ba2</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">BB</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>8</B>&nbsp;&nbsp;</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Ba3</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">BB-</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>9</B>&nbsp;&nbsp;</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">B1</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">B&#043;</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>10</B>&nbsp;&nbsp;</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">B2</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">B</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>11</B>&nbsp;&nbsp;</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">B3</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">B-</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>12</B>&nbsp;&nbsp;</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Caa to C</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">CCC to C</FONT></DIV></TD>
</TR>
<TR>
    <TD colspan="7" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>13</B>&nbsp;&nbsp;</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Impaired&nbsp;and&nbsp;&nbsp;&nbsp;</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">D</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">D</FONT></DIV></TD>
</TR>

<TR valign="bottom">
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>14</B>&nbsp;&nbsp;</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">defaulted</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">D</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">D</FONT></DIV></TD>
</TR>
<TR>
    <TD colspan="7" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
 </TABLE>
</DIV>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The <I>default probabilities </I>of
individual coun-terparties are
assessed by means of rating tools
tailored to the various
categories of counterparty. For
the major part of the business
within UBS Wealth Management &#038;
Business Banking, we use a
statistical approach or &#147;score
card&#148; to form groups of clients
with similar propensity to
default. UBS Warburg, with its
less homogeneous client base,
uses an approach under which
credit officers assess the credit
standing of counterparties based
on guidelines and an analytical
format or &#147;template&#148;, designed to
ensure consistency of ratings
across the Business Group. In all
cases, the analysis is founded on
an assessment of both financial
ratios and qualitative factors.
The result of this counterparty
specific analysis is expressed as
a rating.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clients are segmented into
15 rating classes, two being
reserved for assets that are
already impaired or defaulted.
The UBS rating scale, which is
shown in the table above, is not
only an ordinal ranking of our
counterparties; we have assigned
to each rating class a fixed
probability of default, and thus
clients migrate between rating
classes as our assessment of
their probability of default
changes. As shown in the table
above, we map the ratings of the
major rating agencies to our
rating classes based on the
long-term average default
observations for each external
grade. Observed defaults per
rating category vary
year-on-year, and especially over
an economic cycle, and this
mapping does not, therefore,
</FONT></DIV>

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<P align="left"><FONT size="2"><B>
 60
</B></FONT>


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<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">imply that UBS expects this
number of defaults in any given
period.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We determine <I>exposure at
default </I>based on the expected
outstanding at the time of
default, for example for traded
products the expected exposure
profile, derived from the same
model as for credit limit
utilization (see &#147;Credit risk of
counterparties and groups&#148; on
page 59).
</FONT></DIV>

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

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

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The concept of expected loss
and its components form the basis
for various business applications
within UBS: individual credit
policies refer to counterparty
rating classes to determine, for
example, the maximum tenor
allowed for OTC derivative
transactions; the rating concept
is used to define credit
authorities granted to individual
credit officers across the Group;
and expected loss is used in
valuing the OTC derivative books
to account for the credit risk
assumed in these trades. UBS&#146;s
internal measurement framework is
consistent with the concepts of
Basel II under which future
minimum regulatory capital
requirements for credit risk will
be determined.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For further
details of how we use expected
loss in our segment reporting,
please see the &#147;Credit loss
expense&#148; section on page 39 and
40 of the Financial Report 2002
and Note 2a to the UBS Group
Financial Statements.
</FONT></DIV>

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

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

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We aggregate statistical
loss across portfolios using our
own proprietary &#147;credit Value at
Risk&#148; methodology. This provides
an indication of the level of
risk in the portfolio and the way
it changes over time.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Modeling extreme credit
losses is complex because they
are driven much less by
systematic factors than is
generally the case for market
risk. We apply scenarios which
allow us to assess the
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<DIV align="left"><FONT size="2">impact of
variations in bankruptcy/default
rates and asset values, taking
into account risk concentrations
in each portfolio, and we report
results to senior management. In
UBS Warburg, we apply limits to
stress exposure. For &#147;temporary&#148;
exposures we use a scenario for
the measurement of stress loss
that combines market (credit
spread) shocks and increased
default rates. For &#147;take and
hold&#148; exposures we apply only
increased default rates, but
taking account of portfolio
concentrations. We also measure
and report industry and
geographical contributions to
stress loss results.
</FONT></DIV>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Settlement risk</B>
</FONT></TD>
    </TR>
</TABLE>


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

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS participates in payment
and securities clearing houses,
and was a founder member of the
Continuous Linked Settlement (CLS)
system, an industry initiative
which established a global
clearing house, CLS Bank, to
settle foreign exchange
transactions on a delivery versus
payment basis. CLS went live in
mid-October&nbsp;2002 and has
substantially reduced both
settlement and systemic risks
faced by UBS and other major
foreign exchange trading banks.
We expect more reductions as
further banks join the system
indirectly through settlement
members, and as the range of
currencies cleared by CLS is
increased.
</FONT></DIV>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Country risk</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">The CRC function at the Corporate
Center assigns ratings to all
countries to which we have
exposure. Like the counterparty
ratings, the sov-
</FONT>

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<P align="right"><FONT size="2"><B>
 61
</B></FONT>
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<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

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

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">ereign
ratings express the
probability of the
occurrence of a
country risk event
that would lead to an
impairment of UBS&#146;s
exposures. The default
probabilities and the
mapping to the ratings
of the major rating
agencies are the same
as for counterparty
credit risks (see
table on page 60), the
three lowest ratings
being designated
&#147;distressed&#148;.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For all countries rated 3
and below, we closely monitor
exposure within country ceilings
approved by the Chairman&#146;s
Office. The country risk ceiling
is a primary limit for all
transactions with counterparties
in these countries, and extension
of credit may be denied on the
basis of a country risk ceiling,
even if there are adequate
counterparty limits available.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty default resulting
from multiple insolvencies
(systemic risk) or general
prevention of payments by
authorities (transfer risk) is
the most significant long-term
effect of a country crisis, but
in our internal measurement and
control of country risk we also
consider the probable financial
impact of market disruption
arising prior to, during and
following a country crisis, in
the form of severe falls in the
country&#146;s markets and asset
prices, longer-term devaluation
of the currency and potential
immobilization of currency
balances.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We measure exposures
against country ceilings in two
ways. We use the traditional
&#147;nominal&#148; measure based on
exposures from banking products
and traded products, including
our own intra-Group cross-border
positions, and exposure to
issuers of tradable assets such
as bonds and equities. This is
the basis of regulatory and
financial reporting, including
the data provided on pages 68 and
69. We also measure the risk in
terms of potential loss,
including potential loss from
market movements, reflecting the
fact that the risk profiles of
exposures can vary significantly
depending on the type of product,
any collateral, and the degree to
which they have been hedged
against market shocks. The
potential loss based measure is
the primary internal risk
management and control tool.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We measure the potential financial
impact of severe emerging markets
crises by stress testing&nbsp;&#151;&nbsp;identifying countries that may
be subject to a potential crisis
event and determining potential
loss under conservative
assumptions of recovery rates for
individual products. The
potential loss under this stress
loss measure is subject to a
limit approved by the Board of
Directors.
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We define emerging market
countries as countries which have
yet to reach a mature stage of
economic, financial,
institutional, political and
social development or where there
is significant potential for
economic or political
instability. All emerging market
countries are subject to country
ceilings. The country data
provided on pages 68 and 69
covers only emerging market
countries and not all countries
which are subject to ceilings.
</FONT>
<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Provisioning policies</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">UBS classifies a claim as
impaired if the book value of the
claim exceeds the present value
of the cash flows actually
expected in future periods&nbsp;&#151;&nbsp;interest payments, scheduled
principal repayments, or other
payments due (for example on
derivatives transactions), and
including liquidation of
collateral where available.
Within this category, we further
classify loans as non-performing
where payment of interest,
principal or fees is overdue by
more than 90&nbsp;days.
Non-performance is not the
determinant of impairment,
although it may, in some
circumstances, be the first
evidence of impairment.
</FONT>

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

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

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allowances and provisions
for credit losses also include a
component for country risk. We
</FONT></DIV>

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<P align="left"><FONT size="2"><B>
 62
</B></FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">establish country-specific
scenarios, which are kept under
review and updated as necessary,
to evaluate the extent to which
the value of our banking and
traded product exposure are
affected by country risk
incidents or country-specific
systemic risks. The appropriate
provisions are then determined by
evaluating the type of credit
exposure in the portfolio for
each country and the loss
severities that have been
attributed to each exposure type.
Furthermore, we have specific
allowances against exposures in
countries that are subject to a
moratorium or have been
rescheduled. The amount of such
allowances is determined case by
case from an assessment of the
amounts that we deem to be
irrecoverable.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In general, Swiss practice
is to write off loans only on
final settlement of bankruptcy
proceedings, sale of the
underlying assets, or formal debt
forgiveness. By contrast, US
practice is generally to write
off non-performing loans,
in whole or in part, much
sooner, thereby reducing the
amount of such loans and
corresponding provisions
recorded. A consequence of
applying the Swiss approach is
that, for UBS, recoveries of
amounts written off in prior
accounting periods tend to be
small, and the level of
outstanding impaired loans and
non-performing loans as a
percentage of gross loans will
tend to be higher than for our US
peers.
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Composition of credit exposures</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">Credit is an integral part of
many of our business activities.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The two main contributors to
credit exposure are UBS Wealth
Management &#038; Business Banking and
UBS Warburg. To a lesser extent,
credit activities are also
important to UBS PaineWebber.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The credit exposure of UBS
Wealth Management &#038; Business
Banking is mainly comprised of
traditional loans to private
individuals and corporations.
Loans to private individuals are
typically secured by either
residential real estate or
portfolios of marketable
securities. Loans to corporations
may, depending on our assessment
of the credit capacity and
quality of the borrower, be
extended on an unsecured basis,
but often benefit from collateral
in the form of real estate or
other assets.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In UBS Warburg,
credit exposure arises both from
traditional banking products and
from our trading activities,
including swaps, options, forward
contracts, repo transactions and
securities lending and borrowing
relationships (traded products).
Exposure to lower rated
counterparties is generally
collateralized or otherwise
supported.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The table on this page
provides an overview of the
aggregate credit exposure of the
UBS
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><FONT size="2"><B>Total exposure</B>
</FONT>



<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>

    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>

    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>

    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>

    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>

    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>

    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>

    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>

    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>

    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="10"><FONT size="1">UBS Wealth Management</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="10"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="10"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="10"><FONT size="1">&#038; Business Banking</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="10"><FONT size="1">UBS Warburg</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="10"><FONT size="1">UBS PaineWebber</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="10"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="10"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="10"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1"><I>CHF million</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1">As at</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#C66005">31.12.02</FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#C66005">31.12.02</FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#C66005">31.12.02</FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="37" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Loans utilization (gross)</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005">174,032</FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">181,854</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">185,271</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005">61,718</FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">61,229</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">73,810</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005">12,857</FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">18,246</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">24,649</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Contigent claims</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005">11,752</FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">13,303</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">10,613</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005">4,407</FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">11,640</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">17,173</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005">430</FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">542</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Unutilized committed lines</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005">1,984</FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,520</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,574</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005">36,439</FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">47,355</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">49,936</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005">811</FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">715</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="37" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Total banking products</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005">187,768</FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">197,677</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">199,458</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005">102,564</FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">120,224</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">140,919</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005">14,098</FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">19,503</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">24,649</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="37" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Unsecured OTC products</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005">1,682</FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,961</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">883</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005">55,002</FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">64,416</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">61,340</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Other
derivatives
(secured exchange-traded)</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005">712</FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,317</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,638</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005">10,850</FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">12,150</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8,994</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Securities lending</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005">917</FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">45</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,193</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005">11,962</FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">14,575</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">12,159</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Repo</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005">14</FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">67</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">650</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005">21,744</FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">18,948</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">22,183</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="37" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Total traded products<SUP>2</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005">3,325</FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,390</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5,364</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005">99,558</FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">110,089</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">104,676</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="37" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Total credit exposure, gross</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005">191,093</FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">202,067</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">204,822</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005">202,122</FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">230,313</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">245,595</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005">14,098</FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">19,503</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">24,649</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="37" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Total credit exposure,</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">net of allowances</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005">187,369</FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">196,557</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">197,042</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005">200,620</FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">227,949</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">242,873</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005">14,069</FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">19,469</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">24,629</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Total tradable assets<SUP>3</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005">164</FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,908</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,626</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005">183,977</FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">241,357</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">219,070</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="37" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<P align="right"><FONT size="2">&#091;Additional columns below&#093;
</FONT>

<P><FONT size="2">&#091;Continued from above table, first column(s) repeated&#093;
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="51%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>

    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>

    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>

    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>

    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>

    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>

    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="10"><FONT size="1">Other<SUP>1</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="10"><FONT size="1">UBS Group</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="10"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="11"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1"><I>CHF million</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1">As at</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#C66005">31.12.02</FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#C66005">31.12.02</FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Loans utilization (gross)</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005">763</FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">655</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">786</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005">249,370</FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">261,984</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">284,516</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Contigent claims</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005">5</FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005">16,594</FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">25,487</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">27,786</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Unutilized committed lines</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005">72</FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">18</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005">39,306</FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">50,608</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">53,510</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Total banking products</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005">840</FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">675</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">786</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005">305,270</FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">338,079</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">365,812</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Unsecured OTC products</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005">56,684</FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">66,377</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">62,223</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Other
derivatives
(secured exchange-traded)</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005">11,562</FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">14,467</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">10,632</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Securities lending</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005">12,879</FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">14,620</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">14,352</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Repo</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005">21,758</FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">19,015</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">22,833</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Total traded products<SUP>2</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005">102,883</FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">114,479</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">110,040</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Total credit exposure, gross</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005">840</FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">675</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">786</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005">408,153</FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">452,558</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">475,852</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Total credit exposure,</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">net of allowances</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005">840</FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">670</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">781</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005">402,898</FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">444,645</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">465,325</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Total tradable assets<SUP>3</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005">613</FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">121</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">136</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005">184,754</FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">244,386</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">221,832</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup>1</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">Includes UBS Global Asset
Management and Corporate Center.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>2</sup> Traded
products exposure is based on internal measurement
methodology.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>3</sup> Tradable
assets valuation: trading positions &#151; net long, maximum default exposure;
private equity &#151; lower of cost or market; financial investments &#151; fair value.
</FONT></TD>
</TR>
</TABLE>



<P align="right"><FONT size="2"><B>
 63
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>





<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

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

</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">Group in nominal terms. For
internal risk management and risk
control purposes, we also measure
credit risk in terms of
statistical and stress loss,
taking into account the size of
the credit exposures, plus the
quality of the counterparty,
collateral and diversification
effects, as explained on page 61.
</FONT>

<P><FONT size="2"><B>UBS Wealth Management<BR>
&#038; Business Banking</B>
</FONT>

<DIV align="left"><FONT size="2">UBS Wealth Management &#038; Business
Banking&#146;s gross loans to
customers at 31 December&nbsp;2002
amounted to CHF 174&nbsp;billion, of
which 69% or CHF 120&nbsp;billion were
secured by real estate. The pie
chart to the right shows that
exposure to the real estate
sector is well diversified with
40% of loans being secured on
single-family homes and
apartments, which, historically,
have exhibited a low risk
profile. The 17% of exposure on
residential multi-family homes
consists of rented apartment
buildings. Loans and other credit
engagements with individual
clients, excluding
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<DIV align="left"><FONT size="2"><IMG src="y84349y84349a4.gif" alt="(Wealth Mgmt &#038; Bus. Banking)">
</FONT></DIV>

<P align="left"><FONT size="2">mortgages, are
predominantly extended against
the pledge of marketable
securities where UBS applies
conservative standards to
determine the advance value of
the collateral.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unsecured loans consist
predominantly of exposures to
corporate clients. They are
fairly widely spread across
rating categories and industry
sectors, which reflects UBS&#146;s
position as a market leading
lender to this segment of
</FONT></DIV>

</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P align="left"><FONT size="2"><IMG src="y84349y84349a5.gif" alt="(Bus. Banking Switzerland)">
</FONT>

</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 64
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P><FONT size="2"><B>UBS Wealth Management &#038; Business Banking:<BR>
distribution of gross loans across counterparty rating and loss given default (LGD)&nbsp;buckets</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="37%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="14"><FONT size="2">Loss given default buckets</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">Weighted</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">Gross</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

<TD nowrap align="right" colspan="13"><HR size="1" color="#000000" width="97%"noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">Average</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">Exposure</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">0-25%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">26-50%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">51-75%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">76-100%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">LGD(%)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">0</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,183</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">512</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">576</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">95</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">36</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">476</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">388</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">48</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">39</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">31</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2,963</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,721</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">860</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">341</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">41</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">32</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">3</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">35,555</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">18,017</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">8,579</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">3,771</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">5,188</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">33</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">4</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">5,743</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,936</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,738</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2,024</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">45</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">40</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">5</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">81,954</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">75,014</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">4,184</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,775</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">981</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">27</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">6</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">8,596</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,955</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">3,691</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2,753</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">197</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">42</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">7</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">10,953</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">3,055</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">4,825</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,654</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,419</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">43</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">8</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">10,235</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2,017</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">5,938</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,461</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">819</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">39</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">9</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">5,987</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,257</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">3,494</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">843</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">393</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">40</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">10</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,206</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">218</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">694</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">212</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">82</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">42</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">11</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">341</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">53</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">208</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">54</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">26</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">41</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">12</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">467</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">166</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">134</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">118</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">49</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">43</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">165,659</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">106,309</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">34,969</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">15,140</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">9,241</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">33</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Investment grade</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">127,874</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">97,588</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">15,985</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">8,045</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">6,256</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Sub-investment grade</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">37,785</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">8,721</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">18,984</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">7,095</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2,985</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Impaired and defaulted</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">8,373</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total gross loans</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">174,032</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">predominantly small to medium
sized enterprises in Switzerland.
During 2002, our high credit
underwriting standards and the
continued relative strength of
the Swiss economy have
contributed to improved credit
quality within the portfolio,
with individual and sector
concentrations having been
further reduced.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The table above depicts
credit exposure across
counterparty ratings and loss
given default (LGD)&nbsp;buckets. LGD
represents our expectation of the
extent of loss on a transaction
should default occur, and is
expressed as percentage loss per
unit of exposure. LGD typically
differs by type of counterparty
and claim, seniority and
available collateral. The table
shows a concentration in the
rating grade 5 and 25% LGD
buckets, reflecting the dominant
residential mortgage business
with a standard LGD rate of 25%.
</FONT></DIV>

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

<DIV align="left"><FONT size="2">A substantial majority of UBS
Warburg counter-party exposures
fall into the investment grade
category (internal
counterparty rating grades 0 to
5), both for banking products
gross (66%) and for traded
products (94%). The UBS Warburg
counterparties are primarily
sovereigns, financial
institutions, multinational
corporate clients and investment
funds. In the last few
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P align="left"><FONT size="2">years, UBS
Warburg has engaged in a
substantial credit risk hedging
program through which we have
effectively reduced our banking
products exposure by CHF 25.3
billion. This was achieved mainly
by transferring the underlying
risk to high grade market
counterparties using credit
default swaps. The table on the
following page provides a view of
the net banking products
exposure, reflecting the effect
of these credit risk hedging
activities. In order to better
illustrate the effects of credit
hedging and other risk
mitigation, we have expanded the
2002 columns in the rating
distribution graph on page 67 to
show exposures before and after
risk mitigation. Additionally, in
the matrix on the following page,
we show the distribution of UBS
Warburg&#146;s net banking products
exposure across rating grades and
LGD buckets. In UBS Warburg&#146;s
portfolio, the standard LGD on
senior secured claims is 40% and
on senior unsecured claims 50%,
which explains the concentration
in the 26-50% bucket in the
matrix on page 66. The
significant exposure in the
sub-investment grade 0-25% bucket
is mainly comprised of
collateralized short-term bridge
loans for US residential real
estate portfolios awaiting
securitization.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exposure distribution across
counterparty ratings shown elsewhere in
this section refers only to the gross
exposure and probability of
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 65
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="float: right; width: 74%"><FONT size="2"><B>Capital and Risk Management<BR>
Risk Analysis</B>
</FONT><BR>
<FONT size="2"><B>UBS Warburg: credit hedging, banking products</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="54%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">As at 31.12.2002</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>

<TD nowrap align="right" colspan="16"><FONT size="2"><HR size="1" noshade></FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">Gross</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">Credit</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">Other Risk</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">Net</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">Exposure<SUP>1</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">Hedges<SUP>2</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">Mitigants<SUP>3</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">Exposure</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Investment grade</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">47,020</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">21,463</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">913</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">26,272</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Sub-investment grade</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">29,256</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">3,770</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">613</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">25,551</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Impaired and defaulted</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,981</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">99</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,229</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">818</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total banking products exposure</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">78,257</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">25,332</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2,755</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">52,641</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="1%"><FONT size="1"><SUP>1</SUP>&nbsp; Banking products exposure excludes money market deposits of CHF 13.3
billion.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<SUP>2</SUP>&nbsp; Credit Hedges includes single name credit
default swaps (CDS) and credit linked notes (CLN)&nbsp;programs at notional
amounts.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<SUP>3</SUP>&nbsp; Other Risk Mitigants include cash collateral and unfunded risk
participations. The impaired and defaulted category also includes counterparty specific allowances of CHF 995&nbsp;million.
</FONT></TD>
</TR>
</TABLE>

<P align="left"><FONT size="1">Note: Columns cannot be totaled as net exposure is set to zero in case of
over-hedging or over-provisioning.
</FONT>

<P><FONT size="2"><B>UBS Warburg: distribution of net take and hold banking products exposure</B><SUP><B>1</B></SUP><BR>
<B>across counterparty rating and loss given default (LGD)&nbsp;buckets</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="37%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">Net</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="14"><FONT size="2">Loss given default buckets</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">Weighted</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">Credit</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="14"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">Average</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">Exposure<SUP>2</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">0-25%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">26-50%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">51-75%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">76-100%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">LGD(%)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Not rated</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">26</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">25</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">47</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">0 and 1</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2,245</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2,243</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">50</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">5,006</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">349</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">4,650</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">52</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">3</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">8,398</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">4,315</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">4,069</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">14</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">39</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">4</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">4,661</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">347</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">4,232</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">82</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">50</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">5</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2,594</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">367</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2,218</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">9</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">47</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">6</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2,840</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,537</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,272</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">24</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">32</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">7</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">5,558</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">4,315</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,243</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">23</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">8</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">8,599</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">7,854</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">734</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">11</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">9</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">9</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">5,051</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">3,969</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,041</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">40</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">16</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">10</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">551</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">67</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">482</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">45</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">11</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">312</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">312</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">42</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">12</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">802</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">132</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">628</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">9</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">33</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">39</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total non-impaired</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">46,643</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">23,252</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">23,149</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">42</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">200</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">38</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Investment grade</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">22,930</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">5,378</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">17,437</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">12</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">103</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Sub-investment grade</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">23,713</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">17,874</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">5,712</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">30</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">97</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Impaired and defaulted</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">797</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total take and hold</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">47,440</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<DIV align="left"><FONT size="1"><SUP>1</SUP> Net take and hold banking products exposure does not include money
markets deposits of CHF 13.3&nbsp;billion, and excludes temporary
(underwriting)&nbsp;commitments.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<SUP>2</SUP> Net credit exposure: gross credit exposure minus credit hedges minus other risk mitigants.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">
&nbsp;</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">
<FONT size="2">default, without reference to the
likely severity of loss or loss
mitigation from collateral or
credit hedges.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Continuing the trend
observed in 2001, the year under
review saw both a number of high
profile investment grade defaults
and record levels of
speculative-grade defaults both
in the US and in Europe. Our
disciplined credit underwriting
and distribution standards and
our focus on asset quality, have
allowed UBS Warburg to avoid most
of these defaults. To have
experienced a net recovery of
loan losses in very challenging
markets has confirmed our
strategy and reaffirmed our
firm-wide risk culture. UBS
Warburg is well positioned for,
but not immune
</FONT></DIV>
</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">
<FONT size="2">to, any continued
turbulence in the international
credit markets.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS Warburg&#146;s banking
products portfolio continues to
be widely diversified across
industry sectors. At 31 December
2002, the largest exposure (36%)
was to the finance sector. While
the reported 7% exposure to the
transport, storage and
communication sector includes CHF
3.6&nbsp;billion of gross
exposure to the telecommunication
industry, the vast majority of
this amount relates to incumbent
investment grade operators and
substantial portions of these
exposures are credit-hedged.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A significant proportion of
UBS Warburg&#146;s credit risk arises
from its trading and risk man-
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 66
</B></FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P align="center"><FONT size="2"><IMG src="y84349y84349a6.gif" alt="(Banking products exposure)">
</FONT>

</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 67
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

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

</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P><FONT size="2"><IMG src="y84349y84349a7.gif" alt="(OTC deriv. exposure)">
</FONT>

<P align="left"><FONT size="2">agement
activities. Providing
risk management
solutions to our
customers, including
the use of derivative
products, is a core
business of UBS
Warburg. Here,
transactions with
counterparties of
lower quality are
generally conducted on
a secured basis or for
short tenors only. In
line with general
market trends, UBS
Warburg has also
entered into bilateral
collateral agreements
with other major banks
to mitigate the
potential
concentrations of
exposure arising from
industry consolidation
and the continuing
increase in volumes of
OTC derivatives
traded.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The graphs above show UBS
Group&#146;s OTC derivative exposure
by product type and maturity at
31 December&nbsp;2002, while the graph
on page 67 shows details of all
UBS Warburg traded products
exposure by counterparty rating
at 31 December&nbsp;2002. Further
details of derivative instruments
are provided in Note 23 to the
UBS Group Financial Statements.
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P><FONT size="2"><B>UBS PaineWebber</B>
</FONT>

<DIV align="left"><FONT size="2">Consistent with UBS PaineWebber&#146;s
business focus on regulated,
collateralized lending to high
net worth individuals, credit
risk in its portfolio is
comparatively low. The loan
portfolio as at 31 December&nbsp;2002
amounted to CHF 12.9&nbsp;billion,
spread over some 95,000
individual positions, widely
dispersed across the US.
</FONT></DIV>

<P><FONT size="2"><B>Country risk</B>
</FONT>

<DIV align="left"><FONT size="2">Our cross-border country risk
exposure to emerging markets has
further reduced to CHF 10.7
billion, down from CHF 15.4
billion at 31 December&nbsp;2001. Of
this amount, CHF 5.8&nbsp;billion or
54% is to investment grade
countries. Our on-shore exposure
to emerging markets is
immaterial.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The table and graphs below
analyze the cross-border emerging
market country exposures by
country rating category, by major
geographical area and by product
type at 31 December&nbsp;2002 compared
to 31 December&nbsp;2001 and 31
December&nbsp;2000.
</FONT></DIV>

<P align="center"><FONT size="2"><IMG src="y84349y84349a8.gif" alt="(Emerging market exposure)">
</FONT>

</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

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




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

<P><FONT size="2"><B>Emerging market exposure by major geographical area and product type</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="16%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left"><FONT size="1"><I>CHF million</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="CENTER" colspan="10"><FONT size="1">Total</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="CENTER" colspan="10"><FONT size="1">Banking products</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="CENTER" colspan="10"><FONT size="1">Traded products</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="CENTER" colspan="10"><FONT size="1">Tradable assets</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="10"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="10"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="10"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="10"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">As at</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1"><FONT color="#C66005"></FONT></FONT></TD>
    <TD align="right"><FONT size="1"><FONT color="#C66005"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="1"><FONT color="#C66005"></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1"><FONT color="#C66005"></FONT></FONT></TD>
    <TD align="right"><FONT size="1"><FONT color="#C66005"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="1"><FONT color="#C66005"></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1"><FONT color="#C66005"></FONT></FONT></TD>
    <TD align="right"><FONT size="1"><FONT color="#C66005"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="1"><FONT color="#C66005"></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1"><FONT color="#C66005"></FONT></FONT></TD>
    <TD align="right"><FONT size="1"><FONT color="#C66005"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="1"><FONT color="#C66005"></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="49" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Emerging Europe</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>2,005</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,954</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,612</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>390</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">632</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">809</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>532</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">750</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">395</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>1,083</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">572</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">408</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Emerging Asia</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>4,755</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7,747</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7,642</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>2,189</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,029</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,053</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>1,179</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,537</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,355</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>1,387</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,181</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,234</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Latin America</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>1,711</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,876</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,268</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>618</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,122</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,352</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>330</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">863</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,025</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>763</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">891</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">891</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Africa/Middle East</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>2,205</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,858</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,736</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>979</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,432</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,564</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>818</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">962</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">669</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>408</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">464</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">503</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="49" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Total</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>10,676</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">15,435</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">16,258</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>4,176</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7,215</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8,778</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>2,859</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,112</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,444</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>3,641</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,108</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,036</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="49" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Credit loss expense</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">UBS Group&#146;s Financial Statements
are prepared in accordance with
IFRS, under which credit loss
expense charged to the Financial
Statements in any period is the
sum of net allowances and direct
writeoffs minus recoveries
arising in that period, i.e. the
credit losses actually incurred.
To better reflect the
characteristics of credit risks
in our activities, we measure and
present our Business Group
results in terms of expected
loss, rather than actual IFRS
loss, and provide a
reconciliation between the two -
see the section &#147;Expected loss&#148;
on pages 60 to 61 and pages 39 to
40 of our Financial Report 2002
for further details. The
following discussion covers the
actual credit loss expense
recorded under IFRS.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Throughout 2002, the global
credit environment continued the
downward trend observed in 2001.
Concerns regarding the
sustainability of the global
economic recovery have increased.
Combined with increasing
geopolitical tensions, the
outlook for corporate profits has
weakened. Financial market
development during the year
</FONT></DIV>

<P align="center"><FONT size="2"><IMG src="y84349y84349a9.gif" alt="(LINE GRAPH)">
</FONT>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P align="left"><FONT size="2">was
characterized by heightened
investor risk aversion, with
pronounced tiering by credit
quality, resulting in higher-risk
corporate and sovereign borrowers
facing increasingly difficult
financing conditions.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against this background, and
in stark contrast to the very
challenging credit environment,
UBS Warburg achieved a strong
credit performance with net
credit loss recoveries of CHF 35
million, compared to credit loss
expense of CHF 360&nbsp;million in
2001 and CHF 562&nbsp;million in 2000.
This excellent performance was
the result of minimal exposures
to new defaults plus the recovery
of country provisions for
emerging markets exposures which
were repaid or sold during 2002.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As illustrated in the graph
on this page, corporate
bankruptcies in Switzerland have
reversed a five-year falling
trend and climbed by 10.8% during
the year. In our case, this
negative development did not come
as a surprise and has largely
been compensated by the measures
we have undertaken to improve the
asset quality of our domestic
credit portfolio. The gradual
slowdown of the Swiss economy and
our success in substantially
reducing our impaired portfolio
have, however, resulted in a
lower level of recoveries
compared to previous years. This
largely explains the increase of
our credit loss expense to CHF
241&nbsp;million, compared to CHF 123
million in 2001.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Group credit
loss expense in 2002 amounted to
CHF 206&nbsp;million, compared to CHF
498&nbsp;million in 2001 and to a net
recovery of CHF 130&nbsp;million in
2000. The exceptional result in
2000 was helped by favorable
economic conditions in
Switzerland which, for UBS Wealth
Management &#038; Business Banking,
resulted in substantial write
back of credit loss provisions
taken in earlier periods.
</FONT></DIV>

</DIV><!-- NBSP --><P>&nbsp;<BR clear="all">



<P align="right"><FONT size="2"><B>
 69
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="21%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="74%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
<B>Capital and Risk Management <br>
Risk Analysis</B></FONT></TD>
</TR>
 </TABLE>
</DIV>

<P><FONT size="2"><B>IFRS credit loss expense</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="CENTER" colspan="10"><FONT size="1">UBS Wealth Management</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="10"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="10"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1">CHF million</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="CENTER" colspan="10"><FONT size="1">&#038; Business Banking</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="CENTER" colspan="10"><FONT size="1">UBS Warburg</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="CENTER" colspan="10"><FONT size="1">UBS PaineWebber</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="10"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="10"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="11"><HR size="1" color="#000000" noshade></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">For the year ended</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1"><FONT color="#C66005"></FONT></FONT></TD>
    <TD align="right"><FONT size="1"><FONT color="#C66005">31.12.02</FONT></FONT></TD>
    <TD><FONT size="1"><FONT color="#C66005"></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1"><FONT color="#C66005"></FONT></FONT></TD>
    <TD align="right"><FONT size="1"><FONT color="#C66005">31.12.02</FONT></FONT></TD>
    <TD><FONT size="1"><FONT color="#C66005"></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1"><FONT color="#C66005"></FONT></FONT></TD>
    <TD align="right"><FONT size="1"><FONT color="#C66005">31.12.02</FONT></FONT></TD>
    <TD><FONT size="1"><FONT color="#C66005"></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="37" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Total banking products
exposure at year end</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005">187,768</FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">197,677</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">199,458</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005">102,564</FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">120,224</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">140,919</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005">14,098</FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">19,503</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">24,649</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">IFRS actual credit loss
expense/(recovery)</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005">241</FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">123</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(695 </FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005">(35</FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#C66005">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">360</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">562</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005">15</FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">15</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">- as a proportion of total
banking products exposure (bps)</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005">13</FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(35 </FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005">(3</FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#C66005">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">30</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">40</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005">11</FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="37" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Expected loss
charged to Business Groups<SUP>2</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005">314</FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">604</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">785</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005">128</FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">112</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">243</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005">13</FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">18</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">- as a proportion of total
banking products exposure (bps)</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005">17</FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">39</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005">12</FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">17</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005">9</FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="37" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<P align="right"><FONT size="2">&#091;Additional columns below&#093;
</FONT>

<P><FONT size="2">&#091;Continued from above table, first column(s) repeated&#093;
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1">CHF million</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="CENTER" colspan="10"><FONT size="1">Other<SUP>1</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="CENTER" colspan="10"><FONT size="1">UBS Group</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="10"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="11"><HR size="1" color="#000000" noshade></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">For the year ended</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1"><FONT color="#C66005"></FONT></FONT></TD>
    <TD align="right"><FONT size="1"><FONT color="#C66005">31.12.02</FONT></FONT></TD>
    <TD><FONT size="1"><FONT color="#C66005"></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1"><FONT color="#C66005"></FONT></FONT></TD>
    <TD align="right"><FONT size="1"><FONT color="#C66005">31.12.02</FONT></FONT></TD>
    <TD><FONT size="1"><FONT color="#C66005"></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Total banking products
exposure at year end</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005">840</FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">675</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">786</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005">305,270</FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">338,079</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">365,812</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">IFRS actual credit loss
expense/(recovery)</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005">(15</FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#C66005">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005">206</FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">498</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(130</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">- as a proportion of total
banking products exposure (bps)</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005">(179</FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#C66005">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005">7</FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">15</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(4</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Expected loss
charged to Business Groups<SUP>2</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005">0</FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005">455</FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">734</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,031</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">- as a proportion of total
banking products exposure (bps)</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005">0</FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005">15</FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">22</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">28</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>


<p><FONT size="1"><sup>1</sup>Includes UBS Global Asset Management
and Corporate Center.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>2</sup> For an
explanation of the credit loss charge used in our Business Group reporting,
please see the &#147;Expected loss&#148; section on page 60 and 61 and pages 39 and 40 of
the Financial Report 2002.
</FONT>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

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

<DIV align="left"><FONT size="2">UBS classifies a claim as
impaired when the book value of
the claim exceeds the present
value of the cash flows actually
expected in future periods.
Allowances and provisions for
credit loss are established in
line with IAS 39 and according to
our provisioning policies which
are explained
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P align="left"><FONT size="2">on page 62. We are
confident that our policies and
processes ensure a consistent and
fair basis for determining
prudent levels of allowances and
provisions.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As shown in the table below,
allowances and provisions for
credit losses decreased by 31.6%,
from CHF 8,218&nbsp;million at 31
December&nbsp;2001
</FONT></DIV>

</DIV><!--  NBSP --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%" nowrap align="right"><FONT size="1"><sup>1</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">Includes UBS Global
Asset<sup>&nbsp;</sup><BR>
Management and Corporate Center. UBS Global Asset Management had no
impaired or non-performing loans at 31.12.02, 31.12.01 and 31.12.00.
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR valign="top">
      <TD width="3%" nowrap align="right"><FONT size="1"><sup>2</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">Includes country allowances
and<sup>&nbsp;</sup><BR>provisions
and provisions for off-balance-sheet liabilities.</FONT></TD>
</TR>
</TABLE>

</DIV><DIV style="float: right; width: 74%">

<P><FONT size="2"><B>Allowances and provisions for credit loss</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="70%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="10"><FONT size="1">UBS Wealth Management &#038;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1"><I>CHF million</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="10"><FONT size="1">Business Banking</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="10"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">As at</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1"><FONT color="#C66005"></FONT></FONT></TD>
    <TD align="right"><FONT size="1"><FONT color="#C66005"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="1"><FONT color="#C66005"></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Loans to banks (gross)</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>6,449</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7,938</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">9,150</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Loans to customers (gross)</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>167,583</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">173,916</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">176,121</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Gross loans</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>174,032</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">181,854</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">185,271</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Non-performing loans</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>5,033</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7,004</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8,342</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Other impaired loans</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>3,340</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,306</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5,978</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Total impaired loans</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>8,373</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">11,310</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">14,320</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Allowances for non-performing loans</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>2,750</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,248</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5,141</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Allowances for other impaired loans</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>832</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,143</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,579</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Total allowances for impaired loans</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>3,582</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5,391</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7,720</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">

<TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Other
allowances and provisions<sup>2</sup></B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>452</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">243</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">83</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Total allowances and provisions</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>4,034</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5,634</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7,803</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><I>of which country allowances and provisions</I></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B><I>515</I></B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><I>507</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><I>498</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Ratios</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Impaired loans as a % of gross loans</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>4.8</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Non-performing loans as a % of gross loans</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>2.9</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Allowances and provisions for credit loss as a % of gross loans</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>2.3</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Allocated allowances as a % of impaired loans</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>42.8</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">47.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">53.9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Allocated allowances as a % of non-performing loans</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>54.6</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">60.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">61.6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

</DIV><!--  NBSP --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 70
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">to CHF 5,621&nbsp;million at 31
December&nbsp;2002. Note 9b to the UBS
Group Financial Statements
provides further details of the
changes in allowances and
provisions during the year.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allowances and provisions
for emerging market-related
exposures stood at CHF 736
million at 31 December&nbsp;2002,
compared to CHF 1,006&nbsp;million at
31 December&nbsp;2001 and CHF 1,292
million at 31 December
2000. The reduction is
mainly a consequence of our
policy of reducing the overall
size of our emerging market
exposures.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impaired loans have
decreased to CHF 10,365&nbsp;million
at 31 December&nbsp;2002 from CHF
14,629&nbsp;million at 31 December
2001 and from CHF 18,494&nbsp;million
at 31 December&nbsp;2000. Over the
same period, non-performing loans
(a sub-set of impaired loans)
have also decreased, to CHF 6,029
million from CHF 8,639&nbsp;million at
31 December&nbsp;2001 and CHF 10,452
million at 31 December&nbsp;2000.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The ratio of impaired loans
to total loans has improved over
the past three years to 4.2% at
31 December&nbsp;2002 from 5.6% at
31 December&nbsp;2001 and 6.5% at 31
December&nbsp;2000, while the
non-performing loans to total
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P align="left"><FONT size="2">loans ratio improved to 2.4% at
31 December&nbsp;2002 from 3.3% at 31
December&nbsp;2001 and 3.7% at 31
December&nbsp;2000. These positive
results were due, in part, to the
reduction of our exposure to
international credit risk, which
produced fewer new impaired and
non-performing loans than in
previous years, and in part to
continuing efforts to conclude
proceedings and reach settlement
on existing non-performing loans.
</FONT>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Market risk</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">Market risk is the risk of loss
arising from movements in
observable market variables such
as interest rates, exchange rates
and equity markets. In addition
to these and other general market
risk factors, the risk of price
movements specific to individual
issuers of securities is
considered market risk.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Market risk is incurred in
UBS primarily through trading
activities which are centered in
UBS Warburg&#146;s Corporate and
Institutional Clients business
unit. It arises primarily from
market making, client
facilitation and propri-
</FONT></DIV>

</DIV><!--  NBSP --><P>&nbsp;<BR clear="all">

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="center" colspan="9"><FONT size="1">UBS Warburg</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="10"><FONT size="1">UBS PaineWebber</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="10"><FONT size="1">Other<SUP>1</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="10"><FONT size="1">UBS Group</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left" colspan="8"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="10"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="10"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="11"><HR size="1" color="#000000" noshade></TD>
</TR>

<TR valign="bottom">
    <TD align="right"><FONT size="1"><B><FONT color="#C66005">31.12.02</FONT></B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>
 </TD>
    <TD><FONT size="1">&nbsp;</FONT>
 </TD>
    <TD><FONT size="1">&nbsp;</FONT>
 </TD>
    <TD align="right"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>
 </TD>
    <TD><FONT size="1">&nbsp;</FONT>
 </TD>
    <TD align="left"><FONT size="1"><FONT color="#C66005"></FONT></FONT></TD>
    <TD align="right"><FONT size="1"><FONT color="#C66005"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="1"><FONT color="#C66005"></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><FONT size="1"><FONT color="#C66005"></FONT></FONT></TD>
    <TD align="right"><FONT size="1"><FONT color="#C66005"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="1"><FONT color="#C66005"></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><FONT size="1"><FONT color="#C66005"></FONT></FONT></TD>
    <TD align="right"><FONT size="1"><FONT color="#C66005"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="1"><FONT color="#C66005"></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD colspan="45" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD align="right"><FONT size="1"><FONT color="#C66005"><B>24,495</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">17,702</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">18,310</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>1,327</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">2,151</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">2,061</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>640</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">470</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">543</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>32,911</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">28,261</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">30,064</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD align="right"><FONT size="1"><B><FONT color="#C66005">37,223</FONT></B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">43,527</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">55,500</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>11,530</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">16,095</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">22,588</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>123</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">185</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">243</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>216,459</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">233,723</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">254,452</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD align="right"><FONT size="1"><B><FONT color="#C66005">61,718</FONT></B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">61,229</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">73,810</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>12,857</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">18,246</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">24,649</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>763</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">655</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">786</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>249,370</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">261,984</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">284,516</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="45" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD align="right"><FONT size="1"><B><FONT color="#C66005">967</FONT></B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,609</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,068</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>29</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">17</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">16</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">26</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>6,029</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8,639</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">10,452</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD align="right"><FONT size="1"><B><FONT color="#C66005">996</FONT></B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,667</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,064</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">17</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>4,336</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5,990</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8,042</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="45" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD align="right"><FONT size="1"><B><FONT color="#C66005">1,963</FONT></B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,276</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,132</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>29</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">34</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">16</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">26</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>10,365</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">14,629</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">18,494</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="45" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD align="right"><FONT size="1"><B><FONT color="#C66005">706</FONT></B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,104</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,167</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>29</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">17</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">16</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>3,485</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5,374</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6,329</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD align="right"><FONT size="1"><B><FONT color="#C66005">575</FONT></B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">760</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">777</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">17</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>1,407</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,920</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,356</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="45" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD align="right"><FONT size="1"><B><FONT color="#C66005">1,281</FONT></B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,864</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,944</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>29</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">34</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">16</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>4,892</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7,294</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">9,685</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="45" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD align="right"><FONT size="1"><B><FONT color="#C66005">264</FONT></B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">681</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">813</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>13</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>729</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">924</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">896</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="45" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD align="right"><FONT size="1"><B><FONT color="#C66005">1,545</FONT></B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,545</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,757</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>42</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">34</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">16</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>5,621</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8,218</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">10,581</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="45" align="left"><FONT size="1"><B><HR size="4" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD align="right"><FONT size="1"><B><FONT color="#C66005"><I>221</I></FONT></B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><I>499</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><I>794</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B><I>0</I></B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><I>0</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><I>0</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B><I>0</I></B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><I>0</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><I>0</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B><I>736</I></B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><I>1,006</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><I>1,292</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="45" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD align="right"><FONT size="1"><B><FONT color="#C66005">3.2</FONT></B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5.4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5.6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>0.2</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>0.0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>4.2</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5.6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6.5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="45" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD align="right"><FONT size="1"><B><FONT color="#C66005">1.6</FONT></B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2.6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2.8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>0.2</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>0.0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>2.4</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="45" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD align="right"><FONT size="1"><B><FONT color="#C66005">2.5</FONT></B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>0.3</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>0.0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>2.3</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="45" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD align="right"><FONT size="1"><B><FONT color="#C66005">65.3</FONT></B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">56.9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">47.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>100.0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>0.0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">55.6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">19.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>47.2</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">49.9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">52.4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="45" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD align="right"><FONT size="1"><B><FONT color="#C66005">73.0</FONT></B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">68.6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">56.4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>100.0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>0.0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">55.6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">19.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>57.8</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">62.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">60.6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="45" align="left"><FONT size="1"><B><HR size="4" color="#000000" noshade></B></FONT></TD>
</TR>
 </TABLE>
</DIV>

<P align="right"><FONT size="2"><B>
 71
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="21%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="74%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
<B>Capital and Risk Management<br>
Risk Analysis</B></FONT></TD>
</TR>
 </TABLE>
</DIV>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">etary
positions in equities,
fixed income and
interest rate
products, foreign
exchange and, to a
lesser extent,
precious metals and
energy. Activity is
mainly in OECD
markets, with some
business in emerging
markets.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Group Treasury assumes
market risk through the transfer
of long-term interest rate risk
from other Business Groups, and
through the Group&#146;s structural
foreign exchange positions. These
are non-trading positions and are
discussed in the &#147;Group Treasury&#148;
section on pages 78 to 87.
</FONT></DIV>

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

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

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

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

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><I>expected loss </I>is reflected in the
valuation adjustments made to the
portfolio. These cover price
uncertainties resulting from a
lack of market liquidity or the
absence of a reliable market
price for an instrument or
position, and model risk in more
complex models
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><I>statistical loss</I>
is measured using a Value at Risk
(VaR) methodology. VaR expresses
the potential loss on the current
portfolio assuming a specified
time horizon before positions can
be adjusted (holding period), and
measured to a specified level of
confidence. UBS measures VaR on
both a one day and a ten day
holding period, in both cases to
a 99% confidence level.
Estimates are based on historical
simulation, assessing the impact
of historical market movements on
today&#146;s portfolio, based on five
years of historical data. 1-day
VaR exposure expresses the
maximum daily mark to market loss
that UBS is likely to incur on
the current portfolio under
normal market conditions with a
larger loss being statistically
likely only once in a hundred
business days
</FONT></TD>
</TR>
</TABLE>
</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><I>stress loss </I>is assessed against
a set of forward looking
scenarios, approved by the Board
of Directors, using stress moves
in market variables which are
regularly reviewed and approved
by the Group CRO. Stress events
modeled in our standard scenarios
include crises in equity,
corporate bond and emerging
markets, and severe currency and
interest rate movements. They are
kept under constant review and
fine tuned as necessary to
reflect changing market and
economic conditions.
We also monitor our
positions against more specific
scenarios that target individual
sectors or are based on current
concerns.
</FONT></TD>
</TR>
</TABLE>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All VaR models, while
forward-looking, are based on
past events and are dependent
upon the quality of available
market data. The quality of the
VaR model is therefore
continuously monitored by
backtesting. In backtesting we
compare the actual revenues
arising from the previous day&#146;s
closing positions (&#147;backtesting
revenue&#148;, which excludes
non-trading revenues such as
commissions and fees and revenues
from intra-day trading) with the
1-day VaR calculated for the
previous day on these same
positions. If the revenue,
whether positive or negative,
exceeds the 1-day VaR, a
&#147;backtesting exception&#148; is
considered to have occurred. When
VaR is measured at a 99%
confidence level, a backtesting
exception is expected, on
average, one day in a hundred. A
higher rate of occurrence may
indicate that the VaR model (the
combination of the inputs and the
calculations) is not fully
capturing all risks. UBS conducts
backtesting daily at a number of
organizational levels, down to
individual trading portfolios in
UBS Warburg, and investigates all
backtesting exceptions to
establish their cause and any
necessary remedial action.
Backtesting is also a regulatory
requirement, and negative
backtesting exceptions (where
revenue is negative and greater
than the previous 1-day VaR) must
be reported to the regulators.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors has
set a limit on statistical loss
for market risk at the Group
level in terms of 10-day VaR.
This limit is allocated by the
GEB among the Business Groups,
the largest allocation being to
UBS Warburg. Within the Business
Groups, the limit is allocated to
lower organizational levels as
necessary. The internal 10-day
VaR measure is also the basis of
UBS&#146;s market risk regulatory
capital requirement.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">


<P align="left"><FONT size="2"><B>
 72
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

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

<P><FONT size="2"><B>Market risk developments</B>
</FONT>

<DIV align="left"><FONT size="2">Throughout the year UBS Warburg
has maintained its previous
strategy of concentrating risk
taking in liquid markets and
instruments, and strictly
controlling incremental risk in
illiquid markets, including
private equity. We continue to
apply strict risk/return
standards in both our proprietary
and client facing activities.
</FONT></DIV>

<P align="center"><FONT size="2"><IMG src="y84349y84349b0.gif" alt="(PIE CHART)">
</FONT>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2002, we have seen
periods of exceptional
volatility, in conjunction with
extraordinary falls in securities
prices in the bond and equity
markets, especially in the
telecommunications and energy
sectors. These falls occurred in
response to profit warnings, and
revelations of accounting
irregularities and corporate
misgovernance, particularly in
the second and third quarters of
2002.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against this background, we
reviewed and adjusted our risk
profile in the middle of the year
and have routinely hedged tail
risk, thereby avoiding much of
the market fallout. Opportunities
have arisen and have been taken,
as can be seen from the
occasional increases in VaR shown
in the graph below.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We entered
the energy markets on 11 February
2002 and market risk arising in
the business is included in the
table below from that date in the
risk class &#147;Other&#148;. Trading
conditions have been difficult
for most of the year and our
energy risk remains small.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The table below shows
average, minimum, maximum and
year end market risk exposure for
UBS Warburg, as measured by VaR
on a ten day holding period and
99% confidence level.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While average VaR for
equities decreased from CHF 181
million to CHF 177&nbsp;million, the
average for interest rates
increased from CHF 183&nbsp;million to
CHF 219&nbsp;million. These changes
reflect changing market
conditions and, in particular,
good trading opportunities in the
bond markets which resulted in
interest rates being the
strongest risk driver at the end
of 2002. Average VaR for UBS
Warburg increased from CHF 252
million in 2001 to CHF 275
million in 2002, partly explained
by the ongoing shift of risk
taking from illiquid to liquid
markets, but in gener-
</FONT></DIV>

</DIV><!-- NBSP --><P>&nbsp;<BR clear="all">

<P><FONT size="2"><B>UBS Warburg Corporate and Institutional
Clients<SUP>1</sup>: Value at Risk (10-day 99% confidence)</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="22%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="14"><FONT size="1"><FONT color="#C66005"><B>Year ended 31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="14"><FONT size="1">Year ended 31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="14"><FONT size="1">Year ended 31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="14"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="14"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="15"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left"><FONT size="1"><I>CHF million</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#C66005"><B>Min.</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#C66005"><B>Max.</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#C66005"><B>Average</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#C66005"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Min.</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Max.</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Average</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Min.</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Max.</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Average</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="49" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Risk type</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Equities</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>123.3</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>293.0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>177.2</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>178.3</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">123.9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">454.9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">181.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">157.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">144.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">245.9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">199.4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">146.5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Interest rates</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>161.8</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>303.4</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>219.2</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>280.9</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">127.6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">299.8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">182.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">226.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">113.8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">182.4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">148.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">122.4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Foreign exchange</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>6.2</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>100.0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>35.0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>9.6</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">9.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">90.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">28.5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">25.8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7.8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">98.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">32.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Other (incl. energy)<SUP>2</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>3.6</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>112.8</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>29.8</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>12.6</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">14.4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">27.4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">9.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Diversification effect</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><SUP><B>3</B></SUP></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><SUP><B>3</B></SUP></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>(186.3</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>(171.4</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><SUP>3</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><SUP>3</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(146.2</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(143.1</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><SUP>3</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><SUP>3</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(148.2</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(128.2</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="49" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Total</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>198.3</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>389.6</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>274.9</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>310.0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">179.8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">470.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">252.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">271.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">177.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">296.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">241.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">177.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="49" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<FONT size="1"><sup>1</sup> Positions have been restated for 2001 and 2000 to exclude UBS PaineWebber
exposures. UBS Warburg Energy exposures are included from start of trading on
11 February&nbsp;2002.<BR><sup>2</sup> Includes energy risk from UBS Warburg Energy and
precious metals risk.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>3</sup> As the minimum and maximum occur on different days
for different risk types, it is not meaningful to calculate a portfolio
diversification effect.
</FONT>

<P align="right"><FONT size="2"><B>
 73
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>





<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="21%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="74%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
<B>Capital and Risk Management <br>
Risk Analysis</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
<IMG src="y84349y84349b1.gif" alt="(BAR CHARTS)"></FONT></TD>
</TR>
 </TABLE>
</DIV>

<P><FONT size="2"><B>UBS Group: Value at Risk (10-day 99% confidence)</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="22%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="CENTER" colspan="14"><FONT size="1"><FONT color="#C66005"><B>Year ended 31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="CENTER" colspan="14"><FONT size="1">Year ended 31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="CENTER" colspan="14"><FONT size="1">Year ended 31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="14"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="14"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="15"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left"><FONT size="1"><I>CHF million</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Limits</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#C66005"><B>Min.</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#C66005"><B>Max.</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#C66005"><B>Average</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#C66005"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Min.</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Max.</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Average</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Min.</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Max.</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Average</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="53" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Business Groups</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Warburg &#151; Corporate
and Institutional Clients<SUP>1, 2</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">450</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>198.3</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>389.6</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>274.9</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>310.0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">179.8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">470.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">252.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">271.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">177.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">296.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">241.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">177.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">UBS PaineWebber<SUP>3</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">50</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>11.1</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>36.2</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>18.9</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>14.2</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">13.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">37.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">20.4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">23.6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">17.8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">28.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">21.8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">21.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">UBS Global
Asset Management</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">30</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>7.0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>13.1</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>9.4</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>8.6</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">UBS Wealth Management &#038;
Business Banking<SUP>4</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">50</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>4.1</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>8.9</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>5.4</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>4.1</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Corporate Center<SUP>5</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">150</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>30.1</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>63.7</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>39.8</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>62.1</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">63.5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">37.4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">40.9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">29.9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">149.4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">69.4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">45.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Reserve</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">150</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Diversification effect</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>(68.3</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>(86.6</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(49.0</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(35.7</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(89.0</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(58.0</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="53" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Total</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">600</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>211.3</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>373.9</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>280.1</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>312.4</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">191.9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">482.5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">265.8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">304.6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">189.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">321.9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">248</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">189.6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="53" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>


<FONT size="1"><SUP>1</SUP> Includes UBSW Energy from start of
trading on 11 February&nbsp;2002.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<SUP>2</SUP>
Positions have been restated for 2001 and 2000 to exclude UBS PaineWebber
exposures.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<SUP>3</SUP> UBS PaineWebber included from legal merger date 3 November
2000.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<SUP>4</SUP> Includes interest rate exposures in the banking books of the Private
Banks.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<SUP>5</SUP> Includes interest rate exposures in the banking book of Group
Treasury.
</FONT>

<P align="left"><FONT size="2"><B>
 74
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="center"><FONT size="2"><IMG src="y84349y84349b2.gif" alt="(LINE GRAPH)">
</FONT>

<P align="left"><FONT size="2">al, market risk exposures have
stayed within the normal ranges.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Market risk positions in the
other Business Groups and
Corporate Center have only a
marginal incremental impact on
the total VaR at Group level as
can be seen in the table on page
74.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS had no regulatory
backtesting exceptions in 2002,
as can be seen in the backtesting
graph. Note that the revenues
shown in this graph are
&#147;backtesting revenues&#148; &#151; they
exclude non-trading revenues,
such as commissions and fees, and
revenues from intraday trading,
which are not relevant in the
context of backtesting. The
10-day VaR, which is the basis of
the limits and exposures in the
tables, is also shown for
information.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the first histogram on
page 74 we show the distribution
of these backtesting revenues
while the second histogram shows
daily revenues from all sources
(&#147;full revenues&#148;) in the
Corporate and Institutional
Clients business unit.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Further enhancements have
been made to specific areas of
the VaR model, but none of these
changes has had a material impact
on the reported risk.
</FONT></DIV>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Consequential risk</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">In June&nbsp;2002, we appointed a
Group Head of Consequential Risk,
reporting to the Group CRO, whose
mission is to ensure that the
Group has formulated and
implemented, and constantly
reviews and refines, a
consistent, coherent and
</FONT>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P align="left"><FONT size="2">comprehensive approach to the
management and control of
consequential risk throughout our
business.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The process begins with the
identification and assessment of
risks to which we are, or could
be, exposed, which range from
every day events such as
reconciliation problems to
potentially severe events such as
fraud. Operating standards are
then established to control the
risks, which means taking a
conscious decision whether and
how they are to be accepted,
managed, mitigated, or avoided.
We recognize, however, that we
cannot eliminate them completely
(because errors and accidents
will always happen) and that it
may not be cost effective to do
so even where it is theoretically
possible &#151; we adopt a risk based
approach.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compliance with controls
must be monitored continuously
and their effectiveness assessed.
To assist in this process, we can
identify and track certain
indicators, such as the number of
unreconciled items on nostro and
custody accounts and the time
they have been outstanding, which
can potentially provide early
warning of increasing risk or
non-compliance with standards.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appropriate
contingency/crisis and business
continuity plans are developed to
cover extreme events affecting a
limited area (e.g. one IT system
or server) or a significant part
of the business (e.g. all
operations in one location).
Consideration of stress scenarios
is a component of this process.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We identify consequential
risk &#147;events&#148; &#151; actual failures of
processes, people or systems
-including external events,
whether or not they directly
impact UBS, for example a fraud
committed at another institution.
An event such as a virus attack
or a customer complaint does not
always lead to direct or indirect
financial loss but may indicate
that standards are not complied
with or are ineffective
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
maintain a database of financial
losses and their underlying
causes. It is, however, important
to understand that financial
losses from a single event can
arise in several ways (for
example a writedown of assets, a
claim against UBS, a regulatory
fine, and indirect loss through
business disruption); and that
the level of risk at any time is
not directly correlated to actual
financial losses or their
frequency of occurrence, which
are, at best, only indicative. An
analysis of the causes of
consequential risk events is
there-
</FONT></DIV>

</DIV><!-- NBSP --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 75
</B></FONT>
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<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="21%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="74%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
<B>Capital and Risk Management <br>
Risk Analysis</B></FONT></TD>
</TR>
 </TABLE>
</DIV>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">fore also
important, to ensure
that our standards are
complied with, that
they are effective,
and that remedial
action is taken where
necessary.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The primary objective of
consequential risk management and
control is to ensure a continuous
process of qualitative
improvement. As such, we rely
primarily on a qualitative
framework supported by
appropriate quantitative
techniques.
</FONT></DIV>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Consequential risk developments</B>
</FONT></TD>
    </TR>
</TABLE>


<P><FONT size="2"><B>Know Your Customer and Anti-money laundering controls</B>
</FONT>

<DIV align="left"><FONT size="2">Since the events of 11 September
2001, financial institutions and
their regulators have made
strengthening of and compliance
with Know Your Customer and
Anti-Money Laundering laws and
regulations a key priority. UBS
was already committed to the
adoption of appropriate internal
standards, and these had been
incorporated in many aspects of
our operations. We have been an
active member and key supporter
of the major industry bodies
whose aim is to eliminate the
proceeds of crime from the
financial system. Our significant
contribution to the workings of
the Wolfsberg Group of Banks is
but one example.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We continue to make
substantial investments in
personnel and technologies to
help ensure that we have at our
disposal the latest techniques
and information to identify
suspicious activities and
criminals engaged in money
laundering. We are currently
implementing a monitoring system
to identify potentially
suspicious transactions in our
private banking and retail broker
dealer operations. We also
continue to develop our own
internal customer vetting
databases.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adherence to the standards
set by the our regulators and
supra-national bodies such as the
Financial Action Task Force
(FATF)&nbsp;remains one of the Group&#146;s
major objectives, and we will
continue to refine and enhance
the processes we apply to
customer acceptance and
transaction monitoring in line
with our assessment of the risks,
industry practice, regulatory
requirements and technical
developments.
</FONT></DIV>

<P><FONT size="2"><B>IT security</B>
</FONT>

<DIV align="left"><FONT size="2">Like most other financial
institutions, we rely on IT
infrastructure to support our
business processes. Moreover, as
a major global market
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P align="left"><FONT size="2">participant
and a market leader in the
provision of internet based and
other &#147;e&#148; services to our
clients, we need both strong IT
security and adequate business
continuity arrangements to
protect a range of interest
groups, including our clients and
customers, other market
participants and our
shareholders, and to meet our
legal and regulatory obligations.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have senior Information
Security Risk Control officers in
all Business Groups and have
established a regular global
forum for IT and Risk Control to
assess the risk environment and
determine appropriate actions to
mitigate these risks. We continue
to enhance our IT security risk
policies, standards and practices
to ensure that we meet industry
best practice. Senior management
including the Group Executive
Board are provided with regular
reports on material risk areas.
</FONT></DIV>

<P><FONT size="2"><B>Fraud prevention</B>
</FONT>

<DIV align="left"><FONT size="2">We strive for operational
excellence in serving our
clients. To this end, effective
controls, using state-of-the-art
technology, are important tools
in maintaining and steadily
improving our high quality level.
In this context, we have a
systematic process not only to
identify and prevent operational
errors, but also to monitor
unusual patterns which might
indicate fraudulent activities.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We recognize and focus on the
risk inherent in our business and
will continue to enhance
prevention and detection measures
where justified by the risks and
costs to our clients and our
shareholders. During 2002 we have
strengthened system access
controls and access monitoring
and have implemented search
engines to detect and prevent
fraudulent activity.
</FONT></DIV>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>New Basel capital accord (&#147;Basel II&#148;)</B>
</FONT></TD>
    </TR>
</TABLE>


<DIV align="left"><FONT size="2">Since the first draft of the New
Basel capital accord (&#147;Basel II&#148;)
was published in 1999, there has
been continuous dialogue and
discussion between regulators and
the industry, various drafts have
been published, and quantitative
studies have been conducted. A
final consultative paper is due
in May&nbsp;2003, after which further
material changes are not
expected. Full implementation is
scheduled for 1 January&nbsp;2007
after a one year parallel run.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basel II consists of three
mutually reinforcing pillars:
</FONT></DIV>

</DIV><!--  NBSP --><P>&nbsp;<BR clear="all">


<P align="left"><FONT size="2"><B>
 76
</B></FONT>
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<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><I>Pillar 1 </I>sets capital
requirements for credit
risk, market risk and
operational risk. Existing
rules for market risk
capital are substantially
unchanged. The rules for
credit risk capital will be
more risk-sensitive than at
present and banks will be
permitted to use some of
their own internal risk
assessments to determine
regulatory capital. The
regulatory capital charge
for operational risk
(consequential risk) is new
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><I>Pillar 2 </I>involves
regulatory assessment of
models, controls, standards
and processes in the
organization &#151; a qualitative
assessment to complement the
quantitative assessment
under Pillar 1. This process
already exists for market
risk but will be more
extensive under Basel II
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><I>Pillar 3 </I>requires enhanced
disclosure by banks. In 2002, we
launched a project to implement
</FONT></TD>
</TR>
</TABLE>
<DIV align="left"><FONT size="2">Basel II in UBS. The overall
goals of Basel II are clearly
compatible with our own ambition
and past strategic decision to be
among the leading institutions in
risk management and control and,
particularly in the areas of
portfolio credit risk
measurement, sophisticated
internal models are
indispensable.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since the final details of
Basel II are not yet known, the
initial focus of the work has
been on areas that clearly
benefit our own internal
measurement, management and
control tools. For credit, this
has meant ensuring the
completeness and accuracy of loss
history data (observed defaults,
migrations and loss severity);
reviewing rating processes, tools
and methodologies; and completing
all relevant documentation.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There will be considerable
flexibility for banks to develop
different approaches to the
modeling and qualitative aspects
of operational risk. We have
continued to gather loss and
other event-related data,
focusing on data quality and
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P align="left"><FONT size="2">consistency of detail and
definition. Banks will have to
support their quantitative
approaches
with a strong qualitative
framework and, as outlined in the
&#147;Consequential risk&#148; section
above, we are developing
group-wide qualitative standards.
While it is clear that improving
the qualitative framework should
beneficially impact loss
experience, there is no simple
formula. Once the final details
of Basel II are clear, we will
further accelerate our
quantitative work.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pillar 3 will require banks
to disclose a range of
information about the risks they
take, the way they assess risks
and their regulatory capital
position, beyond the present
financial reporting guidelines.
The intention is to subject banks
to &#147;market discipline&#148; &#151; the
markets would reinforce
regulatory supervision by
requiring higher or lower costs
of capital based on the
individual bank&#146;s level of risk
and quality of risk management
and control.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS is a supporter and
exponent of transparency in
banks&#146; financial statements, and
of disclosure as a means to
promote market discipline. We
thus support the aims of Pillar 3 &#151; indeed, we would encourage
similar developments by other
financial services regulators.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discussions are continuing
on the final detail of Pillar 3
and UBS is working with the
industry and regulators to try to
ensure an appropriate balance
between, on the one hand, the
benefits of enhanced disclosure
and, on the other, the negative
impact of excessive detail which
may confuse rather than assist
the reader. We also continue to
encourage regulators and
accounting standard setters to
work together to harmonize
disclosure requirements.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We expect that, as risk
management and control practices
evolve, banks&#146; disclosure
standards will also change, and
we are committed to remaining at
the forefront of meaningful
disclosure.
</FONT></DIV>

</DIV><!--  NBSP --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 77
</B></FONT>
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<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="21%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="74%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
<B>Capital and Risk Management<br>
Group Treasury</B></FONT></TD>
</TR>
 </TABLE>
</DIV>

<!-- link2 "Group Treasury" -->
<DIV align="left"><A NAME="167"></A></DIV>
<P><FONT size="5">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Group Treasury
</FONT>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">The processes and transactions
for which Group Treasury is
responsible relate to our
corporate legal structure,
regulatory capital, balance
sheet, funding and liquidity,
non-trading currency and interest
rate risk and financial
investments, including:
</FONT>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">efficient governance of the
firm&#146;s interest rate risk process
with the aim of optimizing risk
capture and management, netting
potential and organizational cost
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">management of Group Treasury&#146;s
own interest rate risk position,
which arises from its balance
sheet management activities,
which are non-trading
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">providing
a framework for sustainable and
cost-efficient funding of the
firm&#146;s balance sheet, using a
well-diversified portfolio of
funding sources and preserving a
balanced liability structure
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">management of UBS&#146;s long-term
debt portfolio
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">providing a
framework for optimal liquidity
management in order to generate
cash when required without
compromising the Group&#146;s ability
to take advantage of market
opportunities
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">efficient
management of the
currency-diversified equity
investment portfolio, and of the
Group&#146;s non-trading foreign
exchange exposure, to shield
regulatory capital ratios and
expected future cash flows from
fluctuations in exchange rates
against the Swiss franc
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">efficient management of the
capital base, taking into account
financial ratios and regulatory
capital requirements with a view
to maintaining strategic
flexibility, sound capitalization
and strong ratings
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">efficient management of UBS&#146;s
own shares
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">adherence to an
adequate, lean and transparent
corporate legal structure to
underpin the Group&#146;s commitment
to meeting international
standards for corporate
governance
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">efficient management
of specific strategic investment
holdings.
</FONT></TD>
</TR>
</TABLE>
</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Interest rate risk management</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">Interest rate risk is inherent in
many of our businesses. It arises
from a variety of factors,
including differences in timing
between contractual maturity or
re-pricing of assets, liabilities
and derivative instruments, which
impact net interest income in the
event of changes in market
interest rates. In the case of
variable rate assets and
liabilities, UBS is also exposed
to basis risk, which is the
difference in re-pricing
characteristics of floating rate
indices, such as the savings rate
and market rates, and which can
result in changes to net income
and the valuation of our assets
and liabilities. In addition,
certain products have embedded
options that affect their pricing
and effective maturity.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Most non-trading interest
rate risks are captured at the
point of business origination and
then transferred, through a
transfer pricing mechanism, to
one of the centralized risk
management units, predominantly
either Group Treasury or UBS
Warburg&#146;s Cash and Collateral
Trading unit (CCT).
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This process allows us to
exploit Group-wide netting
potential in the management of
interest rate risk. The only
notable exceptions to this rule
are the five independent private
banking subsidiaries which manage
their own interest rate risk
separately; however the amount of
interest rate risk involved is
not material to the financial
condition or results of the Group
as a whole.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For internal risk management
and control, the Group&#146;s standard
market risk measure, Value at
Risk (VaR), is applied to all
Group Treasury positions,
although Group Treasury&#146;s book is
not subject to market risk
regulatory capital requirements.
Group Treasury&#146;s interest rate
risk is the predominant element
of the Corporate Center VaR shown
in the table on page 74 in the
&#147;Market risk&#148; section. We apply
additional risk measures
appropriate to a &#147;Bank Book&#148; to
the interest rate positions
managed by Group Treasury. These
are explained below in the
&#147;Interest rate risk in the Group
Treasury Bank Book&#148; section.
</FONT></DIV>

</DIV><!--  NBSP --><P>&nbsp;<BR clear="all">



<P align="left"><FONT size="2"><B>
 78
</B></FONT>


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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P><FONT size="2"><B>Internal hedging process</B>
</FONT>

<DIV align="left"><FONT size="2">In applying our internal hedging
process, a distinction is made
between transactions with fixed
maturities and those without
contractual maturity dates or
directly market-linked rates
(such as retail products).
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transactions with fixed
maturities are transferred by
individual back-to-back
transactions to Group Treasury in
the case of long-term Swiss franc
transactions, and to CCT in the
case of short-term Swiss franc
and all non-Swiss franc
transactions.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Client current and savings
accounts and many other products
of UBS Wealth Management &#038;
Business Banking have no
contractual maturity date or
directly market-linked rate, and
can be thought of as containing
embedded
pre-payment/withdrawal and
re-pricing options. Their
interest rate risk cannot be
transferred by simple
back-to-back transactions and
they are therefore transferred on
a pooled basis. This entails the
establishment of a &#147;replication&#148;
portfolio &#151; a portfolio of
revolving transactions between
the originating business unit and
Group Treasury at market rates
designed to approximate the
average cash flow and re-pricing
behavior of the pooled client
transactions. The structure and
parameters of the replication
portfolios are set in accordance
with long-term observations of
market and client behavior and
are reviewed periodically. The
current extraordinarily low
interest rate environment,
especially in Swiss franc rates,
led, at the end of 2002, to some
temporary adjustments of the
replication portfolios for
variable rate liabilities.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a result of this process,
the originating business units
are immunized as far as possible
against market interest rate
movements, but retain the product
margin, while Group Treasury
acquires market interest rate
based positions which can be
managed within its approved
limits and mandate.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A significant amount of
interest rate risk also arises
from non-business related balance
sheet items, such as the
financing of our real estate and
equity investments in associated
companies,
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P align="left"><FONT size="2">and the investment of
our own equity. These are all
strategic decisions, which
implicitly create interest rate
exposures. These non-business
items are also transferred to
Group Treasury through
replicating portfolios which, in
this case, are designed to
approximate the investment or
funding profile mandated by the
GEB.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All replicating portfolios
are updated monthly by replacing
maturing tranches with new
tranches, taking into account
changes in the underlying
portfolios over the period.
Although the choice of monthly
rollovers for each replicating
portfolio helps to minimize the
volume of transactions required
at any one time, new aggregate
tranches are, nevertheless, of
such a size that they cannot be
laid off to the market instantly.
There are, furthermore, long term
fixed rate refinancing
requirements arising mainly from
the commercial lending activities
of UBS Wealth Management &#038;
Business Banking, which occur
throughout the month. Group
Treasury therefore actively
manages the timing of its
hedging, which leads to
intra-month interest rate risk
exposure that can fluctuate
significantly during the course
of each month.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All risk transferred to CCT
is managed by CCT within its risk
limits, according to its risk
view and appetite (see also
&#147;Market risk&#148; section on pages 71
to 75). To the extent that Group
Treasury needs to hedge its
positions, it also deals with UBS
Warburg units, which are the sole
interface to the external markets
for both cash and derivative
transactions.
</FONT></DIV>

<P><FONT size="2"><B>Interest rate risk in the Group Treasury<BR>Bank Book</B>
</FONT>

<DIV align="left"><FONT size="2">The GEB has approved risk
management policies, risk limits
and a control framework for Group
Treasury&#146;s Bank Book interest
rate risk management process.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The internal control
framework includes an allocation
of the Group VaR limit (which
also covers Group
Treasury&#146;s foreign exchange
risk). Group Treasury&#146;s VaR
exposure is included in the table
on page 74.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 79
</B></FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:74%">

<P><FONT size="2"><B>Capital and Risk Management<BR>
Group Treasury</B>
</FONT>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

</DIV><!--  npsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Three key interest rate risk
measures are also used within
Group Treasury:
</FONT></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><I>Interest rate sensitivity</I>
expresses the impact of a
one basis point (0.01%)
parallel rise in interest
rates on the fair value (net
present value) of all our
interest rate risk positions
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><I>Economic value sensitivity</I>
measures the potential
change in fair value of
Group Treasury&#146;s interest
rate positions resulting
from a large instantaneous
shock to interest rates
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><I>Net interest income at risk </I>is
defined as the potential change
in our net interest income
resulting from adverse movements
in interest rates over the next
twelve months. Various changes in
the level of interest rates are
applied. Usually the worst case
is captured by using
instantaneous shock scenarios.
All of the scenarios are compared
with a scenario where current
market rates and client behavior
are held constant for the next
twelve months. The methodology is
designed to highlight the effects
of market changes in interest
rates on Group Treasury&#146;s balance
sheet positions &#151; it ignores
future changes in the asset and
liability mix and it is not,
therefore, a predictor of future
net interest income.
</FONT></TD>
</TR>
</TABLE>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The interest
rate sensitivity measure is a
simple unit measure of
sensitivity, which does not, in
itself, provide an indication of
potential loss. The economic
value sensitivity and net
interest income at risk
methodologies provide different,
but complementary, views of
potential loss from interest rate
risk. The economic value
sensitivity measure provides both
a longer-term view and a view of
the whole book, since it takes
into account the present value of
all future cash flows generated
from the existing balance sheet
positions. The net interest
income at risk measure, by
contrast, considers only the
re-pricing effect from positions
maturing over the next twelve
months, and thus provides a
shorter-term view but one which
more closely reflects financial
reporting.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In all three measures,
for internal purposes we assess
the exposure both including and
excluding the replication
portfolio representing the
Group&#146;s equity. When this
portfolio is excluded, the
exposure under all three measures
increases, since the exposures on
assets in which the equity is
invested are no longer netted
against the benchmark for equity
investment.
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to reflect the
significant increase in business
activities in foreign currencies,
the GEB decided in 2002 to
diversify the equity investment
strategy from a pure Swiss franc
investment portfolio into
portfolios of different
currencies. Our equity is
currently invested in portfolios
of longer term fixed-rate assets
in Swiss francs, US dollars and
euros, in line with the strategic
investment targets set by the
GEB. At 31 December&nbsp;2002 the
Swiss franc portfolio had an
average duration of 3.3&nbsp;years and
an interest rate sensitivity of
CHF 11.93&nbsp;million per basis
point. For the US dollar
portfolio, the duration was 5.1
years and its sensitivity CHF
1.81&nbsp;million per basis point and
for the euro portfolio the
duration was 3.3&nbsp;years and its
sensitivity CHF 0.47&nbsp;million per
basis point.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The interest rate
sensitivity of these investments
is directly related to the chosen
investment duration. It should be
recognized that, although
investing in significantly
shorter maturities would lead to
a reduction in the apparent
interest rate sensitivity and
economic value sensitivity of our
Bank Book positions, it would
lead to higher net interest
income at risk (when measured
excluding the equity itself) and
to higher volatility in the
Group&#146;s actual interest earnings.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The table on page 81 shows
the interest rate sensitivity of
our overall interest rate risk
positions as at 31 December&nbsp;2002.
The first total is the
sensitivity including the equity
replicating portfolio, while the
final total, which is
significantly larger, excludes
this portfolio.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The table on page
81 shows the change in risk under
the economic value sensitivity
and net interest income at risk
measures between
31 December&nbsp;2000 and 31 December
2002.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The net interest income at
risk figure shown is the worst
case among various interest rate
scenarios that have been
analyzed, and results from an
assumed downward interest rate
shock (parallel shift) of 200
basis points. At 31 December
2002, the difference in the
projected outcome in this
scenario from that projected in a
constant market rate scenario
represented a reduction of CHF
151&nbsp;million in the year&#146;s total
net interest income, compared
with a reduction of CHF 313
million on 31 December&nbsp;2001.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The economic value
sensitivity measure shows the
effect of a 100 basis point
adverse interest rate shock. At
31 December&nbsp;2002, a 100 basis
point upward shock of Swiss franc
rates
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 80
</B></FONT>
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<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P><FONT size="2"><B>Interest rate sensitivity of the bank book</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="49%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="2">As at 31.12.02</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="2"><I>CHF thousand per</I></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">Within 1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">1 to 3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">3 to 12</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">1 to 5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">Over 5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="2"><I>basis point increase</I></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">month</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">months</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">months</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">years</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">years</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">Total</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">CHF</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">16</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(126</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">97</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(63</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(114</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(190</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">USD</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">27</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(80</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(66</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">56</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">936</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">873</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">EUR</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(3</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">44</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">191</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">241</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">GBP</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(37</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">89</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">581</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">632</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">JPY</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">20</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(24</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(4</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Others</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(1</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(3</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(4</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total</B><SUP><B>1</B></SUP></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>50</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>(208</B></FONT></TD>
    <TD nowrap><FONT size="2"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>38</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>292</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>1,378</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>1,549</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">of which equity replicating
portfolio (CHF)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">62</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">24</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">439</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">6,393</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">5,011</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">11,929</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">of which equity replicating
portfolio (USD)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">11</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">629</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,164</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,807</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">of which equity replicating
portfolio (EUR)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">16</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">267</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">189</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">474</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total equity replicating portfolio</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>66</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>25</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>466</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>7,289</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>6,364</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>14,210</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Bank book without
equity replicating portfolio (total)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(16</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(233</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(428</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(6,997</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(4,987</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(12,661</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" nowrap align="left"><FONT size="1"><sup>1</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="98%"><FONT size="1">Total risk position includes adjustments of the replication portfolios
for variable-rate products.<sup>&nbsp;</sup>
</FONT></TD>
</TR>
</TABLE>

<P><FONT size="2"><B>Change in risk under the two methodologies</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
 <TR valign="bottom">
    <TD width="56%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="10"><FONT size="2">As at</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="10"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2"><FONT color="#C66005"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">31.12.01</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">31.12.00</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net interest income at risk</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>(151</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(313</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(247</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Economic value sensitivity</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>(1,246</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(1,319</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(908</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">would lead to a CHF 1,246&nbsp;million
decline in fair value, compared
with an exposure of CHF 1,319
million to the same scenario on
31 December&nbsp;2001.
</FONT>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Liquidity and funding management</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">The liquidity management process
is undertaken jointly by Group
Treasury and CCT. Group
Treasury&#146;s function is to
establish a comprehensive
management framework, including
policies and risk limits, while
CCT undertakes operational cash
and collateral management
transactions within the
established parameters. This
centralized cash and collateral
management structure permits
tight control on both our global
cash position and our stock of
highly liquid and rediscountable
securities.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The GEB has approved a
policy establishing the core
principles for liquidity
management and has defined an
appropriate contingency plan. A
first set of principles relates
to the establishment of liquidity
risk limits (for example, a net
overnight funding limit). The
risk limits are set by the GEB
and monitored by Group Treasury.
The Group&#146;s liquidity exposure is
assessed by the
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P align="left"><FONT size="2">Group Treasury Committee (GTC),
which is chaired by the Group
Treasurer and meets on a monthly
basis. A second set of principles
concentrates on liquidity crisis
management, for which a detailed
Group Liquidity Contingency Plan
has been developed. This has been
incorporated into UBS&#146;s Global
Crisis Management Concept, which
covers all types of crisis
events, including a liquidity
crisis, and applies to all
Business Groups and subsidiaries
of the UBS Group. Regional
committees monitor the markets in
which UBS operates for potential
threats and regularly report
their findings to Group Treasury.
In the event of a liquidity
crisis, regional crisis task
forces implement contingency
plans under the direction of
senior management.
</FONT>

<P><FONT size="2"><B>Benefits of centralization</B>
</FONT>

<DIV align="left"><FONT size="2">Being a globally integrated
financial services firm, UBS&#146;s
range of business activities
naturally generates asset and
liability portfolios which are
highly diversified with respect
to market, product and currency.
This reduces
UBS&#146;s exposure to individual
funding sources, and also
provides a broad range of
investment opportunities, which
in turn reduces liquidity risk.
The centralized approach
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 81
</B></FONT>
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<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P><FONT size="2"><B>Capital and Risk Management<BR>
GroupTreasury</B>
</FONT>

</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:40%">

<P align="left"><FONT size="2">to liquidity
management adopted at
UBS allows these
advantages to be
exploited. Group
Treasury is,
furthermore,
instrumental in
executing an
integrated collateral
management process on
a Group-wide basis to
ensure that the large
pool of high-quality
collateral gathered
across the Group is
made available for
repurchase and
securities lending
transactions through
which CCT creates
additional revenues
for both UBS and our
clients, and also
generates substantial
funding on a secured
basis. This additional
liquidity cushion
could be crucial in
crisis situations.
</FONT>

<P><FONT size="2"><B>Funding sources and approach</B>
</FONT>

<DIV align="left"><FONT size="2">With a broad diversification of
funding sources (by market,
product and currency), we
maintain a well-balanced
portfolio of liabilities which
generates a stable flow of
financing and provides protection
in the event of market
disruptions. This, together with
our centralized funding
management, enables us to pursue
a funding strategy which seeks to
ensure that business activities
are funded at the lowest possible
cost.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In this context, UBS&#146;s
strong domestic retail business
is a very valuable, cost
efficient and reliable source of
funding. Through the
establishment of short, medium
and long-term funding programs in
Europe, the US and Asia, we can
both provide specialized
investments to our customers and
efficiently raise funds globally,
minimizing our dependence on any
particular source. This
integrated approach to funding
allows us to exploit our ability
to create tailor-made structured
products for both private and
institutional investors across
the globe. The creation and
marketing of such cost-effective
structured debt issuance is
achieved through close
co-operation across various
business areas. The embedded
risks are managed by UBS Warburg,
while Group Treasury determines
the effective funding levels at
which the underlying debt
components are issued.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We plan our medium- and
long-term funding activities by
assessing the overall funding
profile of the balance sheet,
taking due account of the
effective maturity of our asset
base and the amount of maturing
debt that will have to be
replaced. We also factor in our
ability to continue to fund our
ongoing business activities
through periods of difficult
market conditions</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We make
frequent use of
asset-securitization structures,
in particular in connection with
the</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P align="left"><FONT size="2">sale of corporate loans and
retail mortgages. These do not,
however, constitute a material
portion of UBS&#146;s funding
activities and our liquidity
status would not be significantly
affected if capital markets were
to become inaccessible for such
securitization transactions. UBS
has no long-term commitments to
continue to purchase the types of
assets being securitized.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The charts below show a
breakdown by product type and by
currency of our secured and
unsecured funding as at 31
December&nbsp;2002. UBS has a strong
secured funding base that reduces
our exposure to periods of
stressed market conditions where
the ability to raise unsecured
funding could be temporarily
restricted. Of our total funding,
44% was raised on a secured basis
and 56% unsecured. The unsecured
funding base is well diversified,
with 16% of funding stemming from
savings and demand deposits, 7%
from fiduciary deposits and only
8% from money market papers and
9% from short-term inter-bank
borrowing. Most of our funding
was originated in US dollars,
with major portions also being
raised in Swiss francs and in
euro, roughly mirroring the
currency breakdown of our assets.
Around 10% of our funding was
denominated in
</FONT></DIV>

<P><FONT size="2"><IMG src="y84349y84349b3.gif" alt="(UBS FUNDING BY PRODUCT TYPE)">
</FONT>

</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 82
</B></FONT>
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<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">other currencies
(primarily sterling and Japanese
yen). UBS does not rely on buying
committed credit facilities from
third party banks, but instead we
base our contingent funding
sources on our ability to raise
secured funding through the use
of high-quality collateral.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the course of 2002, UBS&#146;s
long-term debt remained stable,
decreasing slightly from CHF 57.2
billion at 31 December&nbsp;2001 to
CHF 56.6&nbsp;billion at 31 December
2002, despite the 6% contraction
of the Group balance sheet over
the same period. The maturity
profile of our long-term debt
portfolio is well balanced. See
Note 18 to the UBS Group
Financial Statements for further
information concerning long-term
debt.
</FONT></DIV>

<P><FONT size="2"><B>Liquidity management approach</B>
</FONT>

<DIV align="left"><FONT size="2">Our approach to liquidity
management is to ensure, as far
as possible, that we will always
have sufficient liquidity to meet
liabilities when due, without
compromising our ability to
respond quickly to strategic
market opportunities. Our
centralized approach to liquidity
management encompasses both
branches and subsidiaries and
seeks to ensure that the
liquidity position is more than
adequate to cover short-term
liabilities at all times. UBS&#146;s
liquidity management is based on
an integrated framework that
incorporates an assessment of all
expected cash flows within the
firm and the availability of
high-grade collateral which could
be used to secure additional
funding if required. The
liquidity position is assessed
and managed under a variety of
potential scenarios, giving due
consideration to stress factors.
The range of scenarios analyzed
encompasses both normal market
conditions and stressed
conditions, including both UBS
specific and general market
crises. For each scenario
considered, the short-term
liquidity position arising out of
non-trading activities is
determined by identifying the gap
between liabilities running off
and maturing assets to be repaid.
This analysis is augmented by
ascertaining the value of trading
book assets which could be
liquidated as compared to the
liabilities which would have to
be repaid. In assessing this gap,
we take into account both our
ability to utilize collateral -
both our own and collateral
borrowed from customers &#151; to
raise funds, which may enhance
our liquidity, and the
possibility that our customers
may seek to draw down unutilized
capacity under credit lines we
extend
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P align="left"><FONT size="2">them, which may place
further demands on liquidity. We
also take into account the fact
that, while under normal market
conditions it can be safely
assumed that most maturing assets
would be repaid, trading assets
successfully liquidated and
maturing liabilities replaced by
creating new liabilities, this
will not necessarily be the case
under stressed conditions.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The starting point for these
stress analyses is the breakdown
by contractual maturity of our
assets and liabilities. This is
displayed as at 31 December&nbsp;2002
in Note 29 to the UBS Group
Financial Statements, which shows
the profile of UBS&#146;s overall
cash-flow ladder under a business
as usual scenario. Various stress
scenarios are then simulated by
adjusting this assumed cash-flow
ladder according to each type of
stress event. These scenarios
range from a liquidity squeeze
that remains confined to the
capital and inter-bank markets
(akin to the Asian crisis of
1997, the Russian crisis of 1998
and the crisis following 11
September&nbsp;2001) to a full-blown
general market crisis that
affects all participants and
spans all market sectors on a
global basis. Particular emphasis
is also placed on a bank-specific
crisis, where UBS alone is
affected. Again, this crisis is
assumed to occur globally across
all market sectors. In this way,
varying degrees of severity are
simulated and all of UBS&#146;s
funding sources and investments
are assumed to be put under
stress. The range of effects
evaluated includes:
</FONT></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">inability
to roll over maturing unsecured
debt (both long-term and
short-term debt such as UBS&#146;s
commercial paper programs)
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">inability to raise new unsecured
(short-term or long-term) debt
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">increased collateral margins on
the bank&#146;s secured funding
sources &#151; a sudden, large outflow
of retail deposits (&#147;bank run&#148;)
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">a large increase in drawdowns of
unutilized committed credit lines
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">an increase in haircuts applied
to trading portfolio assets (for
sale or pledging in repo
transactions).
</FONT></TD>
</TR>
</TABLE>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Furthermore, because it is
probable that customers will also
be affected by such a liquidity
crisis and thus unable to meet
their obligations, it is assumed
that all core businesses, such as
consumer loans and mortgages, and
investments must continue to be
financed, even if they fall due
during the assumed crisis period.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 83
</B></FONT>
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<DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P><FONT size="2"><B>Capital and Risk Management<BR>
Group Treasury</B>
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="2"><B>UBS-specific crisis: liquidity gap and contingency funding</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="60%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="14"><FONT size="2">As at</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="14"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="2"><I>CHF billion</I></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2"><FONT color="#C66005"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2"><FONT color="#C66005"><B>30.9.02</B></FONT></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">30.6.02</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">31.3.02</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Crisis liquidity gap</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>(26</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>(33</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(10</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(12</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Secured contingency funding</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>71</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>73</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">72</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">89</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net position</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>45</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="2" color="#C66005"><B>40</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">62</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">77</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our exposure under these
liquidity stress scenarios is
analyzed on a monthly basis and
any ensuing liquidity gap is
assessed to ascertain the ability
of the bank to bridge the gap by
means of our large stock of
committed, undrawn central bank
facilities and through increased
use of repurchase and similar
transactions. The assumed crisis
gap is monitored monthly by Group
Treasury and action is taken if
it exceeds a predefined trigger
level.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The results of the liquidity
stress scenario analyses are
reported monthly to the Group CRO
and quarterly to the GEB. The
table above shows the development
during 2002 of the cumulative
30-day liquidity gap that could
arise during a UBS-specific
crisis and the amount of
contingency funding that could be
raised to redress the
potential imbalance. The
secured funding capacity in the
table relates exclusively to
securities that are eligible for
pledging at the major central
banks and assumes application of
crisis-level collateral margins.
It does not take account of our
additional stock of liquid
securities that could be used to
raise secured funding on the
interbank market and it is
assumed that none of the
contingency funding would be
raised on an unsecured basis.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The results shown above are
regarded as constituting a
worst-case scenario that
comprises a simultaneous
combination of severe impairments
to UBS&#146;s overall liquidity
situation across all markets,
currencies and products. The
scenario assumes, inter alia,
that we would be unable to renew
any of our unsecured debt,
including our entire maturing
Money Market Papers (outstanding
volume CHF 73&nbsp;billion as of 31
December&nbsp;2002), as could occur if
we were to suffer a severe
downgrading of our credit
ratings. It further encompasses
potential liquidity outflows due
to contingent liabilities, in
particular those due to undrawn
committed credit lines. Exposures
to other contingent commitments,
such as guarantees and letters of
credit, are also included in this
analysis, even though these are
not as vulnerable since they are
generally not
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P align="left"><FONT size="2">unconditional but
are, rather, linked to other
(independent)&nbsp;conditions
precedent being fulfilled. The
scenario also assumes that the
crisis would engulf UBS&#146;s source
of retail deposits, thereby
leading to massive withdrawals
from current accounts, savings
accounts and deposits.
Furthermore, access to the client
collateral pool is assumed to be
limited as a result of securities
lending agreements being
cancelled during such a crisis.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apart from regularly
monitoring unutilized committed
credit facilities, UBS also
assesses latent liquidity risks
that could materialize if we were
to suffer a downgrading of our
credit ratings. &#147;Rating Trigger&#148;
clauses, especially in derivative
contracts, create such risks as
they could result in an immediate
cash outflow due to the unwinding
of derivative positions with a
negative replacement value, or
the need to deliver additional
collateral. The contingent
exposure arising directly from
these rating triggers is judged
not to be material, even if UBS
were to be downgraded to
sub-investment-grade level. This
exposure is prudently managed on
an ongoing basis by regularly
repeating the exposure analysis
and by ensuring that any
significant rating trigger
clauses are subject to
appropriate explicit approvals.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While UBS engages in
financial transactions that
involve the utilization of
non-consolidated special-purpose
entities, our funding and
liquidity capacity is not reliant
upon these entities to any
material extent. Additionally,
should any or all of these
financial channels become
unusable, the impact on UBS&#146;s
liquidity resources would be
insignificant. All of UBS&#146;s major
sources of liquidity are
channeled through entities that
are fully consolidated and are
included in the scenario analyses
described above.
</FONT></DIV>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Currency management</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">We report our results in Swiss
francs, the currency of the
country in which we are
incorporated. Our corporate
currency management activities
</FONT>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 84
</B></FONT>
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<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">are designed to protect the
Group&#146;s BIS Tier 1 ratio and
expected future foreign currency
cash flows from adverse movements
of the Swiss franc against the
currencies of our assets,
revenues and
costs, while preserving the
option to take advantage of
market opportunities which may
arise.
</FONT>

<P><FONT size="2"><B>Translation (balance sheet) currency risk</B>
</FONT>

<DIV align="left"><FONT size="2">We aim to maintain our
flexibility in being able to
divest foreign currency assets at
any time without adverse currency
impact by match-funding, i.e. a
US dollar asset is funded in US
dollars, an euro asset in euros,
etc. This policy has, in the
past, also been applied to equity
investments in consolidated
subsidiaries and branches, which
were match-funded by debt, while
our equity remained predominately
invested in Swiss francs.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;However, our non-Swiss
activities have expanded
significantly in the last five
years, and the currencies of our
balance sheet assets are now more
diversified. A significant
depreciation of the Swiss franc
against these currencies would
therefore result in a
deterioration of our BIS Tier 1
ratio. We have therefore decided
to adopt a new equity investment
approach more in line with our
business portfolio. In future,
our equity will be diversified
into Swiss francs, US dollars,
euros and sterling in proportion
to our risk-weighted assets in
these four main currencies, by
investing directly in the capital
of subsidiaries and branches
denominated in these currencies.
The current match-funding (or
structural hedging) of equity
investments in consolidated
subsidiaries and branches will be
progressively terminated. This
will create structural foreign
currency exposures, the gains or
losses on which will be recorded
through equity and will therefore
lead to fluctuations in the
Group&#146;s capital base in line with
the fluctuations in risk-weighted
assets, thereby protecting the
BIS Tier 1 capital ratio.
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The financial transactions
to achieve this structure were
started in fourth quarter 2002.
The first significant impact on
our capital base can be expected
in first quarter 2003 (depending
on the size of currency moves
against the Swiss franc). Further
equity investments will follow in
the course of 2003. We believe
that complete BIS Tier 1 ratio
protection will be achieved
towards the end of 2003 when the
target currency mix of invested
equity should be in place.
</FONT>
<P><FONT size="2"><B>Transaction (revenues/expenses)<BR>
currency risk</B>
</FONT>

<DIV align="left"><FONT size="2">Each month, final profits or
losses are translated, for
financial accounting purposes,
into Swiss francs from the
original transaction currencies
at the prevailing rate at the end
of the month. At the same time,
we sell down these profits or
losses into Swiss francs in order
to reduce earnings volatility
resulting from subsequent
exchange rate movements. (Small
gains or losses from timing
differences between month-end and
actual sell down are reported as
income in Corporate Center.)
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Furthermore Group Treasury
proactively hedges, from time to
time, significant currency
exposures arising from expected
future foreign currency
earnings/costs (mainly US dollar,
euro and sterling), in accordance
with the instructions of the GEB.
Economic hedging strategies
employed include a cost-efficient
option purchase program,
providing a safety net against
unfavorable currency fluctuations
while preserving upside
potential. The hedge program has
a time horizon of up to twelve
months and is not restricted to
the current financial year.
Although intended to hedge future
cash flows, these transactions
are considered open currency
positions and included in VaR for
internal and regulatory capital
purposes (refer also to page 74
in the &#147;Market risk&#148; section).
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P><FONT size="2"><B>Non-trading currency risk VaR</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1"><I>CHF million</I></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#C66005"><B>2002</B></FONT></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">2001</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">2000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Minimum</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>0.7</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">11.6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Maximum</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>14.2</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">16.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">113.4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Average</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>3.0</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">33.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">End of period</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>0.7</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">12.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 85
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="float: right; width: 74%">

<FONT size="2"><B>Capital and Risk Management<BR>
Group Treasury</B>
</FONT>


<P align="left"><FONT size="2">&nbsp;
</FONT>

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

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
 <TR valign="bottom">
    <TD width="61%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="10"><FONT size="1">As at</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="10"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left"><FONT size="1"><I>CHF million, except ratios</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#C66005"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="12" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">BIS Tier 1 capital</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>27,047</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">29,322</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31,892</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">of which hybrid Tier 1 capital<SUP>1</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>3,182</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3,848</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,456</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">BIS total capital</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>33,009</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">37,471</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">42,860</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="12" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">BIS Tier 1 capital ratio (%)</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>11.3</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">11.6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">11.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">BIS total capital ratio (%)</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>13.8</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">14.8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">15.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="12" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Balance sheet assets</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>205,401</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">214,481</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">223,528</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Off balance sheet and other positions</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>18,122</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">25,935</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">39,002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Market risk positions</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>15,267</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">13,319</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">10,760</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="12" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Total BIS risk-weighted assets</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>238,790</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">253,735</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">273,290</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="12" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
      <TD width="1%" nowrap align="left"><FONT size="1"><sup>1</sup></FONT></TD>
    <TD width="99%"><FONT size="1">Trust preferred securities.
</FONT></TD>
</TR>
</TABLE>

</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="1">&nbsp;
</FONT></TD>
 <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
 <TD><FONT size="1">&nbsp;<br>&nbsp;<br>&nbsp;<br>&nbsp;<br>&nbsp;<br>&nbsp;<br>&nbsp;<br>&nbsp;<br>&nbsp;<br>&nbsp;<br>&nbsp;<br>&nbsp;<br>&nbsp;<br>&nbsp;</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="1">&nbsp;
</FONT></TD>
 <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
 <TD><FONT size="1">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="1">&nbsp;
</FONT></TD>
 <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
 <TD><FONT size="1">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="1">&nbsp;
</FONT></TD>
 <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
 <TD><FONT size="1">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="1">&nbsp;
</FONT></TD>
 <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
 <TD><FONT size="1">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="1">&nbsp;
</FONT></TD>
 <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
 <TD><FONT size="1"><IMG src="y84349y84349b4.gif" alt="(UBS GROUP)">
</FONT></TD>
</TR>
</TABLE>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Capital management</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">We are dedicated to remaining one
of the best capitalized financial
services firms in the world with
sound capital ratios and strong
debt ratings &#151; both are key to
our attractiveness to clients and
investors. Our overall capital
needs are continually reviewed to
ensure that our capital base
appropriately supports our
current and planned business and
regulatory capital requirements.
The use of a variety of
instruments, such as trust
preferred securities, to meet
overall capital levels, is
designed to support our efforts
to meet return on equity targets
and enhance shareholder value.
</FONT>

<P><FONT size="2"><B>Sound capitalization</B>
</FONT>

<DIV align="left"><FONT size="2">The table above shows the key
capital figures and ratios as of
31 December&nbsp;2002, 31 December
2001 and 31 December&nbsp;2000.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The ratios measure capital
adequacy by comparing UBS&#146;s
eligible capital with total
risk-weighted assets, which
include balance sheet assets, net
positions in securities not held
in the trading portfolio,
off-balance sheet transactions
converted into their credit
equivalents at a weighted amount
to reflect their relative risk
and market risk positions based
on VaR (see &#147;Market risk&#148;
section, page 74 and Note 29d to
the UBS Group Financial
Statements).
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The calculation of
capital requirements
applicable to UBS under
Swiss Federal Banking
Commission (SFBC)
regulations differs in
certain respects from the
calculation under the
Basel
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<DIV align="left"><FONT size="2">Capital Accord (&#147;BIS
guidelines&#148;). Most importantly:
</FONT></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">where BIS guidelines apply a
maximum risk weight of 100%, the
SFBC applies risk weights above
100% to certain asset classes
(for example real estate, bank
premises, other fixed assets,
intangible assets excluding
goodwill, equity securities and
unconsolidated equity
investments)
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">where the BIS
guidelines apply a 20% risk
weight to obligations of OECD
banks, the SFBC applies risk
weights of 25% to 75%, depending
on maturity, to such obligations
</FONT></TD>
</TR>
</TABLE>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a result of these differences,
UBS&#146;s risk-weighted assets are
higher, and our ratios of total
capital and Tier 1 capital are
lower when calculated under the
SFBC regulations than under the
BIS guidelines. Nevertheless, UBS
and its predecessor banks have
always had total capital and Tier
1 capital in excess of the
minimum requirements of both the
BIS and the SFBC since these
regulations and guidelines were
first implemented in 1988.
</FONT></DIV>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Capital management in 2002</B>
</FONT></TD>
    </TR>
</TABLE>


<DIV align="left"><FONT size="2">In line with our shareholder
focus, we were able to transfer a
total of CHF 8.3&nbsp;billion of free
equity to our shareholders in
2002. The total amount is split
between the par value capital
repayment of CHF 2.4&nbsp;billion in
July&nbsp;2002 and the total of the
share repurchases for
cancellation executed during 2002
of CHF 5.9&nbsp;billion.
</FONT></DIV>

<P><FONT size="2"><B>Share buyback and cancellation</B>
</FONT>

<DIV align="left"><FONT size="2">Our careful balance sheet
management and strong earnings
continued to generate additional
capital in 2002 despite a weaker
operating environment. This
enabled us, for the third
consecutive year, to conduct
share repurchase programs
</FONT></DIV>

</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 86
</B></FONT>
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<P><DIV style="float: left; width:24%">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><IMG src="y84349y84349b5.gif" alt="(SHARE BUYBACK)">
</FONT></TD>
</TR>
</TABLE>
</DIV><DIV style="float: right; width: 74%">

<P><FONT size="2"><B>Effect of second line trading program on basic earnings per share (EPS)</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="10"><FONT size="1">For the year ended</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="10"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1"><FONT color="#C66005"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="12" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Weighted average shares for basic EPS after treasury shares</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>1,208,586,678</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,266,038,193</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,209,087,927</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Weighted average second trading line treasury shares</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>118,594,983</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">65,624,005</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">43,261,410</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Basic EPS</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>2.92</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.93</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6.44</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Cumulative impact of treasury shares on basic EPS (CHF)</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>0.26</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.19</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.22</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Cumulative impact of treasury shares on basic EPS (%)</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>8.9</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="12" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<DIV align="left"><FONT size="2">which are intended to reduce the
number of issued shares and
enhance our earnings per share.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As in previous years, we
bought the shares through a
second trading line, which allows
us to cancel the shares in the
most tax efficient way. Under
Swiss regulations, a company
wishing to cancel shares must
purchase them on the stock
exchange under a special security
code which clearly identifies the
time and quantity of shares
repurchased for this purpose.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In July&nbsp;2002, following the
approval of shareholders at the
Annual General Meeting on 18
April&nbsp;2002, we canceled a total
of 28,818,690 shares bought back
under our 2001 program. In 2002
we bought 67,700,000 shares in
the maximum amount of CHF 5
billion between 5 March and 9
October&nbsp;2002. A follow-up program
for a maximum of CHF 3&nbsp;billion
was immediately launched. Under
this program, which can run until
5 March&nbsp;2003, a total of
6,335,080 shares for CHF 0.4
billion have been repurchased up
to 31 December&nbsp;2002. The shares
purchased under these programs
will be cancelled in July&nbsp;2003
following the approval of the
Annual General Meeting on 16
April&nbsp;2003.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The number of shares
bought back through the second
trading line program is linked to
the Group&#146;s ability to generate
free equity while maintaining a
strong BIS Tier 1 capital ratio.
The table above shows the impact
on basic earnings per share of
the purchase of treasury shares
through the second line trading
program.
</FONT></DIV>

<P><FONT size="2"><B>Dividends and par value reduction</B>
</FONT>

<DIV align="left"><FONT size="2">In May&nbsp;2001, a new regulation was
introduced which lowered the
minimum par value for Swiss
shares to CHF 0.01. In 2002, as
in 2001, we therefore reduced the
par value of our share by CHF
2.00 per share, repaying that
amount to shareholders.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This type of payment is
treated under Swiss regulations
as a return of capital, not as
income. It is therefore tax
efficient for shareholders who
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<DIV align="left"><FONT size="2">pay tax in Switzerland and is
also beneficial to shareholders
outside Switzerland, as it is not
subject to Swiss withholding tax.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The par value reduction took
place on 8 July&nbsp;2002. Payment was
made on 10 July to holders of
record as of 5 July, bringing the
par value of each UBS share down
from CHF 2.80 to CHF 0.80.
</FONT></DIV>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Capital management plans for 2003</B>
</FONT></TD>
    </TR>
</TABLE>


<P><FONT size="2"><B>New second line buy back program</B>
</FONT>

<DIV align="left"><FONT size="2">As we continue to generate strong
cash flow, we intend to continue
to repurchase shares for capital
reduction purposes under a second
line buy-back program. The
program is aimed at institutional
investors, allowing tax efficient
cancellation of shares.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The new program will start
from 6 March&nbsp;2003 and can run
until 5 March&nbsp;2004 with a maximum
of CHF 5&nbsp;billion worth of shares
repurchasable under the program.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will continue to publish
the number of shares repurchased
and the average price paid on a
weekly basis on the internet at
www.ubs.com/ investors. The
repurchased shares will be
canceled following approval by
the Annual General Meeting in
April&nbsp;2004.
</FONT></DIV>

<P><FONT size="2"><B>Dividend</B>
</FONT>

<DIV align="left"><FONT size="2">For 2002, we plan to pay a normal
dividend to our shareholders
after having made use of the
possibility to make a tax
efficient distribution in 2000
(for the fourth quarter only) and
2001 in the form of par value
reductions.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors will
recommend at the Annual General
Meeting on 16 April&nbsp;2003 that UBS
should pay a dividend of CHF 2.00
per share for the 2002 financial
year, on a par with last year&#146;s
CHF 2.00 distribution.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the dividend is approved,
the ex-dividend date will be 17
April&nbsp;2003, with payment on 23
April&nbsp;2003 for shareholders of
record on 16 April&nbsp;2003.
</FONT></DIV>



<P align="right"><FONT size="2"><B>
 87
</B></FONT>

</DIV>

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<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD align="center" ><FONT size="2"><IMG src="y84349y84349b6.gif" alt="(UBS GROUP)">
</FONT></TD>
</TR>
</TABLE>

<P align="left"><FONT size="2"><B>
 88
</B></FONT>

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<!-- link1 "Corporate Governance" -->
<DIV align="left"><A NAME="168"></A></DIV>
<P align="center"><FONT size="2"><IMG src="y84349y84349b7.gif" alt="(CORPORATE GOVERNANCE)">
</FONT>


<P align="right"><FONT size="2"><B>
 89
</B></FONT>
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<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:74%">

<P><FONT size="2"><B>Corporate Governance<BR>
Introduction and Principles</B>
</FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<!-- link2 "Introduction and Principles" -->
<DIV align="left"><A NAME="169"></A></DIV>
<P><FONT size="5"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Introduction and Principles
</B></FONT>




<P align="left"><FONT size="2"><FONT color="#C66005"><B>UBS is committed to meeting high standards of corporate governance. Our
corporate and executive bodies are organized in line with the leading codes of
best practice.</B></FONT>
</FONT>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">Corporate governance &#151; the way
that the leadership and
management of the firm are
organized and how they operate in
practice &#151; ultimately aims at
leading UBS to success,
protecting the interests of its
shareholders and creating value
for them and for all
stakeholders. Good corporate
governance seeks to balance
&#147;entrepreneurship&#148;, control and
transparency, while supporting
the firm&#146;s success by ensuring
efficient decision-making
processes.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS fully complies
with the standards established in
the &#147;Swiss Code of Best Practice
for Corporate Governance&#148; and the
&#147;SWX Swiss Exchange Directive on
Information relating to Corporate
Governance&#148;, both effective since
1 July&nbsp;2002. UBS also meets the
overwhelming majority of the
corporate governance standards
applicable to companies listed on
the New York Stock Exchange. The
few exceptions are due to
conflicts of law between
Switzerland and the US. These
exceptions are explained on pages
122-123. UBS complies with the
applicable requirements of the US
Sarbanes-Oxley Act, including the
certification of UBS&#146;s Annual
Report on Form 20-F by the
principal executive officer of
the company &#151; the President of
the Group Executive Board &#151; and
the principal financial officer &#151; the Group Controller.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS
operates under a strict dual
Board structure, as mandated by
Swiss banking law. The functions
of Chairman of the Board of
Directors (Chairman) and
President of the Group Executive
Board (President) are conferred
on two different people, thus
providing separation of powers.
No member of one board may be a
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P align="left"><FONT size="2">member of the other. This
structure establishes checks and
balances and creates an
institutional independence of the
Board of Directors from the
day-to-day management of the firm, for
which responsibility is conferred
on the Group Executive Board.
</FONT>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>SWX Swiss
Exchange Reporting on<BR>
Corporate Governance</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">The Handbook&#146;s &#147;Corporate
Governance&#148; section contains the
following information required by
the SWX Swiss Exchange Directive
on Information relating to
Corporate Governance:
</FONT>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">group structure and shareholders
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">capital structure
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Board of Directors
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Group Executive Board
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">compensation, shareholdings and loans to corporate bodies
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">shareholders&#146; participation rights
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">change of control and defense measures
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">auditors
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">information policy
</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">In addition, this section
describes the regulatory and
supervisory environment of UBS in
its principal locations of
activity, explains the few
exceptions where UBS&#146;s corporate
governance standards differ from
the listing standards of the New
York Stock Exchange (NYSE), and
contains a list of the members of
the Group Managing Board of UBS,
the next layer of management
responsibility below the Group
Executive Board.
</FONT>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">



<P align="left"><FONT size="2"><B>
 90
</B></FONT>
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<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P><FONT size="2"><B>Corporate Governance<BR>
Group Structure and Shareholders</B>
</FONT>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

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<DIV align="left"><A NAME="170"></A></DIV>
<P><FONT size="5"><B><DIV style="margin-left:70px">Group Structure
and Shareholders</DIV></B>
</FONT>

<P align="left"><FONT size="2"><FONT color="#C66005"><B>Under Swiss company law, UBS AG is organized as an &#147;Aktiengesellschaft (AG)&#148;, a
corporation that has issued shares of common stock to investors. UBS AG is the
parent company of the UBS Group.</B></FONT>
</FONT>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>UBS Group legal entity structure</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">The legal entity structure of UBS
is designed to support the
Group&#146;s businesses within an
efficient legal, tax, regulatory
and funding framework. Neither
the Business Groups of UBS nor
the Corporate Center operate
through separate legal entities,
but rather they generally operate
out of the parent bank, UBS AG,
through its branches worldwide.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The goal of this structure
is to capitalize on the synergies
offered by the use of a single
legal platform and to enable the
flexible and efficient use of
capital.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Where it is either not
possible or not efficient to
operate out of the parent bank,
usually due to local legal, tax
or regulatory rules or due to
additional legal entities joining
the UBS Group through
acquisition, then businesses
operate through local subsidiary
companies. The significant
operating subsidiary companies of
the Group are listed in Note 35
to the UBS Group Financial
Statements.
</FONT></DIV>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Operational Group structure</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">The four Business Groups UBS
Wealth Management &#038; Business
Banking (with its two business
units Private Banking and
Business Banking Switzerland),
UBS Warburg (comprising the
Corporate and Institutional
Clients and UBS Capital business
units), UBS PaineWebber and UBS
Global Asset Management, together
with the Corporate Center, form
the operational structure of the
Group. Group performance is
reported according to this
structure (see the Financial
Report 2002, pages 35-74). A
description of the various
Business Groups, their strategy,
structure, organization, products
and services is contained in this
Handbook on pages 21-51.
</FONT>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Listed and non-listed companies<BR>
belonging to the Group</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">The following listed company is
included in the Group&#146;s financial
statements on an equity<BR>
participation basis:</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Motor
Columbus AG, Baden (Switzerland),
listed on the SWX Swiss Exchange,
share capital CHF 253&nbsp;million,
capitalization as of 31 December
2002 CHF 1,224.5&nbsp;million, UBS
stake 35.6%, Valor No 212427/ISIN
CH0002124276.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS Group comprises a great
number of subsidiaries, none of
which, however, are listed. For
details of significant
subsidiaries see Note 35 to the
UBS Group Financial Statements.
</FONT></DIV>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Significant shareholders</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">Chase Nominee Ltd., London,
acting in its capacity as a
nominee for other investors, was
registered with 7.68% of all
shares issued as of 31 December
2002, compared to 6.94% at
year-end 2001. According to UBS&#146;s
Regulation on the Registration of
Shares, voting rights of nominees
are restricted to 5%. As in
previous years, no other
shareholder was registered with
more than 5% of all shares
issued. Ownership of UBS shares
is widely spread. Details about
the distribution of UBS shares,
the number of shares registered
and not registered, voting
rights, as well as about the
distribution by category of
shareholders and by geography are
published on pages 139-140 of
this Handbook.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the year
2002, UBS&#146;s holdings of its own
shares twice surpassed the 5%
threshold requiring disclosure
under the Swiss Stock Exchange
law, due to share repurchases for
subsequent cancelation. This led
to the following announcements:
</FONT></DIV>

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<P align="right"><FONT size="2"><B>
 91
</B></FONT>
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<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P><FONT size="2"><B>Corporate Governance<BR>
Group Structure and Shareholders</B>
</FONT>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">17 June&nbsp;2002. Announcement
of a holding of 5.1% of the
share capital in the form of
shares and 1.3% through
derivatives as per 13 June
2002. Simultaneous
announcement that the
holding would fall below the
5% threshold as per 5 July
2002 following the
cancelation of shares
repurchased under the 2001
program.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">18 September&nbsp;2002.
Announcement of move beyond
the 5% limit as per 13
September&nbsp;2002.
</FONT></TD>
</TR>
</TABLE>
</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At year-end, the position in
own shares was 7.8% of the total
share capital in the form of
shares, and 1.7% through
derivatives.
</FONT></DIV>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Cross shareholdings</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">UBS has no cross shareholdings in
excess of a reciprocal 5% of
capital or voting rights with any
other company.
</FONT>

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<P align="left"><FONT size="2"><B>
 92
</B></FONT>
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<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:74%">

<P><FONT size="2"><B>Corporate Governance<BR>
Capital Structure</B>
</FONT>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

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<DIV align="left"><A NAME="171"></A></DIV>
<P><FONT size="5"><B><DIV style="margin-left:70px">&nbsp;&nbsp;Capital
Structure</DIV></B>
</FONT>

<P align="left"><FONT size="2"><FONT color="#C66005"><B>UBS is committed to capital management that is driven by shareholder value
considerations. At the same time, UBS is dedicated to remaining one of the best
capitalized financial services firms in the world.</B></FONT>
</FONT>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Capital</B>
</FONT></TD>
    </TR>
</TABLE>


<P><FONT size="2"><B>Ordinary share capital</B>
</FONT>

<DIV align="left"><FONT size="2">As of 31 December&nbsp;2002, UBS&#146;s
ordinary share capital was CHF
1,005,038,142.40, divided into
1,256,297,678 registered shares
with a par value of CHF 0.80
each. At the Annual General
Meeting (AGM)&nbsp;of Shareholders on
18 April&nbsp;2002, shareholders
approved the cancelation of
28,818,690 shares repurchased
under the 2001 share repurchase
program, and they mandated the
Board to continue with a
repurchase program during
2002/2003 for a maximum amount of
CHF 5&nbsp;billion. On 27 September
2002, the Board of Directors
approved an additional share
buyback program with a maximum
size of CHF 3&nbsp;billion. At the AGM
on 16 April&nbsp;2003, shareholders
will be asked to approve the
cancelation of 75,970,080 shares
repurchased under these two
programs.
</FONT></DIV>

<P><FONT size="2"><B>Conditional and authorized share capital</B>
</FONT>

<DIV align="left"><FONT size="2">At year-end 2002, conditional
share capital totaled CHF
7,672,734.40, corresponding to a
maximum of 9,590,918 shares. The
conditional capital was created
in 2000 in connection with the
acquisition of Paine Webber Group
Inc. for the purpose of covering
option rights granted by the
PaineWebber Group to its
employees. The subscription
ratio, time limits and further
details of these options were
determined by PaineWebber before
the merger and were assumed by
UBS. Options under these plans
are exercisable at any time
between their vesting and the
expiry date. Shareholders&#146;
pre-emptive rights are excluded.
During 2002, 3,398,869 options
were exercised, and 27,929
options expired.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS does not have any
authorized capital outstanding.
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P><FONT size="2"><B>Changes of capital</B>
</FONT>

<DIV align="left"><FONT size="2">Shareholders&#146; equity on 31
December&nbsp;2002 amounted to CHF
38,991&nbsp;million, down 10% from a
year earlier. For all details on
changes in shareholders equity
over the last three years, please
refer to pages 82-83 of the UBS
Group Financial Statements.
</FONT></DIV>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Shares, Participation and Bonus certificates</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">UBS shares are issued as Global
Registered Shares with a par
value of CHF 0.80 each, with each
carrying one vote. Voting rights
may, however, only be exercised
if the holder expressly declares
having acquired these shares in
his own name and for his own
account. Global Registered Shares
provide direct and equal
ownership for all shareholders,
irrespective of the country and
stock exchange where they are
traded. For details see the
&#147;Shareholders&#146; participation
rights&#148; section on pages 109-110
of this Handbook.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As at 31
December&nbsp;2002, 556,448,095 shares
carried voting rights,
140,763,035 shares were entered
in the share register without
voting rights, and 559,086,548
shares were not registered. All
1,256,297,678 shares were fully
paid up. There are no
preferential rights for
individual shareholders.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS has
not issued any participation
certificates or bonus
certificates.
</FONT></DIV>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Limitation on transferability and<BR>
nominee registration</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">UBS does not apply any
restrictions or limitations on
the transferability of its
shares. Shares registered
according to the provisions in
the Articles of Association
(express declaration of
beneficial ownership) may be
voted without any limit in scope.
</FONT>

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<P align="right"><FONT size="2"><B>
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<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P><FONT size="2"><B>Corporate Governance<BR>
Corporate Organization</B>
</FONT>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS has issued special
provisions for the registration
of fiduciaries/nominees.
Fiduciaries/ nominees are entered
in the share register with voting
rights up to a total of 5% of all
shares issued, if they agree to
disclose, upon request from the
firm, beneficial owners holding
0.3% or more of all UBS shares.
An exception from the 5% rule
exists for securities clearing
organizations such as the
Depository Trust Company (DTC)&nbsp;in
New York and SegaInterSettle
(SIS)&nbsp;in Switzerland.
</FONT>
<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Convertible bonds and options</B>
</FONT></TD>
    </TR>
</TABLE>


<DIV align="left"><FONT size="2">UBS has currently no convertible
debt on UBS shares outstanding.
Options on UBS shares accounted
for the total of 88,164,227
employee options
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P align="left"><FONT size="2">on which all
details are reported in Note 32e
to the UBS Group Financial
Statements. For a total of
9,590,918 of those options
exercise will be satisfied
through the creation of newly
issued shares (conditional
capital). Share capital would
therefore be increased by a
maximum of CHF 7,672,734.40. For
the other employee options the
exercise would be satisfied by
the delivery of already issued
treasury shares.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS Warburg, acting as
liquidity provider to the equity
futures market and as a market
maker in UBS shares and
derivatives, has also issued
derivatives linked to UBS stock.
These instruments are classified
as cash-settled derivatives and
are held for trading purposes
only.
</FONT></DIV>

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<P align="left"><FONT size="2"><B>
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</B></FONT>
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<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P><FONT size="2"><B>Corporate Governance<BR>
Board of Directors</B>
</FONT>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

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<DIV align="left"><A NAME="172"></A></DIV>
<P><FONT size="5"><B><DIV style="margin-left:80px">Board of
Directors</DIV></B>
</FONT>

<P align="left"><FONT size="2"><FONT color="#C66005"><B>The Board of Directors is the most senior body with ultimate responsibility for
the strategy and the management of the company and for the supervision of its
executive management. The shareholders elect each member of the Board, which
appoints the Chairman, the Vice Chairmen and the various Board Committees.</B></FONT>
</FONT>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Organizational principles and<BR>
personnel changes</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">The Board, and in particular its
Chairman, takes responsibility
for the mid- and long-term
strategic direction of the Group,
for appointments and dismissals
at top management levels, for
mid-term succession planning and
for compensation principles. It
defines the firm&#146;s risk parameter
and risk limit structure. A large
majority of the Board members are
non-executive and independent.
The Chairman and at least one
Vice Chairman have executive
roles in line with Swiss
</FONT>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P align="left"><FONT size="2">Banking laws, and assume
supervisory and leadership
responsibilities. The Chairman
also assumes a leadership role in
corporate responsibility issues,
public and political affairs and
developing corporate culture.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
at 31 December&nbsp;2002, the Board
consisted of nine directors (see
list below). At its Annual
General Meeting (AGM)&nbsp;on 18 April
2002, UBS&#146;s shareholders elected
Ernesto Bertarelli (born 1965),
CEO of Serono International SA,
Geneva to the Board. Markus
K&#252;ndig, Vice Chairman since 1998,
reached retirement age and
therefore stepped down at that
time.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Members of the Board of Directors</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">The table below provides information about the Board of Directors as at 31
December&nbsp;2002.
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="54%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="left" colspan="2"><FONT size="1">Year of</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="1">Current term</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left" colspan="2"><FONT size="1">initial</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="1">of office</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1">Name and business address</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="1">Positions held in UBS</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left" colspan="2"><FONT size="1">appointment</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="1">runs until</FONT></TD>
</TR>

<TR>
    <TD colspan="9" valign="top" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="1"><B>Marcel Ospel</B><BR>
UBS AG, Bahnhofstrasse 45, CH-8098 Zurich</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
Chairman
</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" valign="top"><FONT size="1">2001<br>
</FONT></TD>
    <TD align="right" valign="top"><FONT size="1"><br>
</FONT></TD>
    <TD nowrap valign="top"><FONT size="1"><br>
</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">2005</FONT></TD>
</TR>
<TR>
    <TD colspan="9" valign="top" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="1"><B>Alberto Togni</B><BR>
UBS AG, Bahnhofstrasse 45, CH-8098 Zurich</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
Executive Vice Chairman
</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" valign="top"><FONT size="1">1998<br>
</FONT></TD>
    <TD align="right" valign="top"><FONT size="1"><br>
</FONT></TD>
    <TD nowrap valign="top"><FONT size="1"><br>
</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">2005</FONT></TD>
</TR>
<TR>
    <TD colspan="9" valign="top" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="1"><B>Johannes A. de Gier</B><BR>
UBS AG, Bahnhofstrasse 45, CH-8098 Zurich</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
Executive Vice Chairman
</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" valign="top"><FONT size="1">2001<SUP>&nbsp;</SUP><br>
</FONT></TD>
    <TD align="right" valign="top"><FONT size="1"><br>
</FONT></TD>
    <TD nowrap valign="top"><FONT size="1"><br>
</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">2003<SUP>1</SUP></FONT></TD>
</TR>
<TR>
    <TD colspan="9" valign="top" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="1"><B>Peter B&#246;ckli</B><BR>
B&#246;ckli Bodmer &#038; Partners, St. Jakobs-Strasse 41,<BR>
P.O. Box 2348, CH-4002 Basel</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
Non-executive Vice Chairman<BR>
Chairman of the Nominating Committee
</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>

<TD nowrap align="left" valign="top"><FONT size="1">1998<SUP>&nbsp;</SUP><br>
</FONT></TD>
    <TD align="right" valign="top"><FONT size="1"><br>
</FONT></TD>
    <TD nowrap valign="top"><FONT size="1"><br>
</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">2003<SUP>1</SUP></FONT></TD>
</TR>
<TR>
    <TD colspan="9" valign="top" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="1"><B>Ernesto Bertarelli</B><BR>
Serono International SA, Chemin des Mines 15bis, CH-121Y1 Geneva 20</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
Member of the Compensation Committee
</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" valign="top"><FONT size="1">2002<br>
</FONT></TD>
    <TD align="right" valign="top"><FONT size="1"><br>
</FONT></TD>
    <TD nowrap valign="top"><FONT size="1"><br>
</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">2006</FONT></TD>
</TR>
<TR>
    <TD colspan="9" valign="top" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="1"><B>Sir Peter Davis</B><BR>
J Sainsbury plc, 33 Holborn, London EC 1N 2HT</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
Member of the Audit Committee
Member of the Nominating Committee
</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" valign="top"><FONT size="1">2001<br>
</FONT></TD>
    <TD align="right" valign="top"><FONT size="1"><br>
</FONT></TD>
    <TD nowrap valign="top"><FONT size="1"><br>
</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">2004</FONT></TD>
</TR>
<TR>
    <TD colspan="9" valign="top" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="1"><B>Rolf A. Meyer</B><BR>
Heiniweidstrasse 18, CH-8806 B&#228;ch</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
Chairman of the Compensation Committee
Member of the Audit Committee
</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>

<TD nowrap align="left" valign="top"><FONT size="1">1998<SUP>&nbsp;</SUP><br>
</FONT></TD>
    <TD align="right" valign="top"><FONT size="1"><br>
</FONT></TD>
    <TD nowrap valign="top"><FONT size="1"><br>
</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">2003<SUP>1</SUP></FONT></TD>
</TR>
<TR>
    <TD colspan="9" valign="top" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="1"><B>Hans Peter Ming</B><BR>
Sika AG, Wiesenstrasse 7, CH-8008 Zurich</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
Member of the Compensation Committee
Member of the Nominating Committee
</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" valign="top"><FONT size="1">1998<br>
</FONT></TD>
    <TD align="right" valign="top"><FONT size="1"><br>
</FONT></TD>
    <TD nowrap valign="top"><FONT size="1"><br>
</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">2004</FONT></TD>
</TR>
<TR>
    <TD colspan="9" valign="top" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="1"><B>Lawrence A. Weinbach</B><BR>
Unisys Corporation, Unisys Way, Blue Bell, PA 19424</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
Chairman of the Audit Committee
</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" valign="top"><FONT size="1">2001<br>
</FONT></TD>
    <TD align="right" valign="top"><FONT size="1"><br>
</FONT></TD>
    <TD nowrap valign="top"><FONT size="1"><br>
</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">2005</FONT></TD>
</TR>
<TR>
    <TD colspan="9" valign="top" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
 </TABLE>
</DIV>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" nowrap align="left"><FONT size="1"><sup>1</sup></FONT></TD>
    <TD width="99%"><FONT size="1">Proposed for reelection at the AGM
2003.<sup>&nbsp;</sup></FONT></TD>
</TR>
</TABLE>



<P align="right"><FONT size="2"><B>
 95
</B></FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P><FONT size="2"><B>Corporate Governance<BR>
Board of Directors</B>
</FONT>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Marcel Ospel </I>was elected to
the Board at the AGM in April
2001 and thereafter appointed as
Chairman. Prior to this mandate,
he served as Group Chief
Executive Officer of UBS. He was
the President and Group Chief
Executive Officer of Swiss Bank
Corporation (SBC)&nbsp;from 1996 to
1998. He was made CEO of SBC
Warburg in 1995, having been a
member of the Executive Board of
SBC since 1990. From 1987 to 1990
he was in charge of Securities
Trading and Sales at SBC. From
1984 to 1987 Mr.&nbsp;Ospel was a
Managing Director with Merrill
Lynch Capital Markets, and from
1980 to 1984 he worked at SBC
International London and New York
in the Capital Markets division.
He began his career at Swiss Bank
Corporation in the Central
Planning and Marketing Division
in 1977. Mr.&nbsp;Ospel graduated from
the School of Economics and
Business Administration (SEBA)&nbsp;in
Basel. He was born on 8 February
1950 and is a Swiss citizen.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Alberto Togni, </I>Vice Chairman, has
been with UBS and SBC since 1959.
From 1994 to 1997 he was Chief
Risk Officer and a member of the
Group Executive Committee of
Swiss Bank Corporation. He
previously held various functions
in the Commercial division,
becoming its head in 1993. In
1981 he was named member of the
Executive Board. Prior to that,
he assumed different management
roles in Zurich, New York, Tokyo
and as representative for the
Middle East in Beirut, after
professional training and various
assignments with SBC in Lausanne,
New York and Zurich. Mr.&nbsp;Togni
graduated from the New York
Institute of Finance. He was born
on 30 October&nbsp;1938 and is a Swiss citizen.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Johannes A. de Gier</I>, Vice
Chairman, was with UBS and SBC
from 1980 until 1999. From 1998
to 1999 he was Chairman and CEO
of Warburg Dillon Read and a
member of the Group Executive
Board of UBS. Prior to this, he
served as Chairman of SBC Warburg
and as Vice President of the
Executive Committee of SBC. From
1991 to 1994 Mr. de Gier was
responsible for Global Corporate
Finance and from 1994 for the
International Finance division.
From 1988 to 1991 he was Chief
Executive of SBC London. He first
joined SBC International London
in 1980 as an Executive Director,
after having been with ABN
Amsterdam&#146;s Trust Company in
Cura&#231;ao, Amro Amsterdam&#146;s Capital
Markets and International Finance
division, and Corporate Finance
of Orion Bank London. Mr. de Gier
holds a law degree of
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P align="left"><FONT size="2">the University of Amsterdam. He was born on 24
December&nbsp;1944 and is a Dutch
citizen.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Peter B&#246;ckli, </I>non-executive
Vice Chairman since 2002, has
been a member of the Boards of
Directors of UBS and its
predecessor Swiss Bank
Corporation since 1985. He has
been a partner in the law office
of B&#246;ckli Bodmer &#038; Partners since
1981 and until March&nbsp;2001 was a
part-time professor of tax and
business law at the University of
Basel. From 1963 to 1981 he was
an attorney-at-law in New York,
Paris and Basel. Mr.&nbsp;B&#246;ckli
graduated as doctor iuris at the
University of Basel and as an
attorney-at-law and is a
non-resident member of the
Association of the Bar of the
City of New York. He was born on
7 May&nbsp;1936 and is a Swiss
citizen.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Ernesto Bertarelli</I>, a member
of the Board since 2002, has been
the Chief Executive Officer of
Serono International SA., Geneva,
since 1996. Mr.&nbsp;Bertarelli
started his career with Serono in
1985 and held several positions
in sales and marketing. Prior to
his appointment as CEO, he served
for five years as Deputy CEO. Mr.
Bertarelli holds a bachelor of
science from the Babson College
Boston and an MBA of the Harvard
Business School. He was born on
22 September&nbsp;1965 and is a Swiss
citizen.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Sir Peter Davis</I>, a
member of the Board since 2001,
has been Group Chief Executive
Officer of J Sainsbury plc,
London, since 2000. He was the
Group Chief Executive of
Prudential plc from 1995 to 2000
and Chief Executive and Chairman
of Reed International and
Chairman of Reed Elsevier
(following the merger of Reed
International with Elsevier) from
1986 to 1995. From 1976 to 1986,
he had responsibility for all
buying and marketing operations
at J. Sainsbury plc. Prior to
that he served as Marketing
Director and Managing Director
for Key Markets, part of Fitch
Lovell Ltd., and as Marketing and
Sales manager at General Foods
Ltd., Banbury. Mr.&nbsp;Davis was
educated at Shrewsbury School and
graduated from the Chartered
Institute of Marketing. He was
born on 23 December&nbsp;1941 and is a
British citizen.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Rolf A. Meyer </I>has been a
member of the Boards of UBS and
its predecessor Union Bank of
Switzerland since 1992. He was
Chairman and CEO of Ciba
Specialty Chemicals Ltd. until
November&nbsp;2000. He was with
Ciba-Geigy Group , which he first
joined in 1973 as a financial
analyst, and subsequently became
Group Company
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">


<P align="left"><FONT size="2"><B>
 96
</B></FONT>
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<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">Controller in Johannesburg, South
Africa, Head of Strategic
Planning and Control in Basel,
Head of Finance and Information
Systems in Ardsley, N.Y., and
later Chief Financial Officer of
the Group. After the merger of
Ciba-Geigy and Sandoz to create
Novartis, he led the spin-off of
Ciba Specialty Chemicals. He now
holds various international board
mandates. Mr.&nbsp;Meyer graduated in
Political Science (Ph.D.) and
holds a Master of Business
Administration. He was born on 31
October&nbsp;1943 and is a Swiss
citizen.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Hans Peter Ming </I>has been a
member of the Boards of UBS and
its predecessor Swiss Bank
Corporation since 1994. He is the
Chairman of the Board of
Directors of Sika AG, Baar,
Switzerland. He has been employed
with Sika since he first joined
in 1967, and assumed various
management positions in this
group in Germany and in
Switzerland. He was named CEO in
1986 and delegate of the Board of
Directors in 1987. In 1999 he was
elected as Chairman. Mr.&nbsp;Ming
graduated as doctor iuris from
the University of Zurich. He was
born on 12 October&nbsp;1938 and is a
Swiss citizen.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Lawrence A. Weinbach</I>, a
member of the Board since 2001,
has been the Chairman, President
and CEO of Unisys Corporation
since 1997. From 1961 to 1997 he
was with Arthur Andersen/Andersen Worldwide, as Managing
Partner and Chief Executive of
Andersen Worldwide from 1989 to
1997, Chief Operating Officer
from 1987 to 1989, and Managing
Partner of the New York office
from 1983. He was elected to
partnership at Arthur Andersen in
1970 and became Managing Partner
of the Stamford, Connecticut,
office in 1974 and Partner in
charge of the accounting and
audit practice in New York from
1980 to 1983. Mr.&nbsp;Weinbach is a
Certified Public Accountant and
holds a bachelor of science in
Economics from the Wharton School
of the University of
Pennsylvania. He was born on 8
January&nbsp;1940 and is a US citizen.
</FONT></DIV>

<P><FONT size="2"><B>Executive responsibilities</B>
</FONT>

<DIV align="left"><FONT size="2">Marcel Ospel, Alberto Togni and
Johannes A. de Gier, the Chairman
and the two executive Vice
Chairmen of the Board, have
entered into employment contracts
with UBS AG in connection with
their services on the Board. In
line with Swiss Banking law they
assume clearly defined management
responsibilities, separate from
ordinary day-to-day management.
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chairman Marcel Ospel
assumes a leading role in mid-
and long-term strategic planning,
the selection and supervision of
top-level management, mid-term
succession planning, developing
and shaping global compensation
principles, and the definition of
the Group&#146;s risk appetite and
risk limit structure. He also
actively supports major client
and transaction initiatives.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit approval authorities
have been delegated by the Board
to Vice Chairman Alberto Togni,
who brings his decisions to the
Chairman&#146;s Office (Chairman and
Vice Chairmen) for ratification.
</FONT>
</DIV>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice Chairman Johannes A. de Gier
assumes an active role in
supporting major client
relationships and in developing
the strategic direction of the
Group. He is also the Chairman of
GAM, a specialist asset management
firm, part of the UBS Global Asset
Management Business Group.
</FONT></DIV>

<P><FONT size="2"><B>Non-executive Board members</B>
</FONT>

<DIV align="left"><FONT size="2">The six non-executive members of
the Board have never had any
management responsibility at UBS
or for one of its subsidiaries,
neither have any of their close
family members. Also, the
non-executive directors and their
close family members have not
been employed by the Company&#146;s
principal Auditors, Ernst &#038;
Young.</FONT>
</DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There are no employment or
service contracts with any of the
non-executive members of the
Board. They receive fixed fees
for their Board mandate and for
the special functions they assume
in the various Board Committees.
</FONT></DIV>

<P><FONT size="2"><B>Important business connections of non-executive Board members with UBS</B>
</FONT>

<DIV align="left"><FONT size="2">UBS as a global financial
services provider and the major
bank in Switzerland typically has
business relationships with most
large companies and therefore
also with companies in which UBS Board
members assume management or
non-executive board
responsibilities. None of the
relationships with companies
represented on the Board by their
chairman or chief executive is of
a magnitude to jeopardize the
Board members&#146; independent
judgement, and no non-executive
director has personal business
relationships with UBS which
might impact his independence.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All relationships with UBS
directors and their affiliated
companies are in the ordinary
course of business and are on
substantially the same terms as
those prevailing at the time for
comparable transactions with
non-affiliated persons.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">


<P align="right"><FONT size="2"><B>
 97
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P><FONT size="2"><B>Corporate Governance<BR>
Board of Directors</B>
</FONT>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Other activities and functions of <BR>
Board members</B>
</FONT></TD>
    </TR>
</TABLE>


<P><FONT size="2"><B>Mandates on Boards of important corporations, organizations and foundations</B>
</FONT>

<DIV align="left"><FONT size="2">Members of the Board of Directors
hold the following mandates:
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marcel Ospel is a member of the
FED International Capital Markets
Advisory Committee, New York, and
holds mandates at the World
Economic Forum, the Monetary
Authority of Singapore and the
International Monetary
Conference. He is a member of the
Board of the Basel Museum of Art
and, until December&nbsp;2002, was on
the Board of the Zurich Opera. He
is the Chairman of the &#147;Optimus
Foundation&#148;, a charitable
foundation of UBS.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alberto Togni
is a director of Laboratories
Thomson Multimedia Ltd., Zurich.
He is the Chairman designate of
the Board of the Helmut Horten
Foundation, Villalta.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johannes A. de Gier is a
member of the Boards of SHV
Holdings N.V., Utrecht, Holland,
and of Groupe Lhoist,
Saint-Jean-des-Bois, Belgium.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peter B&#246;ckli is a member of the
Board of Directors of Nestl&#233;
S.A., Vevey (Switzerland) and of
its Audit Committee. He is the
Vice Chairman of the Board of
Manufacture des Montres Rolex
S.A., Bienne (Switzerland). Until
16 December&nbsp;2002 he also served
as a member of the Board of
Firmenich International S.A.,
Geneva.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ernesto Bertarelli has been
the Vice Chairman of the Board of
Serono S.A., Coinsins
(Switzerland) since 1991. He is
the Chairman of Bertarelli &#038;
Cie., Ch&#233;serex (Switzerland) and
holds various board mandates in
professional organizations of the
biotech and pharmaceutical
industry.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sir Peter Davis is a member
of the Board of Directors of
Shaw&#146;s Supermarkets Inc., Boston,
USA, and of Sainsbury&#146;s
Supermarkets Ltd., London. He is
a member of the Board of the
Royal Opera House, London.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rolf A. Meyer is a member of
the Board of DKSH AG (Diethelm
Keller Siber Hegner), Zurich, and
the Chairman of its Audit and
Finance Committee. He is also a
member of the Board of COS
Computer Systems AG, Baden
(Switzerland), the Chairman of
its Audit Committee and a member
of its Finance Committee.
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hans Peter Ming is the
Chairman of Sika AG, Baar
(Switzerland), and a member of
the Board of Pestalozzi AG,
Dietikon (Switzerland).
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lawrence
A. Weinbach is the Chairman of Unisys
Corporation, Blue Bell, PA, USA,
and a member of the Board of
Directors of Avon Products Inc.,
New York, where he is the
chairman of the audit committee.
He is a trustee and member of the
audit committee of Carnegie Hall.
</FONT></DIV>

<P><FONT size="2"><B>Permanent functions for important interest<BR>
and pressure groups</B>
</FONT>

<DIV align="left"><FONT size="2">Marcel Ospel is the Treasurer of
&#147;Economie-suisse&#148;, the Swiss
Business Federation, Zurich.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lawrence A. Weinbach is a
member of the NYSE Listed Company
Advisory Committee, of the
National Security
Telecommunications Advisory
Committee, and a director of the
Greater Philadelphia Chamber of
Commerce.
</FONT></DIV>

<P><FONT size="2"><B>Official functions and political mandates</B>
</FONT>

<DIV align="left"><FONT size="2">Alberto Togni has been appointed
by the Swiss Government to the
Board of the Swiss National Bank.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peter B&#246;ckli acts as expert
advising the Federal Government
on various legislative projects.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hans Peter Ming is the President
of the Advisory Commission of the
Swiss Government on International
Development and Cooperation.
</FONT></DIV>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Elections and term of office</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">The members of the Board of
Directors are elected by the AGM
for a term of office of four
years. The initial term of each
member is fixed in such a way as
to assure that about one fourth
of all the members have to be
newly elected or reelected every
year. The Board will propose to
the 2003 AGM to reduce the term
of office from four to three
years.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A director shall normally
not stand for reelection if
he/she has reached the age of
sixty-five when the mandate
expires. The Board may propose to
the AGM that a director be
reelected despite having reached
this age limit. No director
shall, however, hold office
beyond the age of seventy.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
year of first appointment to the
Board and the expiry of the
current mandate of each Board
member are listed in the table on
page 95.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">



<P align="left"><FONT size="2"><B>
 98
</B></FONT>



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<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Internal organization</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">After each Annual General Meeting
of Shareholders, the Board elects
its Chairman and one or more Vice
Chairmen and appoints its
Secretary. It meets as often as
business requires, but at least
six times per year. As a rule,
the members of the Group
Executive Board (GEB)&nbsp;participate
in Board meetings in an advisory
capacity, but the Board also
holds regular meetings without
the GEB.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board is organized
as follows:
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Chairman operates
a <I>Chairman&#146;s Office, </I>including
the Vice Chairmen, which meets
together with the President of
the GEB to address fundamental
issues for the Group, such as
overall strategy, mid-term
financial and business planning,
mid-term succession plans, global
compensation principles, and the
risk profile of the Group. It may
also hold meetings without the
President of the GEB. The
Chairman&#146;s Office assumes
ultimate approval responsibility
in the credit risk process. It
also acts as the supervisory body
for Group Internal Audit. The
Chairman&#146;s Office is responsible
for shaping the Corporate
Governance of the firm and
formulates appropriate
principles, which it submits to
the Nominating Committee for
review and subsequent submission
to the full Board. It also
assumes responsibility for the
long-term succession planning for
the Chairman and Board members
and reviews, upon proposal by the
Chairman, GEB candidates for
appointment or dismissal by the
full Board. The members of the
Chairman&#146;s Office, as of 31
December&nbsp;2002, were Marcel Ospel,
Chairman, Alberto Togni, Johannes
A. de Gier and Peter B&#246;ckli, Vice
Chairmen. Johannes A. de Gier
stepped down as Vice Chairman in
February&nbsp;2003, following his
appointment as chairman of the
newly created holding company, in
which UBS&#146;s independent private
banks will be integrated. The
Chairman&#146;s Office meets 8-12
times per year.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board appoints an <I>Audit
Committee </I>from among its
non-executive members. The Audit
Committee assists the Board in
monitoring the integrity of the
financial statements of the firm,
compliance with regard to legal
and regulatory requirements, and
the qualification, independence
and performance of UBS&#146;s external
auditors. All members have to be
independent and financially
literate, and at least one member
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P align="left"><FONT size="2">must have accounting or financial
management expertise. The Audit
Committee does not itself perform
audits, but supervises the work
of the auditors. Its primary
responsibility is thereby to
monitor and review the
organization and efficiency of
internal control procedures and
the financial reporting process.
As of 31 December&nbsp;2002, Lawrence
A. Weinbach was the chairman and
Sir Peter Davis and Rolf A. Meyer
the additional members of the
Committee. The Audit Committee
meets 4-6 times per year.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
<I>Compensation Committee </I>has
responsibility for reviewing the
Group compensation policy for
submission to the Board and for
approving the design of the
compensation system for the
members of the GEB, the President
of the GEB and the executive
directors. It determines the
individual compensation and bonus
for the executive directors, the
President and members of the GEB
and submits proposals for the
compensation of non-executive
directors to the executive Board
members. All members are
independent from UBS. As of 31
December&nbsp;2002, the Committee was
chaired by Rolf A. Meyer, with
Ernesto Bertarelli and Hans Peter
Ming as its additional members.
The Committee meets 3-5 times per
year.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The <I>Nominating Committee </I>is
composed of three non-executive
Board members. It assumes
responsibility for reviewing and
proposing to the full Board
candidates for Board membership
and for supporting the Chairman&#146;s
Office and the full Board in
evaluating management and Board
performance. It reviews the
proposals of the Chairman&#146;s
Office on Corporate Governance
for submission to the full Board.
As of 31 December&nbsp;2002, Peter
B&#246;ckli was the chairman and Sir
Peter Davis and Hans Peter Ming
the additional members of the
Committee. The Nominating
Committee meets 2-4 times per
year.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The <I>Corporate
Responsibility Committee</I>
comprises members of the Board of
Directors, the Group Executive
Board and other senior
executives. The Committee
determines the company&#146;s policy
with respect to corporate
responsibility and sustainable
development, supports awareness
within UBS for adherence to
international standards in these
areas and advises the GEB and
other bodies on corporate
responsibility. As of 31 December
2002, the Committee was chaired
by Marcel Ospel. Additional
members were Johannes A. de Gier
and
Hans Peter Ming, representing the Board, Peter Wuffli, President of
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">


<P align="right"><FONT size="2"><B>
 99
</B></FONT>
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<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="16%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="74%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
<B>Corporate Governance<BR>Board of Directors</B></FONT></TD>
</TR>
 </TABLE>
</DIV>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">the GEB,
Marcel Rohner, CEO
UBS Wealth
Management &#038;
Business Banking,
Donald B. Marron,
Chairman UBS
Americas, and Ken
Costa, Vice
Chairman UBS
Warburg.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Charters of the
Board and of all
its Committees are
available on
www.ubs.com/about.
</FONT></DIV>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Areas of responsibility of Board of Directors and Group Executive Board</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">The ultimate responsibility for
the strategy and the management
of UBS lies with the Board of
Directors. In line with Swiss
banking law, the Board has
delegated the responsibility for
day-to-day management to the
Group Executive Board. No-one may
be a member of both bodies. The
supervision and control of the
executive management remains with
the Board of Directors. All
details as to authorities and
responsibilities of the two
bodies are governed by the
Articles of Association, the
Organization Regulations and
their Appendices. Please refer to
www.ubs.com/about.
</FONT>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Information
and control instruments vis-&#224;-vis the Group Executive Board</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">The Board of Directors is kept
informed on the activities of the
Group Executive Board in various
ways. The Chairman of the Board
or one of the executive Vice
Chairmen participate in each
</FONT>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P align="left"><FONT size="2">meeting of the GEB in an advisory
capacity, thus keeping the
Chairman&#146;s Office apprised of all
current developments. The minutes
of the GEB are filed with the
executive Board members and made
available for inspection to the
non-executive members. At Board
meetings, the President of the
GEB regularly updates the Board
on important issues.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directors
may request any information
necessary to fulfill their
duties. Outside of meetings, any
director may request information
from members of the Group
Executive Board concerning the
Group&#146;s business development.
Requests for information about
individual business relationships
or transactions must be addressed
to the Chairman of the Board.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Group Internal Audit monitors
compliance of business activities
with legal and regulatory
requirements and with all
internal regulations, directives
and guidelines. The internal
audit organization, which is
independent from management,
reports its significant findings
to the Chairman of the Board, the
Chairman&#146;s Office and the Audit
Committee.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Group Executive
Board submits a quarterly Risk
Report to the Board for approval,
which updates the Board on all
categories of risk and contains a
comprehensive assessment of the
risk situation of the Group. For
details on the organization of
Risk Management and Control,
please refer to pages 54-58 of
this Handbook.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>100
</B></FONT>

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<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="16%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="74%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
<B>Corporate Governance <BR>Group Executive Board</B></FONT></TD>
</TR>
 </TABLE>
</DIV>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<!-- link1 "Group Executive Board" -->
<DIV align="left"><A NAME="173"></A></DIV>
<P><FONT size="5"><B><DIV style="margin-left:80px">Group Executive
Board</DIV></B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2"><FONT color="#C66005"><B>The Group Executive Board (GEB)&nbsp;has business management responsibility for UBS.
The President and the members are appointed by the Board of Directors and are
accountable to the Chairman and the Board for the firm&#146;s results.</B></FONT>
</FONT>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Organizational
principles and personnel&nbsp;changes</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">The GEB, and in particular its
President, is responsible for the
implementation and results of the
firm&#146;s business strategies, for
the alignment of the Business
Groups to UBS&#146;s integrated
business model and for the
exploitation of synergies across
the firm. The President also
assumes responsibility for
business and financial planning,
financial reporting and the
definition and supervision of
risk control. Together with the
</FONT>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P align="left"><FONT size="2">Chairman&#146;s Office, the GEB
assumes overall responsibility
for the development of UBS&#146;s
strategies.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As at 31 December&nbsp;2002, the
GEB consisted of ten members (see
list below).
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the year
under review, Markus Granziol,
Chairman of UBS Warburg, decided
to leave the Company at the end
of August after a very successful
career at UBS. The Board of
Directors appointed the following
new members to the GEB, effective
1 July&nbsp;2002: John Fraser, Peter
Kurer, Marcel Rohner, Clive
Standish and Mark Sutton.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P align="center"><HR align="center" color="#000000" size="1" width="100%" noshade>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>The Group Executive Board</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">The table below provides information on the members of the GEB as at 31
December&nbsp;2002:
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="21%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="1">Year of initial</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="1">appointment</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1">Name</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="1">Position held</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="1">to the GEB</FONT></TD>
</TR>

<TR>
    <TD colspan="5" valign="top" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="1"><B>Peter A. Wuffli</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD align="left" valign="top"><FONT size="1">President</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD align="right" valign="top"><FONT size="1">1998</FONT></TD>
</TR>
<TR>
    <TD colspan="5" valign="top" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="1"><B>Stephan Haeringer</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD align="left" valign="top"><FONT size="1">Deputy President</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD align="right" valign="top"><FONT size="1">1998</FONT></TD>
</TR>
<TR>
    <TD colspan="5" valign="top" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="1"><B>John P. Costas</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD align="left" valign="top"><FONT size="1">Chairman and Chief Executive Officer UBS Warburg</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD align="right" valign="top"><FONT size="1">2001</FONT></TD>
</TR>
<TR>
    <TD colspan="5" valign="top" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="1"><B>John A. Fraser</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD align="left" valign="top"><FONT size="1">Chairman and Chief Executive Officer UBS Global Asset Management</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD align="right" valign="top"><FONT size="1">2002</FONT></TD>
</TR>
<TR>
    <TD colspan="5" valign="top" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="1"><B>Georges Gagnebin</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD align="left" valign="top"><FONT size="1">Chairman UBS Wealth Management &#038; Business Banking</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD align="right" valign="top"><FONT size="1">2000</FONT></TD>
</TR>
<TR>
    <TD colspan="5" valign="top" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="1"><B>Joseph J. Grano Jr.</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD align="left" valign="top"><FONT size="1">Chairman and Chief Executive Officer UBS PaineWebber</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD align="right" valign="top"><FONT size="1">2001</FONT></TD>
</TR>
<TR>
    <TD colspan="5" valign="top" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="1"><B>Peter Kurer</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD align="left" valign="top"><FONT size="1">Group General Counsel</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD align="right" valign="top"><FONT size="1">2002</FONT></TD>
</TR>
<TR>
    <TD colspan="5" valign="top" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="1"><B>Marcel Rohner</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD align="left" valign="top"><FONT size="1">Chief Executive Officer UBS Wealth Management &#038; Business Banking</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD align="right" valign="top"><FONT size="1">2002</FONT></TD>
</TR>
<TR>
    <TD colspan="5" valign="top" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="1"><B>Clive Standish</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD align="left" valign="top"><FONT size="1">Chairman and Chief Executive Officer Asia Pacific</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD align="right" valign="top"><FONT size="1">2002</FONT></TD>
</TR>
<TR>
    <TD colspan="5" valign="top" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="1"><B>Mark B. Sutton</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD align="left" valign="top"><FONT size="1">President and Chief Operating Officer UBS PaineWebber</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD align="right" valign="top"><FONT size="1">2002</FONT></TD>
</TR>
<TR>
    <TD colspan="5" valign="top" align="left"><FONT size="1"><B><HR size="1" color="#000000" noshade></B></FONT></TD>
</TR>
 </TABLE>
</DIV>

<DIV align="left"><FONT size="1">The business address of all members of the Group Executive Board is UBS AG,
Bahnhofstrasse 45, CH-8098 Zurich, Switzerland.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2"><I>Peter A. Wuffli </I>was named
President of the Group Executive
Board on 18 December&nbsp;2001.
Previously he was Chairman and
CEO of UBS Asset Management, and
from 1998 to 1999 Group Chief
Financial Officer of UBS. From
1994 to 1998, he was the Chief
Financial Officer
</FONT>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P align="left"><FONT size="2">at Swiss Bank Corporation (SBC)&nbsp;and
a member of SBC&#146;s Group Executive
Committee. In 1984, he joined
McKinsey &#038; Co as management
consultant where he became a
partner in 1990. Mr.&nbsp;Wuffli
graduated in economics and social
sciences from the University of
St. Gallen and
</FONT>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 101
</B></FONT>
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<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="16%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="74%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
<B>Corporate Governance <BR>Group Executive Board</B></FONT></TD>
</TR>
 </TABLE>
</DIV>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">holds a doctor&#146;s
degree in
international
management. He was
born on 26 October
1957 and is a Swiss
citizen.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Stephan Haeringer </I>is the
Deputy President of the Group
Executive Board, after having
been CEO of UBS Switzerland and
of its Private and Corporate
Clients business unit until
mid-2002. He has held several
positions with UBS over the last
three decades. From 1996 to 1998,
he was Chief Executive Officer
Region Switzerland of Union Bank
of Switzerland. From 1991 to
1996, he served as Division Head
Private Banking and Institutional
Asset Management. In 1991, he was
appointed member of the Group
Executive Board, after having
been an Executive Vice President
since 1987. In 1988 he became
Head of the Financial Division.
During the years 1967 to 1988,
Mr.&nbsp;Haeringer assumed various
management roles within the areas
of Investment Counseling,
Specialized Investments,
Portfolio Management, Securities
Administration and Collateral
Loans. Mr.&nbsp;Haeringer was born on
6 December&nbsp;1946 and is a Swiss
citizen.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>John P. Costas </I>is the
Chairman &#038; CEO of UBS Warburg. He
was President and Chief Operating
Officer of UBS Warburg from the
beginning of 2001, after having
been COO and Global Head Fixed
Income. Mr.&nbsp;Costas joined Union
Bank of Switzerland in 1996 as
Head of Fixed Income. From 1981
to 1996 he was at Credit Suisse
First Boston, his last position
being co-head of Global Fixed
Income. Mr.&nbsp;Costas graduated from
the Tuck School at Dartmouth with
an MBA in Finance and holds a BA
in political science from the
University of Delaware. He was
born on 27 January&nbsp;1957 and is a
US citizen.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>John A. Fraser </I>was appointed
as Chairman &#038; CEO of UBS Global
Asset Management in late 2001.
Immediately prior to that, he was
President and COO of UBS Asset
Management and Head of Asia
Pacific. He was head of the
Australian business of the
predecessor organization of UBS
Asset Management from late 1994.
He joined the then SBC Australia
as Executive Director in 1993.
Before joining UBS, Mr Fraser was
Deputy Secretary (Economic) of
the Australian Treasury. Mr.
Fraser joined the Australian
Treasury in 1973 and, during a 20
year career, held a number of
appointments including two
postings to Washington DC -
first, at the International
Monetary Fund and, second, as
Minister (Economic) at the
Australian Embassy. Mr.&nbsp;Fraser
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P align="left"><FONT size="2">graduated from Monash University
in Australia in 1972 with a first
class B.Econ. (Hons.). He was
born on 8 August&nbsp;1951 and is an
Australian citizen.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Georges Gagnebin </I>is the
Chairman of UBS Wealth Management
&#038; Business Banking, after having
been the CEO of the Private
Banking unit of UBS Switzerland
from 2000 to mid-2002. Before
holding this function, he was the
Head of the International Clients
Europe, Middle East &#038; Africa
business area in the Private
Banking division. As of 1992 he
was named member of the SBC Group
Executive Board. In 1990 he
became head of the
Finance &#038; Investment group
of SBC in Lausanne, after having
served as Head of Finance &#038;
Investment at SBC in Berne from
1982-1990. Between 1985 and 1987
he was assigned for training
purposes to SBC in the USA. Mr.
Gagnebin began his career in 1969
at SBC in Berne, after having
been with the Cantonal Bank of
Berne from 1966 to 1969. Mr.
Gagnebin was born on 3 March&nbsp;1946
and is a Swiss citizen.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Joseph J. Grano, Jr.,</I>
Chairman and CEO of UBS
PaineWebber, joined the UBS Group
Executive Board on 1 January&nbsp;2001
after the merger of PaineWebber
with UBS. In 1994, he was named
President of PaineWebber Inc. He
joined PaineWebber in 1988 as
President of Retail Sales and
Marketing. Before working for
PaineWebber, Mr.&nbsp;Grano was with
Merrill Lynch for 16&nbsp;years
holding various senior management
positions including director of
National Sales for Merrill Lynch
Consumer Markets. Prior to
joining Merrill Lynch in 1972,
Mr.&nbsp;Grano served for five years
in the US Special Forces. He is
an honorary doctor of laws and of
Humane Letters. Mr.&nbsp;Grano was
born on 7 March&nbsp;1948 and is a US
citizen.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Peter Kurer </I>has been the
Group General Counsel since 2001,
when he joined UBS. Between 1991
and 2001 he was a partner at the
Homburger law firm in Zurich.
Between 1980 and 1990 he was with
Baker &#038; McKenzie in Zurich, first
as associate, later as partner,
after having been a law clerk at
the District Court of Zurich. Mr.
Kurer graduated as a doctor iuris
from the University of Zurich and
was admitted as attorney-at-law
in Zurich. He holds an LL.M. from
the University of Chicago. He was
born on 28 June&nbsp;1949 and is a
Swiss citizen.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Marcel Rohner </I>was
appointed to CEO of UBS Wealth
Management &#038; Business Banking in
2002. Until then, he served as
COO and Deputy CEO of the Private
Banking unit of UBS Switzerland.
In
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 102
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>

<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">1999 he was named Group Chief Risk
Officer. In 1998 he became Head of
Market Risk Control. Between 1993
and 1998, Mr.&nbsp;Rohner was with
Swiss Bank Corporation&#146;s
investment banking arm. In 1995 he
was appointed Head of Market Risk
Control Europe. Mr.&nbsp;Rohner
graduated with a Ph.D in economics
from the University of Zurich and
was a teaching assistant at the
Institute for Empirical Research
in Economics at the University of
Zurich from 1990 to 1992. He was
born on 4 September&nbsp;1964 and is a
Swiss citizen.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Clive Standish </I>is
Chairman and CEO Asia Pacific. In
1998, he was named CEO Asia
Pacific of Warburg Dillon Read.
Between 1991 and 1998 Mr.&nbsp;Standish
was with Swiss Bank Corporation
(SBC). In 1997 he was appointed
Deputy Chairman Asia Pacific of
SBC Warburg Dillon Read. Between
1994 and 1997 he served as
Managing Director and CEO of SBC
Warburg Dillon Read Australia. In
1991 he was appointed Head of
Capital Markets and Managing
Director of SBC Dominguez Barry
Limited. Between 1983 and 1991,
Mr.&nbsp;Standish was Founding
Executive Director at Dominguez
Barry Samuel Montagu Limited,
after having been a partner with
Dominguez &#038; Barry Partners from
1979 to 1983. Mr.&nbsp;Standish started
his professional career in 1972
with NM Rothschild &#038; Sons Limited
in London. He was born on 17 March
1953 and is a British citizen.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Mark B. Sutton </I>is President and
Chief Operating Officer of UBS
PaineWebber. He was with
PaineWebber Inc. between 1995 and
2000. In 1998 he was named
President of the Private Client
Group. In 1995 he became Executive
Vice President, after the
acquisition of Kidder, Peabody &#038;
Co., where, between 1992 and 1994,
he served as CEO of the Investment
Services Division and CEO of the
Brokerage Unit. Previously he was
active at Mitchell Hutchins Asset
Management, a subsidiary of
PaineWebber. Between 1984 and
1987, he served as Division
Manager at PaineWebber, Austin,
Texas. Mr.&nbsp;Sutton first joined a
predecessor company of
PaineWebber, Rotan Mosle, as a
financial advisor in 1980, after
having assumed the same function
with Merrill Lynch in
Fayetteville, Arkansas from 1978
to 1980. He holds a bachelor of
science in finance from the
University of Arkansas,
Fayetteville. Mr.&nbsp;Sutton was born
on 19 October&nbsp;1954 and is a US
citizen.
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Other activities and functions of GEB members</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2"><B>Mandates on Boards of important
corporations, organizations and
foundations</B>
</FONT>

<DIV align="left"><FONT size="2">Members of the Group Executive
Board hold the following
mandates:
</FONT></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Peter Wuffli is a Board
member of the Institute of
International Finance Inc.,
Washington DC. He is the
Vice Chairman of the Board
of IMD International
Institute for Management
Development in Lausanne
(Switzerland) and a Vice
President of the
Swiss-American Chamber of
Commerce in Zurich.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Stephan Haeringer is a
member of the Board of
Directors of Robert Bosch
Internationale Beteiligungen
AG, Zurich, and a member of
the Board Committee of the
Zurich Chamber of Commerce.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">John Costas is a member of
the New York City
Partnership &#038; Chamber of
Commerce, Inc.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">John Fraser has been a
member of the board of
Australian Stock Exchange
since 1997.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Georges Gagnebin is a member
of the Foundation Board of
the International Center for
Monetary and Banking Studies
(ICMB), Geneva, and of the
UBS Optimus Foundation.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Joseph J. Grano is a member
of the Board of Trustees of
the Lenox Hill Hospital, New
York, and of the Council for
the US &#038; Italy, Washington,
DC.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Peter Kurer was a member of
the Board of Directors of
Holcim Ltd., Zurich, until
the end of financial year
2002.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Marcel Rohner is a member
of the Admission Board and
the Committee of the
Admission Board of the SWX
Swiss Exchange, Zurich.
</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2"><B>Permanent functions for
important <BR>interest and pressure groups</B>
</FONT>

<DIV align="left"><FONT size="2">Stephan Haeringer is the Vice
Chairman of the Swiss Bankers
Association, Basel.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Official functions and political mandates</B>
</FONT>

<DIV align="left"><FONT size="2">Joseph J. Grano is the Chairman of
the US President&#146;s Homeland
Security Advisory Council.
</FONT></DIV>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Management contracts</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">UBS has not entered into any
management contracts.
</FONT>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">


<P align="right"><FONT size="2"><B>
 103
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
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<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="16%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="74%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
<B>Corporate Governance<BR>Compensation, Shareholdings and Loans</B></FONT></TD>
</TR>
 </TABLE>
</DIV>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>

<!-- link1 "Compensation, Shareholdings and Loans" -->
<DIV align="left"><A NAME="174"></A></DIV>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="16%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="74%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" colspan="3"><FONT size="5">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensation, Shareholdings and Loans</FONT></TD>
</TR>
 </TABLE>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="left"><FONT size="2"><FONT color="#C66005"><B>UBS seeks to attract, retain, motivate and develop highly qualified people for
senior management positions, thereby ensuring the sustainable creation of
shareholder value. UBS is prepared to provide its senior executives with
superior compensation in return for superior performance.</B></FONT>
</FONT>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2"><B><FONT color="#C66005">Senior executive compensation principles and authorities</FONT></B>
</FONT>

<P><FONT size="2"><B>Components of compensation</B>
</FONT>

<DIV align="left"><FONT size="2">Compensation for senior
executives<sup>1</sup> and the Group
Managing Board (GMB)&nbsp;consists of
a base salary and a
performance-based incentive
component. This incentive
component is determined on a
discretionary basis considering
the performance data described
below, and generally represents a
substantial portion of total
compensation. A significant
portion of the incentive
component is paid in the form of
restricted or deferred UBS
shares.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance assessments
consider both quantitative and
qualitative factors, and include
a balanced assessment of both
current financial results and key
performance indicators, which are
longer-term value drivers crucial
to the firm&#146;s ability to deliver
future performance and growth. In
conducting its assessments of
executive performance, UBS
reviews changes to its overall
performance and the performance
of its individual businesses over
time, results achieved against
specifically established
performance targets, and results
compared to competitor
performance &#151; to the extent that
such data are available.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensation levels are
strongly correlated with
performance assessments and are
highly variable from year to
year. As such, should UBS Group
and Business Group performance
decline from the prior year, lag
behind established performance
targets and trail competitor
trends, the compensation of
senior executives and the GMB
will clearly reflect this. The
converse is also true.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An annual examination of
competitor pay practices is
conducted to ensure that our
compensation policies and
practices continue to support the
objectives of attracting
outstanding new executives,
motivating and retaining valuable
employees, and delivering
sustained superior returns to
shareholders.
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P><FONT size="2"><B>Executive share ownership commitment</B>
</FONT>

<DIV align="left"><FONT size="2">It is UBS&#146;s long-standing policy
to strongly encourage significant
levels of stock ownership among
its senior executives and the
members of the GMB, aligning the
interests of management closely
with those of shareholders. Share
ownership is encouraged in the
following ways:
</FONT></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">A significant portion of
each senior executive&#146;s or
GMB member&#146;s annual
performance-based incentive
compensation is delivered on
a mandatory basis in the
form of restricted or
deferred UBS shares.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Executives are also
eligible for highly
selective discretionary
stock option awards, which
vest over time, and are made
separately from regular
annual incentive awards.
Stock options are used to
reward exemplary performance
as well as superior
leadership skills and
potential.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Additional incentives are
provided for senior
executives and GMB members
who voluntarily elect to
take an even greater portion
of their annual
performance-based incentive
compensation in the form of
restricted or deferred UBS
shares. Executives opting to
take a greater than
mandatory proportion of
their annual incentive in
restricted or deferred UBS
shares receive additional
stock options.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Senior executives and GMB
members are required to
accumulate and then hold, a
significant number of UBS
shares.
</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2"><B>Governance</B>
</FONT>

<DIV align="left"><FONT size="2">The approval of senior executive
compensation recommendations and
the design of senior executive
compensation systems (plan
design, performance measures,
pay/performance relationship) are
subject to a rigorous process
which ensures that decisions are
taken at least at two
organizational levels above the
executive concerned. No-one has
any approval authority for
his/her own compensation. The
following is a
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<DIV align="left"><HR align="center" color="#000000" size="1" width="100%" noshade></DIV>

<DIV align="left"><FONT size="1"><SUP>1</SUP> &#147;Senior
executives&#148; includes, as defined by the SWX Swiss Exchange
Directive, the executive members of the Board of Directors and the
members of the Group Executive Board (GEB).
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 104
</B></FONT>
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<P><HR noshade><P>
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<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">description of the decision
making process for different
executive populations:
</FONT>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Group Managing Board
members: compensation
recommendations are
developed by the responsible
member of the Group
Executive Board.
Recommendations are reviewed
and approved by the
President of the Group
Executive Board. For GMB
members in the Corporate
Center, who report directly
to the President, approval
by the Chairman is required.
The compensation system for
the Group Managing Board is
subject to the approval of
the Chairman&#146;s Office.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Group Executive Board
members: Compensation
recommendations are
developed jointly by the
President of the Group
Executive Board and the
Chairman of the Board. The
Compensation Committee of
the Board of Directors
reviews and approves the
design of the compensation
system for the Group
Executive Board and all
resulting compensation
recommendations.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">President of the Group
Executive Board and
Executive Vice Chairmen:
Compensation recommendations
are developed by the
Chairman of the Board. The
Compensation Committee of
the Board of Directors
reviews and approves the
design of the compensation
system for the President of
the Group Executive Board
and the Executive Vice
Chairmen and all resulting
compensation
recommendations.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Chairman of the Board: On
behalf of the full Board of
Directors, the Compensation
Committee of the Board of
Directors has authority to
develop and approve the
design of the compensation
system for the Chairman of
the Board and all resulting
compensation
recommendations.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Non-executive members of
the Board: Proposals for the
remuneration of the
non-executive directors are
prepared by the Compensation
Committee and submitted to
the executive Board members
for approval.
</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2"><B>Employee share ownership commitment</B>
</FONT>

<DIV align="left"><FONT size="2">Below the senior executive level,
significant numbers of employees
are required to take a portion of
their annual performance-based
compensation in the form of
restricted or deferred UBS
shares, employee stock options,
or a combination of both.
Additionally, they are provided
with opportunities to own stock
through various voluntary
programs.
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS believes that
broader-based employee stock
ownership will further enhance
its ability to deliver superior
shareholder returns by increasing
the alignment between the
interests of employees and
shareholders. Broader employee
share ownership will be achieved
in the following ways:
</FONT>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">The best performing and
highest potential employees
are also eligible for highly
selective discretionary
stock option awards which
vest over time. These awards
are intended to provide the
greatest degree of
shareholder alignment among
the emerging pool of future
UBS leaders, senior managers
and technical experts, and
to enhance UBS&#146;s appeal in
the competitive market for
the best managerial,
financial and technical
talent.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Employee incentive awards
above a certain threshold
are delivered, on a
mandatory basis, in
restricted or deferred UBS
shares, or a combination of
shares and employee stock
options that vest over time.
The threshold varies by
business and labor market.
Generally, employees are
further encouraged to
voluntarily elect to defer a
portion of their incentives
into UBS shares in exchange
for additional stock
options, or to diversify
into an array of funds
including those managed by
UBS fund managers. UBS
believes it is important to
provide employees the
opportunity and incentive to
voluntarily invest into UBS
shares, but where possible
also to encourage employees
to consider the same wealth
management principles in
diversifying their personal
portfolios as they would
apply to a client.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">All UBS employees (unless
prohibited by local law) are
eligible to participate in a
program called Equity Plus
which is a global adaptation
of a program that was
implemented at PaineWebber
before its merger with UBS
in November&nbsp;2000. Equity
Plus enables UBS employees
in over 45 countries to
voluntarily elect to
purchase a limited number of
UBS shares with after-tax
funds either from their
incentive awards or base
salaries, and receive two
UBS stock options for every
share acquired and held for
two years. The stock options
vest after two years as
well. The goal of this
program is to motivate
employees at all levels to
become partners in UBS&#146;s
success. Over the last two
years since Equity Plus was
launched as a global program,
nearly a quarter of UBS
employees have elected to
participate.
</FONT></TD>
</TR>
</TABLE>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 105
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="16%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="74%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
<B>Corporate Governance<BR>Compensation, Shareholdings and Loans</B></FONT></TD>
</TR>
 </TABLE>
</DIV>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2"><FONT color="#C66005"><B>Compensation for acting members
of the Board of Directors
(Board) and the Group Executive
Board (GEB)</B></FONT>
</FONT>

<P align="left"><FONT size="2"><B>Executive members of the
Board and members of the GEB</B>
</FONT>

<DIV align="left"><FONT size="2">The total of all compensation for
the financial year 2002 for the
three executive members of the
Board of Directors, the ten
members of the Group Executive
Board and the two former members
of the GEB who left the Company
in 2002 (Luqman Arnold on 31
January&nbsp;2002, and Markus Granziol
on 31 August&nbsp;2002) was as
follows:
</FONT></DIV>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="69%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="5" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Cash component<br>
(base salary, cash part of bonus)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" nowrap align="center"><FONT size="1">CHF 89,499,015</FONT></TD>
</TR>
<TR>
    <TD colspan="5" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Employer&#146;s contributions to
retirement benefit plans</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="center"><FONT size="1">CHF 1,320,220</FONT></TD>
</TR>
<TR>
    <TD colspan="5" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Benefits in kind, fringe benefits<br>
(at market value)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="center"><FONT size="1">CHF 1,019,000</FONT></TD>
</TR>
<TR>
    <TD colspan="5" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In Switzerland, senior
executives participate in UBS&#146;s
general pension plans, which are
composed of a basic component
operated on the defined benefit
principle, a savings plan and a
defined contribution plan. The
cap compensation amount to be
included in these plans is set at
CHF 730,000 for all employees.
This translates into a maximum
annual pension of CHF 259,000
after retirement plus a one-off
pay-out of accumulated capital
from the savings plan in the
maximum amount of CHF 217,052.
</FONT></DIV>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benefits in kind and fringe
benefits include car leasing and
company car allowances, staff
discount on banking products and
services, health and welfare
benefits and general expenses
allowances. Definitions and
amounts of benefits differ from
country to country, according to
local industry standards.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition to the cash payments and
benefits in kind, this group of
senior executives were granted
353,880 CHF-shares and 311,255
USD-shares (for details see
paragraph below), with a fair
value of CHF 41,006,156. In June
2002 this group of senior
executives were granted 470,000
CHF long-term incentive (LTI)
options and 380,000 USD LTI
options (for details see
paragraph below) for financial
years 2001 and 2002. At fair
value these options were worth
CHF 14,268,501. No such award was
made in 2001.
</FONT></DIV>

<P><FONT size="2"><B>Non-executive members of the Board</B>
</FONT>

<DIV align="left"><FONT size="2">Non-executive members of the Board may elect
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P align="left"><FONT size="2">to receive their remuneration
(base Board fee plus fees for chairs and memberships of Board Committees)
either 50% in cash and 50% in restricted UBS shares or 100% restricted UBS
shares. Shares are attributed with a price discount of 15% and are restricted
for four years.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The six non-executive Board members, together with Markus
K&#252;ndig, who
stepped down at the AGM on 18 April&nbsp;2002, were paid CHF 1,825,000 in cash for
the financial year 2002.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;They elected to receive 27,965 shares, which at fair
value were worth CHF 1,705,865.
</FONT></DIV>

<P><FONT size="2"><B>Additional severance payments</B>
</FONT>

<DIV align="left"><FONT size="2">As a matter of policy, UBS does
not pay any additional severance
in addition to the salary and
bonus entitlements of a leaving
member of the Board or the GEB.
Whether or not payments for such
running entitlements are made in
the form of final bonus or
severance, they are included in
the numbers reported above under
compensation for acting members
of the Board and the GEB.
</FONT></DIV>

<P align="left"><FONT size="2"><FONT color="#C66005"><B>Compensation for former
members <BR>of the Board and
GEB</B></FONT>
</FONT>

<P align="left"><FONT size="2">Former members of the Board of
Directors or the Group Executive
Board were not paid any
compensation during the year
under review, neither in cash nor
in kind.
</FONT>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Share grants for the year under review</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2"><B>Executive Board members
and <BR>members of the GEB</B>
</FONT>

<DIV align="left"><FONT size="2">The three executive Board members
and the ten GEB members were
granted 353,880 shares, valued at
CHF 61 per share (average price
of UBS shares at virt-x over the
last ten trading days of January
2003), and 311,255 shares, valued
at USD 45.10 per share (average
price of UBS shares at the NYSE
over the last ten trading days of
January&nbsp;2003). These shares are
blocked for five years.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Related
parties of these senior
executives were not granted any
shares.
</FONT></DIV>

<P><FONT size="2"><B>Non-executive Board members</B>
</FONT>

<DIV align="left"><FONT size="2">The six non-executive Board
members were granted 27,965
shares, at a discounted value of
CHF 51.85 per share. The shares
are blocked for four years.
Related parties are not granted
any shares.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 106
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P><DIV style="float: left; width:64%">

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="28%"></TD>
    <TD width="20%"></TD>
    <TD width="52%"></TD>
</TR>

<TR valign="bottom" bgcolor="#FFFFFF">
    <TD valign="top"><FONT size="2" color="#C66005">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT> </TD>
    <TD align="left" valign="top"><FONT size="2" color="#C66005"><B>Share ownership</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT> </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT> </TD>
    <TD align="left" valign="top"><FONT size="2">
<B>Executive Board members
and members of the GEB</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT> </TD>
    <TD align="left" valign="top"><FONT size="2">
The three executive Board members
and the ten members of the GEB,
and parties closely linked to
them, held 2,096,603 UBS shares
at year-end 2002. No individual
BoD or GEB member holds 1% or
more of all shares issued.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT> </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT> </TD>
    <TD align="left" valign="top"><FONT size="2">
<B>Non-executive Board members</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT> </TD>
    <TD align="left" valign="top"><FONT size="2">
The six non-executive Board
members and parties closely
linked to them held 42,768 UBS
shares as of 31 December&nbsp;2002.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT> </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#FFFFFF">
    <TD valign="top"><FONT size="2" color="#C66005">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT> </TD>
    <TD align="left" valign="top"><FONT size="2" color="#C66005">
<B>Options</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT> </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT> </TD>
    <TD align="left" valign="top"><FONT size="2">
<B>Executive Board members
and <BR>members of the GEB</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT> </TD>
    <TD align="left" valign="top"><FONT size="2">
The three executive Board members
and the ten GEB members held the
following options on UBS shares
as of 31 December&nbsp;2002:</FONT></TD>
</TR>
 </TABLE>
</DIV>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="23%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1">Number</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left" colspan="2"><FONT size="1">Year</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left" colspan="2"><FONT size="1">Vesting</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left" colspan="2"><FONT size="1">Expiry</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left" colspan="2"><FONT size="1">Subscription</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left" colspan="3"><FONT size="1">&nbsp;&nbsp;Strike</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1">of options</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left" colspan="2"><FONT size="1">of grant</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left" colspan="2"><FONT size="1">date</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left" colspan="2"><FONT size="1">date</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left" colspan="2"><FONT size="1">ratio</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left" colspan="3"><FONT size="1">&nbsp;&nbsp;price</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">122,657</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD align="left" colspan="2"><FONT size="1">1997</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD colspan="2" align="left"><FONT size="1">24/06/02</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD colspan="2" align="left"><FONT size="1">24/06/03</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD align="left"><FONT size="1">1:1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
        <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD colspan="3" align="center"><FONT size="1">CHF 61.91</FONT></TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">40,002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD align="left" colspan="2"><FONT size="1">1998</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD align="left" colspan="2"><FONT size="1">01/07/01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD align="left" colspan="2"><FONT size="1">30/06/04</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD align="left"><FONT size="1">1:1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
        <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD colspan="3" align="center"><FONT size="1">CHF 56.67</FONT></TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">12,277</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD colspan="2" align="left"><FONT size="1">1998</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD colspan="2" align="left"><FONT size="1">26/05/03</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD colspan="2" align="left"><FONT size="1">26/05/04</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD align="left"><FONT size="1">1:1</FONT></TD>
<TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD colspan="3" align="center"><FONT size="1">CHF 85.12</FONT></TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">140,214</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD colspan="2" align="left"><FONT size="1">1998</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD colspan="2" align="left"><FONT size="1">26/05/03</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><FONT size="1">26/08/04</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD align="left"><FONT size="1">1:1</FONT></TD>
<TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD colspan="3" align="center"><FONT size="1">CHF 85.12</FONT></TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">48,006</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD colspan="2" align="left"><FONT size="1">1998</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD colspan="2" align="left"><FONT size="1">30/06/03</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD colspan="2" align="left"><FONT size="1">30/06/04</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD align="left"><FONT size="1">1:1</FONT></TD>
<TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD colspan="3" align="center"><FONT size="1">CHF 56.67</FONT></TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">119,544</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD colspan="2" align="left"><FONT size="1">1999</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD colspan="2" align="left"><FONT size="1">26/02/02</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD colspan="2" align="left"><FONT size="1">26/02/05</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><FONT size="1">1:1</FONT></TD>
<TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD colspan="3" align="center"><FONT size="1">CHF 79.00</FONT></TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">546,000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD colspan="2" align="left"><FONT size="1">2000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD colspan="2" align="left"><FONT size="1">01/02/03</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD colspan="2" align="left"><FONT size="1">01/02/06</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD align="left"><FONT size="1">1:1</FONT></TD>
<TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD colspan="3" align="center"><FONT size="1">CHF 66.67</FONT></TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">2,006,490</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD colspan="2" align="left"><FONT size="1">2001</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD colspan="2" align="left"><FONT size="1">20/02/04</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD align="left" colspan="2"><FONT size="1">20/02/09</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD align="left"><FONT size="1">1:1</FONT></TD>
<TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD colspan="3" nowrap align="center"><FONT size="1">CHF 100.00</FONT></TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">290,828</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD colspan="2" align="left"><FONT size="1">2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
   <TD colspan="2" align="left"><FONT size="1">20/02/05</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD align="left" colspan="2"><FONT size="1">31/01/12</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD align="left"><FONT size="1">1:1</FONT></TD>
<TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD colspan="3" align="center"><FONT size="1">CHF 77.75</FONT></TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">300,491</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD colspan="2" align="left"><FONT size="1">2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD align="left" colspan="2"><FONT size="1">20/02/05</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD align="left" colspan="2"><FONT size="1">31/07/12</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD align="left"><FONT size="1">1:1</FONT></TD>
<TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD colspan="3" align="center"><FONT size="1">CHF 77.75</FONT></TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">235,000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD colspan="2" align="left"><FONT size="1">2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD colspan="2" align="left"><FONT size="1">28/06/05</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD colspan="2" align="left"><FONT size="1">28/12/12</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><FONT size="1">1:1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD colspan="3" align="center"><FONT size="1">CHF 80.75</FONT></TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">140,000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><FONT size="1">2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD colspan="2" align="left"><FONT size="1">28/06/07</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD align="left" colspan="2"><FONT size="1">28/06/12</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD colspan="2" align="left"><FONT size="1">1:1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD colspan="3" align="center"><FONT size="1">CHF 80.75</FONT></TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">95,000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD colspan="2" align="left"><FONT size="1">2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD colspan="2" align="left"><FONT size="1">28/06/07</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD colspan="2" align="left"><FONT size="1">28/06/12</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD colspan="2" align="left"><FONT size="1">1:1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD colspan="3" align="center"><FONT size="1">CHF 80.75</FONT></TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">3,000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><FONT size="1">2001</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD colspan="2" align="left"><FONT size="1">29/02/04</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD colspan="2" align="left"><FONT size="1">29/02/08</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD colspan="2" align="left"><FONT size="1">1:1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD colspan="3" align="center"><FONT size="1">USD 53.39</FONT></TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">360,000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD colspan="2" align="left"><FONT size="1">2001</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD colspan="2" align="left"><FONT size="1">24/01/04</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD colspan="2" align="left"><FONT size="1">24/01/08</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD align="left"><FONT size="1">1:1</FONT></TD>
<TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD colspan="3" align="center"><FONT size="1">USD 57.80</FONT></TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">568,663</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD colspan="2" align="left"><FONT size="1">2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD colspan="2" align="left"><FONT size="1">31/01/05</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD colspan="2" align="left"><FONT size="1">01/01/12</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD align="left"><FONT size="1">1:1</FONT></TD>
<TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD colspan="3" align="center"><FONT size="1">USD 45.26</FONT></TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">2,000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD colspan="2" align="left"><FONT size="1">2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD colspan="2" align="left"><FONT size="1">29/02/04</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD colspan="2" align="left"><FONT size="1">29/02/12</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD align="left"><FONT size="1">1:1</FONT></TD>
<TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD colspan="3" align="center"><FONT size="1">USD 46.24</FONT></TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">380,000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD colspan="2" align="left"><FONT size="1">2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD colspan="2" align="left"><FONT size="1">28/06/05</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD colspan="2" align="left"><FONT size="1">28/06/12</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD align="left"><FONT size="1">1:1</FONT></TD>
<TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD colspan="3" align="center"><FONT size="1">USD 54.50</FONT></TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
</TR>

<TR valign="bottom">
    <TD colspan="21" align="left"><FONT size="2">In addition, this
group of senior executives held the following warrants as of 31&nbsp;December 2002:</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">24,558,529</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" align="left"><FONT size="1">2000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" align="left"><FONT size="1">20/03/03</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" align="left"><FONT size="1">01/04/04</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD align="left"><FONT size="1">16.67 : 1</FONT></TD>
<TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD colspan="3" align="center"><FONT size="1">CHF 75.00</FONT></TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P><FONT size="2"><B>Non-executive Board members</B>
</FONT>

<DIV align="left"><FONT size="2">The non-executive Board members
do not hold any options.
</FONT></DIV>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Additional honorariums and remuneration</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">No material additional
honorariums and remuneration were
paid to any of the Board or GEB
members.
</FONT>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Loans granted to members of the Board <BR>and the GEB</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">Granting loans is part of the
ordinary business of UBS, and
members of the Board and the GEB
have been granted loans, fixed
advances and mortgages at the
same terms and conditions as
other employees, based on
third-party conditions adjusted
for reduced credit risk. Loans
and advances to related parties
are transacted on substantially
the same terms as those
prevailing at the time for
comparable transactions with
non-affiliated persons.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
thorough review of all
outstanding loans to senior
executives and Board members was
performed in 2002 in order to
ensure compliance with the new
requirements of the US
Sarbanes-Oxley Act, which limit
or prohibit the extension of
credit by UBS to certain of its
executive officers. New loans and
mortgages are now granted at
general market conditions, with
no preferential rates.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Loans granted to executive Board
members and members of the GEB</B>
</FONT>

<DIV align="left"><FONT size="2">As of 31 December&nbsp;2002,
collateral loans and fixed
advances of CHF 14,425,000 were
receivable from executive Board
members and members of the GEB,
and mortgages in the amount of
CHF 13,264,000 had been granted
to this group of senior
executives and their close family
members.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Loans granted to
non-executive <BR>Board
members</B>
</FONT>

<DIV align="left"><FONT size="2">Loans and mortgages granted to
non-executive Board members and
companies related to them
amounted to CHF 140.5&nbsp;million.
</FONT></DIV>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Highest total compensation</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">Total compensation of the highest
paid member of the Board of
Directors, Chairman Marcel
</FONT>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 107
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="16%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="74%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
<B>Corporate Governance<BR>Compensation, Shareholdings and Loans</B></FONT></TD>
</TR>
 </TABLE>
</DIV>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:36%">

<P align="left"><FONT size="2">Ospel, amounted to CHF 11,341,588
for financial year 2002,
including 75,155 restricted UBS
shares. In addition, 75,000
options were granted as part of
the senior executive long-term
incentive (LTI)&nbsp;award made in
June&nbsp;2002 for financial years
2001 and 2002. At fair value
these options were worth CHF
1,222,500. No such award was made
in 2001.
</FONT>

<P align="left"><FONT size="2"><B><FONT color="#C66005">Additional information on
equity-based <BR>compensation and
retirement benefit plans</FONT></B>
</FONT>

<P align="left"><FONT size="2">Note 32 to the UBS Group
Financial Statements provides
comprehensive information on the
</FONT>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P align="left"><FONT size="2">Group&#146;s various Equity
Participation Plans for employees
on various levels of the
organization. It shows pro-forma
results under the assumption of
expensing options at fair value
rather than charging their
intrinsic value at grant date.
The Financial Report 2002 also
provides information on how
business unit results would have
been impacted if options granted
to employees had been expensed
(please refer to &#147;Review of
Business Group performance&#148; on
page 35).
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Note 31 to the UBS Group
Financial Statements describes
the various retirement benefit
plans established in Switzerland
and in major foreign markets.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">



<P align="left"><FONT size="2"><B>
 108
</B></FONT>



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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P><FONT size="2"><B>Corporate Governance<BR>
Shareholders&#146; Participation Rights</B>
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="2">&nbsp;
</FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<!-- link2 "Shareholders&#146; Participation Rights" -->
<DIV align="left"><A NAME="175"></A></DIV>
<P><FONT size="5">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders&#146; Participation Rights
</FONT>




<P><FONT size="5">&nbsp;
</FONT>

<P align="left"><FONT size="2"><FONT color="#C66005"><B>UBS is committed to make it as easy as possible for shareholders to take part
in its decision-making processes. All registered shareholders &#151; nearly 220,000
&#151; receive regular written information about the firm&#146;s activities and
performance and are personally invited to shareholder meetings.</B></FONT>
</FONT>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Relations with shareholders</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">UBS fully subscribes to the
principle of equal treatment of
all shareholders, ranging from
large investment institutions to
individual investors, and
regularly informs them about the
development of the company of
which they are co-owners.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Annual General Meetings
offer shareholders the
opportunity to raise any
questions regarding the
development of the company and
the events of the year under
review. The members of the Board
of Directors and Group Executive
Board as well as the internal and
external auditors are present to
answer these questions.
</FONT></DIV>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD nowrap align="left"><FONT size="2" color="#C66005"><B>Voting rights, restrictions and representation</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">UBS is committed to making it as
easy as possible for shareholders
to take part in its
decision-making processes and
therefore places no restrictions
on share ownership and voting
rights. Only voting rights of
nominee companies and trustees,
who normally represent a great
number of individual
shareholders, are limited to a
maximum of 5% of outstanding UBS
shares in order to avoid the risk
of unknown shareholders with
large stakes being entered into
the share register. Securities
clearing organizations such as
the Depository Trust Company
(DTC)&nbsp;in New York and
SegaInterSettle (SIS)&nbsp;in
Switzerland are exempt from the
5% voting limit.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to have voting
rights registered, shareholders
must confirm they acquired UBS
shares in their own name and for
their own account.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All registered shareholders
can participate in shareholder
meetings. If they do not wish to
attend in person, they can issue
instructions to
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P align="left"><FONT size="2">accept, reject or
abstain on each individual item
on the meeting agenda by either
giving instructions to an
Independent Proxy designated by
UBS (as required under Swiss
company law) or by appointing
UBS, another bank or another
registered shareholder of their
choice, to vote on their behalf.
</FONT>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Statutory quorums</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">Shareholder resolutions, the
election and re-election of Board
members and the appointment of
the Group and Statutory Auditors
are decided at the General
Meetings of Shareholders by an
absolute majority of the votes
cast, excluding blank and invalid
ballots. Article&nbsp;704 of the Swiss
Code of Obligations (Company Law)
requires that
for certain specific issues a
majority of two-thirds of the
votes represented at the meeting
vote in favor of the resolution.
These issues include the
introduction of voting shares,
the introduction of restrictions
on the transferability of
registered shares, conditional
and authorized capital increases,
restrictions or exclusion of
shareholders&#146; pre-emptive rights.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS also requires a
two-thirds majority of votes
represented for any change to the
provisions in the Articles of
Association regarding the number
of Board members as well as for
any decision to remove one fourth
or more of the members of the
Board.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Votes and elections are
normally conducted electronically
to clearly ascertain the exact
number of votes cast. Voting by a
show of hands remains possible if
a clear majority is predictable.
Shareholders representing at
least 3% of the votes represented
may still request, however, that
a vote or election take place
electronically or by written
ballot.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 109
</B></FONT>
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<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P><FONT size="2"><B>Corporate Governance<BR>
Shareholders&#146; Participation Rights</B>
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Convocation of General<BR>
Meetings of Shareholders</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">The Annual General Meeting of
Shareholders (AGM)&nbsp;normally takes
place in April, but in any case
within six months after the close
of the financial year. A personal
invitation including a detailed
agenda and explanation of each
motion is sent to every
registered shareholder at least
20&nbsp;days ahead of the scheduled
meeting. The meeting agenda is
also published in various Swiss
and international newspapers.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Extraordinary General
Meetings may be convened whenever
the Board of Directors or the
statutory auditors consider it
necessary. Shareholders
individually or jointly
representing at least ten percent
of the share capital may, at any
time, ask in writing that an
Extraordinary General Meeting be
convened to deal with a specific
issue put forward by them. Such a
request may also be brought
forward during the AGM.
</FONT></DIV>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Placing of items on the agenda</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">Shareholders individually or
jointly representing shares with
an aggregate par value of one
million Swiss francs may submit
proposals for matters to be
placed on the agenda for
consideration by the shareholders
meeting. The Board of Directors
will
</FONT>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P align="left"><FONT size="2">&nbsp;
</FONT>

<P align="left"><FONT size="2">&nbsp;
</FONT>

<P align="left"><FONT size="2">&nbsp;
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></DIV>

<P align="left"><FONT size="2">submit to the AGM in 2003 a
proposal to facilitate the
exercise of this shareholder
right, which &#151; as a result of the
two par-value repayments in 2001
and 2002 &#151; had become more
difficult. The proposed limit of
an aggregate par value of CHF
250,000 brings the threshold back
to what it used to be before the
par value repayments.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS publishes the deadline
for submitting such proposals in
various Swiss and international
newspapers. The date of the
deadline is normally shortly
after the publication of the
annual results. It is also set
early enough to allow for the
integration of the proposals into
the official invitation to
shareholders. Requests for items
to be placed on the agenda must
include the actual motions to be
put forward, together with a
short explanation, if necessary.
The Board of Directors formulates
an opinion on the proposals,
which is published together with
the motions.
</FONT></DIV>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Registrations in share register</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">The general rules for being
entered with voting rights in the
Swiss or US Share Register of UBS
also apply before General
Meetings of Shareholders (for
details see pages 134 and 135).
Registrations including the
transfer of voting rights are
processed for as long as
technically possible.
</FONT>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 110
</B></FONT>
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<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P><FONT size="2"><B>Corporate Governance<BR>
Change of Control and Defensive Measures</B>
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="2">&nbsp;
</FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<!-- link2 "Change of Control and Defensive Measures" -->
<DIV align="left"><A NAME="176"></A></DIV>
<P><FONT size="5">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change of Control and Defensive Measures
</FONT>




<P><FONT size="5">&nbsp;
</FONT>

<P align="left"><FONT size="2"><FONT color="#C66005"><B>UBS believes in market forces. It therefore refrains from restrictions which
would hinder developments otherwise initiated or supported by the financial
markets. There are no specific protections against hostile takeover in place.</B></FONT>
</FONT>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Duty to make an offer</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">An investor who acquires 33 1/3 %
of all voting rights has to
submit a take-over offer for all
shares outstanding, according to
the Swiss Stock Exchange Law. UBS
has not elected to change or opt
out of this rule.
</FONT>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Clauses on changes of control</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">The service agreements and
employment contracts of the
executive Board members, of the
</FONT>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P align="left"><FONT size="2">members of the Group Executive
Board and of the Group Managing
Board do not contain clauses on
change of control. UBS does not
offer &#147;golden parachutes&#148; to its
senior executives. Employment
contracts contain notice periods
of 12&nbsp;months for GEB members and
6&nbsp;months for GMB members, during
which they are entitled to
running salary and bonuses.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Compensation Committee
of the Board may, however,
accelerate the vesting of options
and the lapse date for restricted
shares in case of a change of
control.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 111
</B></FONT>
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<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P><FONT size="2"><B>Corporate Governance<BR>
Auditors</B>
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="2">&nbsp;
</FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<!-- link2 "Auditors" -->
<DIV align="left"><A NAME="177"></A></DIV>
<P><FONT size="5">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auditors
</FONT>



<P><FONT size="5">&nbsp;
</FONT>

<P align="left"><FONT size="2"><FONT color="#C66005"><B>Audit, with its various functions and authorities, plays an important role in
Corporate Governance. While remaining independent, the External Auditors and
Group Internal Audit closely coordinate their work, thereby ensuring the most
effective performance of their responsibilities. The Chairman&#146;s Office, the
Audit Committee and ultimately the Board of Directors supervise the functioning
of the overall audit work.</B></FONT>
</FONT>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>External, independent Auditors</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">Ernst &#038; Young Ltd., Basel, have
been assigned the mandate to
serve as global auditors for the
UBS Group. They assume all
auditing functions according to
laws, regulatory requests, and
the UBS Articles of Association
(see also the paragraph about
auditors responsibilities in the
&#147;Regulation and supervision
section&#148;, on page 118). The Audit
Committee of the Board has
determined that
Ernst &#038; Young Ltd. meets all
independence requirements
established by the Securities and
Exchange Commission (SEC). As
part of its audit process, Ernst
&#038; Young Ltd. informs the Audit
Committee of the measures it
takes to ensure its and its
employees&#146; independence from UBS.
The Audit Committee assesses this
information on behalf of the
Board and informs the Board
accordingly.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the Extraordinary General
Meeting on 7 September&nbsp;2000, UBS
shareholders appointed Deloitte &#038;
Touche AG, Basel, as special
auditors according to Article&nbsp;31
paragraph 3 of the UBS Articles
of Association for a three-year
term of office. The special
auditors provide audit opinions
in connection with capital
increases, independently from the
Group auditors. Deloitte &#038; Touche
will be proposed to the AGM 2003
for re-election for another
three-year term.
</FONT></DIV>

<P><FONT size="2"><B>Duration of the mandate and term of office of the lead auditor</B>
</FONT>

<DIV align="left"><FONT size="2">After the UBS-SBC merger, Ernst &#038;
Young Ltd., Basel were initially
appointed as UBS&#146;s principal
external auditor for the audit of
the 1998 financial statements.
Following a comprehensive
evaluation process during 1999,
they were proposed for
re-election to the 2000 AGM. They
were re-elected at the AGMs
between 1999 and 2002,
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P align="left"><FONT size="2">and will
be proposed for re-election at
the AGM 2003.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roger K. Perkin, chartered
accountant, and Peter Heckendorn,
lic.oec., have been in charge of
the UBS audit since the initial
appointment.
</FONT></DIV>

<P><FONT size="2"><B>Auditing fees</B>
</FONT>

<DIV align="left"><FONT size="2">Fees paid to Ernst &#038; Young for
the financial year 2002 in
respect of audit and regulatory
reports required by law amounted
to CHF 30,882,000.
</FONT></DIV>

<P><FONT size="2"><B>Additional fees paid to auditors</B>
</FONT>

<DIV align="left"><FONT size="2">Ernst &#038; Young were paid CHF
8,897,000 for audit-related
services provided (primarily
accounting consultation on
matters relating to the financial
statements, attest services
required by contract or requested
by management, audits of
retirement and compensation
plans, and due diligence work on
acquisitions) and CHF 10,521,000
was paid to Ernst &#038; Young for tax
advisory and compliance work in
respect of the Bank&#146;s own
affairs. Another CHF 3,287,625
was paid for other services
provided during the year.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rules recently issued by the
US Securities and Exchange
Commission (SEC)&nbsp;prohibit
independent auditors from
providing a number of specific
services. Ernst &#038; Young have not
provided any prohibited services
during the year.
</FONT></DIV>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Group Internal Audit</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">With around 240 professionals
worldwide at 31 December&nbsp;2002,
Group Internal Audit provides an
independent review of the
effectiveness of the system of
internal controls and compliance
with key rules and regulations.
It specifically verifies or
assesses whether the internal
controls are commensurate with
the risks and are working
effectively, whether activities
within the firm are being
</FONT>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 112
</B></FONT>
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<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">conducted and recorded properly,
correctly and fully, and whether
the organization of operations,
including information technology,
is efficient and the information
is reliable. All key issues
raised by Group Internal Audit
are communicated to the
management responsible, to the
President of the GEB and to the
Chairman&#146;s Office via formal
Audit Reports. The Chairman&#146;s
Office and the Audit Committee of
the Board are regularly informed
of important findings.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To maximize its independence
from management, the head of
Group Internal Audit, Markus
Ronner, reports directly to the
Chairman of the Board. Group
Internal Audit has unrestricted
access to all accounts, books and
records and must be provided with
all information and data needed
to fulfill its auditing duties.
Group Internal Audit addresses
its reports with major issues
ultimately to the Chairman of the
Board. The Chairman&#146;s Office may
order special audits to be
conducted, and the Group
Executive Board, with the
agreement of the Chairman, may
instruct Group Internal Audit to
conduct such audits.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coordination and close
cooperation with the external
auditors enhance the efficiency
of Group Internal Audit&#146;s work.
</FONT></DIV>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>

<TD align="left" nowrap><FONT size="2" color="#C66005"><B>Supervisory&nbsp;and&nbsp;control&nbsp;instruments&nbsp;vis-&#224;-<BR>vis&nbsp;the external auditors</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">The Audit Committee, on behalf of
the Board of Directors, monitors
the qualification, independence
and performance of the Group
Auditors and the lead partners.
It prepares proposals for
appointment or removal of the
external auditors
</FONT>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P align="left"><FONT size="2">for submission
to the full Board, which then
submits the proposal to the AGM.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee reviews
annually the written statements
submitted by the external
auditors as to their
independence. It also reviews the
engagement letter between UBS AG
and the external auditors and the
fees and terms of the planned
audit work. Mandates to the Group
auditors for audit-related work
and permitted non-audit work are
subject to pre-approval by the
Audit Committee.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The external auditors also
provide timely reports to the
Audit Committee on critical
accounting policies and practices
used, on alternative treatments
of financial information
discussed with management, and
other material written
communication between external
auditors and management.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee
regularly meets with the lead
partners of the external
auditors, at least four times per
year. It also regularly meets
with the Head of Group Internal
Audit.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At least once per year, the
Chairman&#146;s Office discusses with
the lead partners of Ernst &#038;
Young Ltd. the audit work
performed, main findings and
critical issues which arose
during the audit.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee and the
Chairman&#146;s Office report back to
the Board of Directors about
their contacts and discussions
with the external auditors. Once
per year, the lead partners take
part in a Board meeting, normally
to present the Long-form Report
of the External Auditors, as
required by the Swiss
Federal Banking Commission
(Bankengesetzlicher
Revisionsbericht).
</FONT></DIV>

</DIV><!--  nbps --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 113
</B></FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P><FONT size="2"><B>Corporate Governance<BR>
Information Policy:<BR>
UBS Financial Disclosure Principles</B>
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<!-- link2 "Information Policy: UBS Financial Disclosure Principles" -->
<DIV align="left"><A NAME="178"></A></DIV>
<P><FONT size="5">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Policy:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS Financial Disclosure Principles
</FONT>

<P><FONT size="5">&nbsp;
</FONT>

<P align="left"><FONT size="2"><FONT color="#C66005"><B>UBS&#146;s financial disclosure policies aim to achieve a fair market value of the
UBS share by communicating transparently, openly and consistently with
investors and the financial markets at all times.</B></FONT>
</FONT>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Main sources of information</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">UBS provides regular information
to its shareholders and to the
financial community. For details,
see page 5 and 6 of this
Handbook.
</FONT>

<P align="left"><FONT size="2">Financial results will be published as follows:
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">First Quarter</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" valign="bottom"><FONT size="2">
13 May&nbsp;2003</FONT></TD>
</TR>
<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Second Quarter</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" valign="bottom"><FONT size="2">
13 August&nbsp;2003</FONT></TD>
</TR>
<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Third Quarter</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" valign="bottom"><FONT size="2">
11 November&nbsp;2003</FONT></TD>
</TR>
<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Fourth Quarter</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" valign="bottom"><FONT size="2">
10 February&nbsp;2004</FONT></TD>
</TR>
<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<P align="left"><FONT size="2">The Annual General Meeting of
Shareholders will take place as
follows:
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="22%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="73%">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">2003</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" valign="bottom"><FONT size="2">
16 April, Zurich</FONT></TD>
</TR>
<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">2004</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" valign="bottom"><FONT size="2">
15 April, Basel</FONT></TD>
</TR>
<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<P align="left"><FONT size="2">UBS meets regularly with
institutional investors
throughout the year, holding
results presentations, specialist
investor seminars, road shows and
one-to-one or group meetings
across the world. Where possible,
these events involve UBS senior
management in addition to the UBS
Investor Relations team. We have
also made significant progress in
developing the use of technology
to further broaden access to our
presentations through webcasting,
audio links and cross-location
video-conferencing for external
audiences.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each shareholder receives an
illustrated &#147;Annual Review&#148;
providing an overview of the firm
and its activities during the
year and the key financial
information. Each quarter they
are provided with an update on
ongoing initiatives and quarterly
financial performance. More
detailed financial reports are
produced each quarter and at
year-end, which can be received
on request.
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To ensure fair access to
information, we make UBS
publications available to all
shareholders at the same time and
generally make key documents
available in both English and
German. Letters to shareholders
and media releases about results
are also translated into French
and Italian. We directly post
letters to shareholders and
material information related
to corporate events to all
shareholders, while other
information is distributed via
press release and posted to UBS&#146;s
website, at
www.ubs.com/investors. Our
website includes comprehensive
information about UBS, including
a complete set of our published
reporting documents, on demand
access to recent webcast
presentations and copies of
presentations that senior
management have given at industry
conferences.
</FONT></DIV>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Financial disclosure principles</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">Based on our discussions with
analysts and investors, we
believe that the market rewards
companies that provide clear,
consistent and informative
disclosure about their business.
Our aim therefore is to
communicate UBS&#146;s strategy and
results in such a way that
investors can gain a full and
accurate understanding of how the
company works, what its growth
prospects are and what risks
there are that this growth will
not be realized.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To continue to achieve these
goals, we apply the following
principles in our financial
reporting and disclosure:
</FONT></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><I>Transparency: </I>our
disclosure is designed to
enhance understanding of the
economic drivers and
detailed results of the
business, in order to build
trust and credibility.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><I>Consistency: </I>we aim to
ensure that our disclosure
is consistent and comparable
within each reporting period
and between reporting
periods.
</FONT></TD>
</TR>
</TABLE>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 114
</B></FONT>
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<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><I>Simplicity: </I>we try to
disclose information in as
simple a manner as possible
consistent with allowing
readers to gain the
appropriate level of
understanding of our
businesses&#146; performance.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><I>Relevance: </I>we aim to avoid
information overload by
focusing our disclosure on
what is relevant to UBS&#146;s
stakeholders, or required by
regulation or statute.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><I>Best practice: </I>we strive to
ensure that our disclosure is in
line with industry norms, and if
possible leads the way to
improved standards.
</FONT></TD>
</TR>
</TABLE>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We report UBS&#146;s results quarterly,
including a breakdown of results
by Business Groups and business
units and extensive disclosures
relating to credit and market
risk. The extent of disclosure
and the quality of analysis and
comment we provide put UBS&#146;s
reporting among the leaders in
the banking sector, worldwide.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We also aim to take a prominent role
in developing and enhancing
industry standards for
disclosure. UBS actively
participates in committees and
similar bodies helping to improve
accounting standards and risk
disclosure standards. In November
2000 we launched a proposal for a
new definition of assets held for
our clients. Following a positive
reception for this initiative, we
introduced the definitions into
our reporting in our first
quarter 2001 report.
</FONT></DIV>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Performance measures and targets</B>
</FONT></TD>
    </TR>
</TABLE>


<P><FONT size="2"><B>Group targets</B>
</FONT>

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

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">We seek to increase the
value of UBS by achieving a
sustainable, after-tax
return on equity of 15-20%,
across periods of varying
market conditions.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">We aim to increase
shareholder value through
double-digit average annual
percentage growth in basic
earnings per share (EPS),
across periods of varying
market conditions.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Through cost reduction and
earnings enhancement
initiatives we aim to reduce
UBS&#146;s cost/income ratio, to
a level that compares
positively with
best-in-class competitors.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">We aim to achieve a clear
growth trend in net new
money in our private client
businesses.
</FONT></TD>
</TR>
</TABLE>
</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The first three targets are
all reported pre-goodwill
amortization, and adjusted for
significant financial events (see
below).
</FONT></DIV>

<P><FONT size="2"><B>Business Group key performance indicators</B>
</FONT>

<DIV align="left"><FONT size="2">We also report carefully chosen
key performance indicators for
each of UBS&#146;s Business Groups and
business units. These do not
carry explicit targets, but are
indicators of the business units&#146;
success in creating value for
shareholders. They include
financial metrics, such as the
cost/income ratio, and
non-financial metrics such as
invested assets.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These key performance
indicators are used for internal
performance measurement and
planning as well as external
reporting. This ensures that
management has a clear
responsibility to lead their
businesses towards achieving
success in the externally
reported value drivers and avoid
the risk of managing to purely
internal performance measures.
</FONT></DIV>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Financial reporting policies</B>
</FONT></TD>
    </TR>
</TABLE>


<P><FONT size="2"><B>Accounting principles</B>
</FONT>

<DIV align="left"><FONT size="2">We prepare UBS Group&#146;s accounts
according to International
Financial Reporting Standards
(IFRS), and provide additional
information in our Financial
Report to reconcile the Group
accounts to US Generally Accepted
Accounting Principals (US GAAP).
A detailed explanation of the
basis of UBS&#146;s accounting is
given in Note 1 to the UBS Group
Financial Statements, which are
published in the UBS Financial
Report 2002. An explanation of
the critical accounting policies
applied in the preparation of our
Financial Statements is provided
in a specific section in the UBS
Financial Report 2002 on page 9.
</FONT></DIV>

<P><FONT size="2"><B>Analysis of adjusted figures and results</B>
</FONT>

<DIV align="left"><FONT size="2">We analyze our quarterly and
annual financial performance on a
reported basis determined in
accordance with IFRS.
Additionally, we provide analysis
and comments on an adjusted basis
which excludes from the reported
amounts certain items we term
significant financial events
(SFEs). SFEs are non-recurring,
event-specific items, with a
material impact at Group level.
They are UBS-specific and not
industry-wide and not in the
normal course of business.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Another adjustment we use in our
results discussion is the
exclusion of the amortization of
goodwill and other acquired
intangible assets. At
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 115
</B></FONT>
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<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P><FONT size="2"><B>Corporate Governance<BR>
Information Policy:<BR>
UBS Financial Disclosure Principles</B>
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P align="left"><FONT size="2">UBS, we believe that equity
values are driven by future cash
flows.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These adjustments reflect
our internal analysis approach
where SFE-adjusted figures before
goodwill/intangibles amortization
are used to assess past
performance against peers and to
estimate future growth potential.
In particular, our financial
targets have been set in terms of
adjusted results, excluding
significant financial events and
goodwill/intangibles
amortization, and all the
analysis provided in our
management accounting is based on
operational SFE-adjusted
performance. In our financial
reporting, we clearly identify
all adjusted figures as such, and
allow the reader to reconcile
them to reported figures. More
detail on adjustments and the
SFEs during 2000, 2001 and 2002
can be found in the UBS Financial
Report 2002.
</FONT></DIV>

<P><FONT size="2"><B>Restatement of results</B>
</FONT>

<DIV align="left"><FONT size="2">As required under IFRS, we are
committed to maintaining the
transparency of UBS&#146;s reported
results and to ensuring that
analysts and investors can make
meaningful comparisons with
previous periods. If there is a
major reorganization of our
business units or if changes to
accounting standards or
interpretations lead to a
material change in the Group&#146;s
reported results, we restate
UBS&#146;s results for previous
periods to show how they would
have been reported according to
the new basis, and provide clear
explanations of all changes.
</FONT></DIV>

<P><FONT size="2"><B>US regulatory disclosure requirements</B>
</FONT>

<DIV align="left"><FONT size="2">As a Swiss company listed on the
New York Stock Exchange (NYSE),
we comply with the dis-
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P align="left"><FONT size="2">&nbsp;
</FONT>

<P align="left"><FONT size="2">&nbsp;
</FONT>

<P align="left"><FONT size="2">&nbsp;
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></DIV>

<P align="left"><FONT size="2">closure
requirements of the Securities
and Exchange Commission (SEC)&nbsp;and
the NYSE for foreign issuers.
These include the requirement to
make certain filings with the
SEC. As a foreign issuer, some of
the SEC&#146;s regulations and
requirements which apply to
domestic issuers are not
applicable to UBS. We provide
UBS&#146;s regular quarterly reports
to the SEC under cover of Form
6-K, and file an annual report on
Form 20-F. We also provide
additional disclosure at half
year to meet specific SEC
requirements, which again is
provided under cover of Form 6-K.
In addition, important corporate
announcements, including press
releases, are provided under
cover of Form 6-K as they occur.
These reports, as well as
materials sent to shareholders in
connection with annual and
special meetings, are all
available on our website, at
www.ubs.com/investors.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Within the 90-day period
prior to the filing of this
Annual Report, an evaluation was
carried out under the supervision
and with the participation of our
management, including the
President of the Group Executive
Board and Group Controller, of the
effectiveness of the design and
operation of our disclosure
controls and procedures (as
defined in Rule&nbsp;13a-14(c) under
the US Securities Exchange Act of
1934). Based upon that
evaluation, the President of the
Group Executive Board and Group
Controller concluded that the
design and operation of these
disclosure controls and
procedures were effective. No
significant changes were made in
our internal controls or in other
factors that could significantly
affect these controls subsequent
to the date of their evaluation.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 116
</B></FONT>
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<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P><FONT size="2"><B>Corporate Governance<BR>
Regulation and Supervision</B>
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<DIV style="float: right; width: 74%">
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<!-- link2 "Regulation and Supervision" -->
<DIV align="left"><A NAME="179"></A></DIV>
<P><FONT size="5">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regulation and Supervision
</FONT>

<P><FONT size="5">&nbsp;
</FONT>

<P align="left"><FONT size="2"><FONT color="#C66005"><B>We aim to monitor regulatory developments, to comply with all applicable
provisions and to work closely and maintain good relations with the regulators
in all jurisdictions where we have offices, branches and subsidiaries.</B></FONT>
</FONT>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">As a Swiss-registered company,
UBS&#146;s main regulator is the Swiss
Federal Banking Commission
(SFBC), but we are also regulated
worldwide by supervisory agencies
in the countries in which we
conduct business, most notably
the US and the UK.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS&#146;s operations throughout the world
are regulated and supervised by
the relevant central banks and
regulatory authorities in each of
the jurisdictions in which we
have offices, branches and
subsidiaries. These authorities
impose reserve and reporting
requirements and controls on UBS,
including those relating to
capital adequacy, depositor
protection and prudential
supervision. In addition, a
number of countries where UBS
operates impose additional
limitations on or affecting
foreign-owned or controlled banks
and financial institutions,
including
</FONT></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">licensing
requirements and restrictions of
the opening of local offices,
branches or subsidiaries and the
types of banking and non-banking
activities that may be conducted
by those local offices, branches
or subsidiaries;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">restrictions
on the acquisition or level of
ownership of local banks;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">restrictions on investment and
other financial flows entering or
leaving the country.
</FONT></TD>
</TR>
</TABLE>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The supervisory and
regulatory regimes of the
countries where UBS operates will
determine, to some degree, our
ability to expand into new
markets, the services and
products that we will be able to
offer in those markets and how we
structure specific operations.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following sections
describe the regulation and
supervision of UBS&#146;s business in
Switzerland, our home market,
and in the United States and the
United Kingdom, our next two
largest operations, which
together employ a total of 49% of
our staff.
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Regulation and supervision in Switzerland</B>
</FONT></TD>
    </TR>
</TABLE>


<P><FONT size="2"><B>General</B>
</FONT>

<DIV align="left"><FONT size="2">UBS is regulated in Switzerland
under a system established by the
Swiss Federal Law relating to
Banks and Savings Banks of 8
November&nbsp;1934, as amended, and
the related Implementing
Ordinance of 17 May&nbsp;1972, as
amended, which are together known
as the Federal Banking Law. Under
this law, banks in Switzerland
are permitted to engage in a full
range of financial services
activities, including commercial
banking, investment banking and
fund management. Banking groups
may also engage in insurance activities,
but these must be undertaken
through a separate subsidiary.
The Federal Banking Law
establishes a framework for
supervision by the SFBC.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In our capacity as a
securities broker, UBS is
governed by the Swiss Federal Law
on Stock Exchanges and Trading in
Securities of 24 March&nbsp;1995, as
amended, under which the SFBC is
appointed as prime regulator for
these activities.
</FONT></DIV>

<P><FONT size="2"><B>Regulatory policy</B>
</FONT>

<DIV align="left"><FONT size="2">Swiss regulatory policies are
formulated on three levels. The
first two are the statutory
levels of primary and secondary
legislation issued by Parliament
and the Swiss Federal Council.
The SFBC has substantial
influence on the drafting of
these regulatory statutes. On
more technical policy, the SFBC
is empowered to issue so-called
circulars, 21 of which are
presently effective. The SFBC has
issued a new Ordinance updating
its rules on anti-money
laundering, which will come into
force in July&nbsp;2003. In certain
fields, the SFBC officially
endorses self-regulatory
guidelines issued by the banking
industry (through the Swiss
Bankers&#146; Association), which thus
become an integral part of
banking regulation. Recent
examples are:
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

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</B></FONT>
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<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P><FONT size="2"><B>Corporate Governance<BR>
Regulation and Supervision</B>
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Guidelines concerning a
Code of Conduct with regard
to the Exercise of Due
Diligence by Banks, 1998.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Guidelines concerning the
Treatment of Accounts,
Custody Deposits and Safe
Deposit Boxes Remaining
Dormant at Swiss Banks,
2000.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Guidelines concerning the
Exercise of Asset Management
Mandates, 2000.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Guidelines on Internal Control,
2002.
</FONT></TD>
</TR>
</TABLE>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain aspects of securities broking, such as the
organization of trading, are
subject to self-regulation
through the SWX Swiss Exchange
and the Swiss Bankers&#146;
Association, under the overall
supervision of the SFBC.
</FONT></DIV>

<P><FONT size="2"><B>Role of external auditors and direct supervision of large banking groups</B>
</FONT>

<DIV align="left"><FONT size="2">The Swiss supervisory system
relies on banks&#146; external
auditors, who are licensed and
supervised by the SFBC, and carry
out official duties, on behalf
of, and subject to sanctions
imposed by the SFBC. The
responsibility of external
auditors not only encompasses the
audit of Financial Statements but
also entails the review of banks&#146;
compliance with all prudential
requirements.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In recent years, the SFBC
has taken on more direct
responsibility for supervision in
two areas: capital requirements
for market risk, for which there
is a specialist team; and the
supervision of the two large
Swiss banking groups, including
UBS, for which a dedicated
department was created in 1998.
Thus, the supervisory strategy
now entails direct supervision in
the form of regular meetings with
bank management, supervisory
visits, on-site reviews, direct
reporting, both routine and
ad hoc, and regular meetings
with the host regulators of our
overseas operations. Close
cooperation, including regular
trilateral meetings, has been
established between the SFBC and
UBS&#146;s US and UK regulators, and
further links are being
established by the SFBC with
other relevant regulators.
</FONT></DIV>

<P><FONT size="2"><B>Reporting requirements and<BR>capital requirements</B>
</FONT>

<DIV align="left"><FONT size="2">UBS reports to the SFBC
financial, capital, legal and
risk information. The SFBC also
reviews the bank&#146;s risk
management and control policies
and procedures in all areas of
risk, including Know Your
Customer rules and anti-money
laundering practices. Reporting
requirements also include
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P align="left"><FONT size="2">&nbsp;
</FONT>

<P align="left"><FONT size="2">&nbsp;
</FONT>

<P align="left"><FONT size="2">&nbsp;
</FONT>

<P align="left"><FONT size="2">ad-hoc
and event-based information
requests connected with direct
supervision activity.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switzerland applies the
internationally accepted capital
adequacy rules of the Basel
Capital Accord but the SFBC
implementation imposes a more
differentiated and tighter regime
than the internationally agreed
rules, including a more stringent
definition of capital (see
Capital management on page 86).
</FONT></DIV>

<P><FONT size="2"><B>Disclosures to the Swiss National Bank</B>
</FONT>

<DIV align="left"><FONT size="2">Although the primary
responsibility for supervision of
banks under the Federal Banking
Law lies with the SFBC, UBS also
submits an annual statement of
condition and detailed monthly
interim balance sheets to the
Swiss National Bank, which
monitors compliance with
liquidity rules. The Swiss
National Bank can require UBS to
supply further disclosures of
financial condition and other
information relevant to its
regulatory oversight.
</FONT></DIV>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Regulation and supervision<BR>in the United States</B>
</FONT></TD>
    </TR>
</TABLE>


<P><FONT size="2"><B>Banking regulation</B>
</FONT>

<DIV align="left"><FONT size="2">UBS&#146;s operations in the United
States are subject to a variety
of regulatory regimes. We
maintain branches in California,
Connecticut, Illinois and New
York and an agency in Florida.
UBS&#146;s California branches are
located in Los Angeles and San
Francisco and are federally
licensed by the Office of the
Comptroller of the Currency. Each
of our other US banking offices
is licensed by the state banking
authority of the state in which
it is located. We are in the
process of converting our New
York branches from state licenses
to federal licenses. Each US
banking office is subject to
regulation and examination by its
licensing authority. In addition,
the Board of Governors of the
Federal Reserve System exercises
examination and regulatory
authority over our state-licensed
US banking offices. We also
maintain state and federally
chartered trust companies and
other limited purpose banks,
which are regulated by state
regulators or the Office of the
Comptroller of the Currency. None
of UBS&#146;s US banking offices is
currently insured by the Federal
Deposit Insurance Corporation.
The regulation of our US banking
offices and subsidiaries imposes
restrictions on the activities of
those offices, as well as
prudential restrictions,
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">



<P align="left"><FONT size="2"><B>
 118
</B></FONT>


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<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<DIV align="left"><FONT size="2">such as
limits on extensions of credit to
a single borrower, including UBS
subsidiaries.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The licensing
authority of each US banking
office has the authority to take
possession of the business and
property of the office it
licenses in certain
circumstances. Such
circumstances generally include
violations of law, unsafe
business practices and
insolvency. So long as UBS
maintains one or more federal
branches, such as our California
branches, the Office of the
Comptroller of the Currency also
has the authority to take
possession of our US operations
under similar circumstances, and
this federal power may preempt
the state insolvency regimes that
would otherwise be applicable to
our state-licensed offices. As a
result, if the Office of the
Comptroller of the Currency
exercised its authority over our
US banking offices pursuant to
federal law in the event of a UBS
insolvency, all of UBS&#146;s US
assets would be applied first to
satisfy creditors of our US
banking offices as a group, and
then made available for
application pursuant to any Swiss
insolvency proceeding.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to the direct
regulation of our US banking
offices, operating US banking
offices subjects UBS to
regulation by the Board of
Governors of the Federal Reserve
System under various laws,
including the International
Banking Act of 1978, the Bank
Holding Company Act of 1956 and
the Gramm-Leach-Bliley Financial
Modernization Act of 1999. On 10
April&nbsp;2000, UBS AG was designated
a &#147;financial holding company&#148;
under the Gramm-Leach-Bliley Act.
</FONT></DIV>

<P><FONT size="2"><B>US regulation of other US operations</B>
</FONT>

<DIV align="left"><FONT size="2">In the United States, UBS Warburg
LLC and UBS PaineWebber Inc., as
well as UBS&#146;s other US registered
broker-dealer entities, are
subject to regulations that cover
all aspects of the securities
business, including:
</FONT></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">sales
methods
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">trade practices among
broker-dealers
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">use and
safekeeping of customers&#146; funds
and securities
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">capital
structure
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">record-keeping
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">the
financing of customers&#146; purchases
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">the conduct of directors,
officers and employees.
</FONT></TD>
</TR>
</TABLE>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These entities are regulated
by a number of different
government agencies and
self-regulatory organizations,
including the Securities and
Exchange Commission and the
National
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<DIV align="left"><FONT size="2">Association of Securities
Dealers. Depending upon the
specific nature of a
broker-dealer&#146;s business, it may
also be regulated by some or all
of the New York Stock Exchange,
the Municipal Securities
Rulemaking Board, the US
Department of the Treasury, the
Commodities Futures Trading
Commission, and other exchanges
of which it may be a member.
These regulators have available a
variety of sanctions, including
the authority to conduct
administrative proceedings that
can result in censure, fines, the
issuance of cease-and-desist
orders or the suspension or
expulsion of the broker-dealer or
its directors, officers or
employees.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS subsidiaries in the
United States are also subject to
regulation by applicable federal
and state regulators of their
activities in the investment
advisory, mutual fund, trust
company, mortgage lending and
insurance businesses.
</FONT></DIV>

<P><FONT size="2"><B>USA Patriot Act</B>
</FONT>

<DIV align="left"><FONT size="2">On 26 October&nbsp;2001, the US
adopted the USA Patriot Act in
response to the events of 11
September&nbsp;2001. The Act requires
US banks and foreign banks with
US operations, including UBS, to
take certain steps to help
prevent, detect and prosecute international money
laundering and the financing of
terrorism. The required actions
include terminating correspondent
accounts with &#147;shell banks&#148; and
obtaining information about the
owners of foreign bank clients
and the identity of the foreign
bank&#146;s agent in the US.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The scope
of the Act will be determined, to
some degree, by the regulations
that are adopted to implement its
provisions. The US Secretary of
the Treasury has published
interim guidance and proposed
regulations to implement some
portions of the Act, and is
expected to propose additional
regulations to implement other
sections. Although we cannot
predict when and in what form
these regulations will be
adopted, we believe that the cost
of compliance with the Act is not
likely to be material to us, and
that compliance with the statute
will not have a material effect
on our global operations.
</FONT></DIV>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Regulation and
supervision<BR>in the United Kingdom</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">Since 1 December&nbsp;2001, following
the implementation of the
Financial Services and Markets
Act 2000, UBS&#146;s operations in the
United
</FONT>

</DIV><!--  nbps --><P>&nbsp;<BR clear="all">


<P align="right"><FONT size="2"><B>
 119
</B></FONT>
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<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P><FONT size="2"><B>Corporate Governance<BR>
Regulation and Supervision</B><BR>
&nbsp;<BR>
&nbsp;
</FONT>

<DIV align="left"><FONT size="2">Kingdom have been regulated by
the Financial Services Authority
(FSA), as the United Kingdom&#146;s
unified regulator. FSA assumed
the responsibilities of UBS&#146;s
previous UK regulators, the
Securities and Futures Authority
and the Investment Management
Regulatory Organisation, with
effect from this date. The Bank
of England&#146;s responsibilities for
regulation of banking activities
were transferred to the FSA by
the Bank of England Act 1998.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The FSA has established a
risk-based approach to
supervision and UBS is supervised
by the Major Financial Groups
section of the Deposit Takers and
Markets Directorate. The FSA has
a wide variety of supervisory
tools available to it, including
on-site inspections by
supervisors (which may relate to
a risk-based industry-wide theme
or be firm-specific) and the
ability to commission reports by
skilled persons (who may be the
firm&#146;s auditors or IT
specialists, compliance
consultants or lawyers). The FSA
also has an extremely wide set of
sanctions
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<DIV align="left"><FONT size="2">&nbsp;<BR>&nbsp;<BR>&nbsp;<BR>&nbsp;<BR>
which


it may impose
under the new Act, similar to
those available to US regulators.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Some of our subsidiaries and
affiliates are also regulated by
the London Stock Exchange and
other United Kingdom securities
and commodities exchanges of
which UBS is a member, and all
equities business can be subject
to the requirements of the UK
Panel on Takeovers and Mergers
where relevant.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The investment services that
are subject to oversight by UK
regulators are regulated in
accordance with European Union
directives requiring, among other
things, compliance with certain
capital adequacy standards,
customer protection requirements
and conduct of business rules.
These standards, requirements and
rules are similarly implemented,
under the same directives,
throughout the European Union and
are broadly comparable in scope
and purpose to the regulatory
capital and customer protection
requirements imposed under
applicable US law.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">


<P align="left"><FONT size="2"><B>
 120
</B></FONT>
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<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P><FONT size="2"><B>Corporate Governance<BR>
Compliance with NYSE Listing Standards<BR>
on Corporate Governance</B>
</FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<!-- link2 "Compliance with NYSE Listing Standards on Corporate Governance" -->
<DIV align="left"><A NAME="180"></A></DIV>
<P><FONT size="5">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compliance with NYSE Listing Standards<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on Corporate Governance
</FONT>




<P align="left"><FONT size="2"><FONT color="#C66005"><B>UBS aims to comply with all relevant standards on corporate governance. As a
foreign company, listed at the New York Stock Exchange (NYSE), we have to
explain differences between our corporate governance standards and the NYSE
rules for US companies.</B></FONT>
</FONT>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Introduction</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">On 15 August&nbsp;2002, the NYSE filed
with the SEC proposed rules that
would effect substantial changes
to the NYSE corporate governance
listing standards. The proposed
changes would tighten the
definition of director
independence, expand the
responsibilities of the audit
committee, mandate the
establishment of a compensation
committee and nominating committee
both composed of only independent
directors and require listed
companies to have a code of ethics
and corporate governance
guidelines.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The proposed NYSE rule
will not change the NYSE
traditional approach permitting
non US-issuers, such as UBS, to
follow their home jurisdiction
governance practice where it
differs from the NYSE
requirements. It is expected that
the SEC will revise some of the
proposed NYSE rules to harmonize
them with competing or overlapping
requirements under the
Sarbanes-Oxley Act. The current
proposed rules would require each
non-US issuer to provide a brief
and general summary of any
significant differences between
its home country corporate
governance practices and the NYSE
rules for US companies.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
proposed NYSE rules will not
become effective unless and until
they are approved by the SEC.
Accordingly, our current corporate
governance structure may be
changed as required to comply with
any new requirements established
by the SEC.
</FONT></DIV>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Independence of directors</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">The NYSE rules will require that
the Board of Directors of a
listed company have a majority of
independent directors. For a
director to be considered
independent, the Board of
Directors must affirmatively
determine that the director has
no material relationship with the
company, either
</FONT>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<DIV align="left"><FONT size="2">directly or as a
partner, shareholder or officer
of a company that has a
relationship with the listed
company. Materiality is to be
considered not just from the
standpoint of the director but
also from the standpoint of
persons and organizations
affiliated with the director.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The UBS Board of Directors
has adopted the following
criteria for defining its
external directors&#146; independence:
</FONT></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">The external director and
his or her immediate family
members have not been
employed by UBS during the
last five years.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">The external director and
his or her immediate family
members have not been
employed by UBS&#146;s principal
auditors, Ernst &#038; Young Ltd.
during the last five years.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">The external director is
not and has not been
employed by a company whose
compensation committee
includes a senior executive
of UBS.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">The external director does
not have &#151; directly or
indirectly &#151; any material
relationship with UBS, i.e.:
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">No shareholdings in
excess of 3% of all
outstanding shares.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">No business
relationships with UBS
accounting for more than
5% of the total revenues
either of the companies
related to the director or
of UBS.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">No banking
relationships with UBS
that are not in the
ordinary course of
business and on
substantially the same
terms as those prevailing
at the time for comparable
transactions with other
clients.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">UBS does not make any
meaningful charitable
contributions to
organizations in which the
external director is
affiliated.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">The external director has
not entered into consulting
contracts with UBS.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">UBS does not pay its
directors fees that exceed
what is customary in the
financial services industry.
</FONT></TD>
</TR>
</TABLE>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">


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</B></FONT>
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<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P><FONT size="2"><B>Corporate Governance<BR>
Compliance with NYSE Listing Standards<BR>
on Corporate Governance</B><BR>
&nbsp;<BR>
&nbsp;
</FONT>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">There were no interlocking
directorships over the past
five years between the
companies related to the
director and UBS.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">The external director does
not hold any other Board
mandates that would infringe
on his independence.
</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors,
after having carefully considered
the information provided by its
external members, has determined
that Peter B&#246;ckli, Ernesto
Bertarelli, Sir Peter Davis, Rolf
A. Meyer, Hans Peter Ming and
Lawrence A. Weinbach are
independent in accordance with
the criteria mentioned above.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It
has also determined that Lawrence
A. Weinbach, Sir Peter Davis and
Rolf A. Meyer meet the more
stringent independence
requirements for Audit Committee
members. They do not receive any
consulting, advisory or other
compensatory fees from UBS other
than in their capacity as
directors. They do not receive
any compensatory fees indirectly
paid to them as a partner, member
or principal of an entity, which
provides accounting, consulting,
legal, investment banking,
financial or other advisory
services to UBS. And none of them
serve on the audit committees of
more than two other public
companies.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS operates under a strict
dual Board structure mandated by
Swiss banking law. No member of
the Group Executive Board may
also be a member of the Board of
Directors and vice versa. This
structure ensures an
institutional independence of the
entire Board of Directors from
the day-to-day management.
Therefore all Board members are
non-management directors,
although the three executive
members of the Chairman&#146;s Office
are former members of the
executive management and have
entered into employment contracts
with UBS in connection with their
functions as Board members.
</FONT></DIV>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Board Committees</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">UBS has established an Audit, a
Compensation and a Nominating
Committee, all composed solely of
independent directors, as
required by the NYSE rules.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
chairman of the Audit Committee
has an auditing background, and
one of the members used to be the
Chief Financial Officer of a
large company. All the members
are financially literate.
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to these three
committees, the Chairman of the
Board and the Vice Chairmen form
a &#147;Chairman&#146;s Office&#148;, which has
clearly defined authorities and
duties. It also has
responsibility for oversight of
the internal audit function (as
defined in the Swiss Federal
Banking Commission&#146;s Circular
Letter on internal audit). For
more details see the UBS
Organization Regulations with its
two Appendices and the Charter
for the Chairman&#146;s Office
(www.ubs.com/about).
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional
information on the Board
Committee&#146;s mandates,
responsibilities and authorities
can be found on pages 99 and 100
of this Section. The charters for
all the Board Committees are
published on (www.ubs.com/about).
</FONT></DIV>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Differences from NYSE standards</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">The NYSE rules require:
</FONT>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><I>expanded discussion on risk
assessment and risk management
between management and the Audit
Committee</I>. UBS, as a global
financial services firm, has a
very sophisticated and complex
system of risk management and
control. Risk management and
control is the clear
responsibility of the business
and not of the Board or of its
Committees. The full Board has
authority to define the firm&#146;s
risk framework. It is responsible
for monitoring the adherence to
the defined risk limits and for
reviewing whether the business
and the control units run
appropriate systems of management
and control of risks. The
Chairman&#146;s Office, with financial
services specialists among its
members, provides the bulk of the
preparatory work for these full
Board reviews. It also assumes
approval authorities for the
definition of specific credit
risks and for clearly specified
credits. For further details see
Section &#147;Risk Management and
Control&#148; of this Handbook.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><I>supervision of internal audit
by Audit Committee</I>. In accordance
with the Swiss Federal Banking
Commission&#146;s Circular Letter on
Internal Audit, dated 14 December
1995, UBS gave the Chairman&#146;s
Office responsibility and
authority for supervising the
internal audit function. The
Chairman&#146;s Office reports back to
the full Board on all important
findings.
</FONT></TD>
</TR>
</TABLE>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">


<P align="left"><FONT size="2"><B>
 122
</B></FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><I>responsibility of the
Nominating Committee for
oversight of management and Board
evaluation</I>. Management evaluation
(performance of the President and
the members of the Group
Executive Board) is done by the
Chairman&#146;s Office and reported to
the full Board. All Board
Committees perform a
self-assessment of their
activities and report back to the
full Board. The Board has direct
responsibility and authority to
evaluate the Board&#146;s own
performance, without preparation
by a Board Committee.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#150;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><I>proxy statement reports of the
Audit and Compensation
Committees</I>. Under Swiss Company
Law, all reports addressed to shareholders must be
provided and signed by the full
Board. The Committees submit
their reports to the Board.
</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Shareholder votes on<BR>
equity-compensation plans</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">The proposed NYSE rules require
that shareholders must vote on
all equity-compensation plans and
any material revisions to the
terms of such plans (including
for purposes of re-pricing
existing options). UBS does not
comply with this requirement.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under Swiss Company Law, the
approval of compensation plans is
not an authority of the AGM, but
of the Board of Directors. The
reason for this different
approach is the fact that the
capital of a Swiss company is
determined in the
</FONT></DIV>

</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<DIV align="left"><FONT size="2">Articles of Association and,
therefore, each increase of
capital has to be submitted for
shareholders&#146; approval. If
equity-based compensation plans
result in a need for a capital
increase, AGM approval is
mandatory. If, however, shares
for such plans are purchased in
the market, shareholders do not
have the authority to vote. We
believe that the aim of the
request for a shareholders&#146; vote
on equity-compensation plans &#151;
the protection of shareholders
against undue dilution of their
capital &#151; is well taken care of
under Swiss Company Law.
</FONT></DIV>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Corporate Governance Guidelines and Code of Business Conduct and Ethics</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">The proposed NYSE rules require
each listed company to adopt and
make publicly available Corporate
Governance Guidelines and a Code
of Business Conduct and Ethics.
These documents must be adopted
within six months of the SEC&#146;s
approval of the NYSE&#146;s rules.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
UBS Board of Directors has
already adopted Corporate
Governance Guidelines, which are
published on the UBS website at
www.ubs.com/about.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The UBS Board of Directors
has also adopted a Code of
Business conduct and Ethics with
an Addendum for principal
executive, financial and
accounting officers or
controllers, as required by the
Sarbanes-Oxley Act. The code is
available on the UBS website at
www.ubs.com/about.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">


<P align="right"><FONT size="2"><B>
 123
</B></FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P><FONT size="2"><B>Corporate Governance<BR>
Group Managing Board</B>
</FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<!-- link2 "Group Managing Board" -->
<DIV align="left"><A NAME="181"></A></DIV>
<P><FONT size="5">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Group Managing Board
</FONT>




<P align="left"><FONT size="2"><FONT color="#C66005"><B>The Group Managing Board (GMB)&nbsp;represents the next layer in the leadership of
the Group below the Group Executive Board. Its members are drawn from the
management teams of the Business Groups and the Corporate Center.</B></FONT>
</FONT>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Role of the Group Managing Board</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">The GMB has a crucial role in implementing our integrated business
model and in promoting the UBS culture and values throughout the Group
and externally.
</FONT>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Members of the Group Managing Board as of 31 December&nbsp;2002:</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2"><B>UBS Wealth Management &#038; Business Banking</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="23%"></TD>
    <TD width="5%"></TD>
    <TD width="72%"></TD>
</TR>

<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Michael Adjadj</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
Head of Private Banking Middle East &#038; Africa</FONT></TD>
</TR>
<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Arthur Decurtins</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
Head of Private Banking Germany &#038; Benelux</FONT></TD>
</TR>
<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Thomas Escher</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
Head of IT</FONT></TD>
</TR>
<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">J&#252;rg Haller</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
Head of Products &#038; Services</FONT></TD>
</TR>
<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Eugen Haltiner</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
Head of Business Banking Switzerland</FONT></TD>
</TR>
<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Marten Hoekstra</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
Head of Market Strategy &#038; Development</FONT></TD>
</TR>
<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Dieter Kiefer</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
Head of Private Banking Western Europe</FONT></TD>
</TR>
<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Martin Liechti</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
Head of Private Banking Americas</FONT></TD>
</TR>
<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Joe Rickenbacher</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
Chief Credit Officer</FONT></TD>
</TR>
<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Alain Robert</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
Head of Private Banking Switzerland</FONT></TD>
</TR>
<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Kathryn Shih</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
Head of Private Banking Asia Pacific</FONT></TD>
</TR>
<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Jean Francis Sierro</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
Head of Resources</FONT></TD>
</TR>
<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Richard Sipes</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
Head of Private Banking UK &#038; Northern, Eastern and Southern Europe</FONT></TD>
</TR>
<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Anton Stadelmann</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
Chief Financial Officer</FONT></TD>
</TR>
<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Vittorio Volpi</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
Head of Private Banking Italy</FONT></TD>
</TR>
<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Raoul Weil</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
Head of Private Banking International</FONT></TD>
</TR>
<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Stephan Zimmermann</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
Head of Operations</FONT></TD>
</TR>
<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;<BR>&nbsp;<BR>
<B>UBS
Warburg</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Andy Amschwand</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
Global Co-Head of Interest Rates and Foreign Exchange</FONT></TD>
</TR>
<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Jonathan Britton</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
Chief Financial Officer</FONT></TD>
</TR>
<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Regina Dolan</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
Global Head of Strategic Planning and Business Development</FONT></TD>
</TR>
<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Ian Drew</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
Chief Credit Officer</FONT></TD>
</TR>
<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Tim Fredrickson</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
Global Co-Head of Interest Rates and Foreign Exchange</FONT></TD>
</TR>
<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Robert Gillespie</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
Joint Global Head of Investment Banking</FONT></TD>
</TR>
<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Alan C. Hodson</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
Global Head of Equities</FONT></TD>
</TR>
<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Michael Hutchins</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
Global Head of Fixed Income and Interest Rates &#038; Foreign Exchange</FONT></TD>
</TR>
<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Huw Jenkins</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
Head of Equities for the Americas</FONT></TD>
</TR>
<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">


<P align="left"><FONT size="2"><B>
 124
</B></FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="34%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="63%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2"><B>UBS Warburg (continued)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="1">Danny Schweizer</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
CEO Switzerland</FONT></TD>
</TR>
<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="1">Rory Tapner</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
Joint Global Head of Investment Banking</FONT></TD>
</TR>
<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="1">Mark Wallace</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
Chief Risk Officer</FONT></TD>
</TR>
<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="1">Robert Wolf</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
Joint Global Head of Fixed Income</FONT></TD>
</TR>
<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="1"><I>New members as from 1 March&nbsp;2003:</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="1">Mike Bolin</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
Chief Administrative Officer</FONT></TD>
</TR>
<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="1">Gary Bullock</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
Head of Infrastructure Logistics</FONT></TD>
</TR>
<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="1">Ken Moelis</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
Head of Investment Banking in the Americas</FONT></TD>
</TR>
<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;<BR>&nbsp;<BR>
<B>UBS
PaineWebber</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="1">Barry Buchsbaum</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
Director of the Branch Group</FONT></TD>
</TR>
<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="1">Bruce Bursey</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
Director of Investment Consulting Services</FONT></TD>
</TR>
<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="1">Luzius Cameron</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
Director of Strategic Planning and New Business Development</FONT></TD>
</TR>
<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="1">Tom Naratil</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
Director of Banking and Transactional Solutions</FONT></TD>
</TR>
<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="1">Robert Silver</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
President UBS PaineWebber Services</FONT></TD>
</TR>
<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="1"><I>New member as from 1 March&nbsp;2003:</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="1">James D. Price</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
Director of Investment and Marketing Solutions</FONT></TD>
</TR>
<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;<BR>&nbsp;<BR>
<B>UBS
Global Asset Management</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="1">Crispian Collins</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
Vice Chairman (until 31 March&nbsp;2003)</FONT></TD>
</TR>
<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="1">Jeffrey J. Diermeier</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
Chief Investment Officer</FONT></TD>
</TR>
<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="1">Gabriel Herrera</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
Head of Europe, Middle East &#038; Africa</FONT></TD>
</TR>
<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="1">Benjamin F. Lenhardt Jr.</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
Chairman Americas (until 31 March&nbsp;2003)</FONT></TD>
</TR>
<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="1">Thomas Madsen</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
Global Head of Equities</FONT></TD>
</TR>
<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="1">Joe Scoby</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
CEO O&#146;Connor</FONT></TD>
</TR>
<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="1">Brian Singer</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
Global Head of Asset Allocation</FONT></TD>
</TR>
<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="1">Brian Storms</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
CEO Americas</FONT></TD>
</TR>
<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="1">Paul Yates</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
Head of UK</FONT></TD>
</TR>
<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="1"><I>New member as from 1 March&nbsp;2003:</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="1">Kai Sotorp</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
Head of Asia Pacific</FONT></TD>
</TR>
<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;<BR>&nbsp;<BR>
<B>Corporate
Center</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="1">Mark Branson</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
Chief Communication Officer</FONT></TD>
</TR>
<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="1">Rolf Enderli</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
Group Treasurer</FONT></TD>
</TR>
<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="1">Thomas Hammer</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
Group Head of Human Resources (from 1 March&nbsp;2003)</FONT></TD>
</TR>
<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="1">Hugo Schaub</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
Group Controller</FONT></TD>
</TR>
<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="1">Walter Stuerzinger</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
Group Chief Risk Officer</FONT></TD>
</TR>
<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="1">Marco Suter</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
Group Chief Credit Officer</FONT></TD>
</TR>
<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="1">Robert Zeltner</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
Group Head of Human Resources (until 28 February&nbsp;2003)</FONT></TD>
</TR>
<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;<BR>&nbsp;<BR>
<B>Group
Internal Audit</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="1">Markus Ronner</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="1">
Head of Group Internal Audit</FONT></TD>
</TR>
<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">


<P align="right"><FONT size="2"><B>
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</B></FONT>
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<P align="center"><FONT size="2"><IMG src="y84349y84349b8.gif" alt="(PHOTO OF MAN WATERING PLANTS)">
</FONT>



<P align="left"><FONT size="2"><B>
 126
</B></FONT>
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<!-- link2 "Corporate Responsibility" -->
<DIV align="left"><A NAME="182"></A></DIV>
<P><FONT size="2"><IMG src="y84349y84349b9.gif" alt="(CORPORATE RESPONSIBILITY IN GRAY BACKGROUND)">
</FONT>


<P align="right"><FONT size="2"><B>
 127
</B></FONT>
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<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P><FONT size="2"><B>Corporate Responsibility</B>
</FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><FONT size="5">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Responsibility
</FONT>




<P align="left"><FONT size="2"><FONT color="#C66005"><B>For us, corporate responsibility is integral to everything we do, meaning that
we want to create value sustainably for all of our stakeholders.</B></FONT>
</FONT>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<DIV align="left"><FONT size="2">UBS has made corporate
responsibility an important part
of its culture, identity, and
business model. Our approach is to
focus on corporate responsibility
issues that provide clear benefits
to all our stakeholders &#151; clients,
employees, shareholders and the
community. As a leading global
financial services firm, we want
to provide our clients with
value-added products and services,
promote a corporate culture that
adheres to the highest ethical
standards, while generating
superior but sustainable returns
for our shareholders.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS created
a Corporate Responsibility
Committee in 2001. It determines
UBS&#146;s corporate responsibility and
sustainable development policies,
supports increased awareness of
the issue, monitors the company&#146;s
adherence to international
standards, and advises the Group
Executive Board and the Board of
Directors. The committee is
chaired by Marcel Ospel, Chairman
of the UBS Board of Directors. The
other committee members are Hans
de Gier, Vice Chairman of the
Board, Hans Peter Ming, Member of
the Board, Peter Wuffli, President
of the Group Executive Board,
Marcel Rohner, CEO UBS Wealth
Management &#038; Business Banking,
Donald Marron, Chairman UBS
Americas, and Ken Costa, Vice
Chairman UBS Warburg.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS has also
endorsed and signed several
related international charters. In
1992, we were one of the first
signatories to the United Nations
Environment Program&#146;s Bank
Declaration. Since its signing,
the declaration has had an
extensive influence in setting
environmental guidelines and
practices for financial
institutions. We are also an
active member of the World
Business Council for Sustainable
Development (WBCSD), a coalition
of 150 international companies who
have committed themselves to
integrating sustainability
principles into their core
businesses.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For us, as a public
company, the sustainable creation
of value implies strong and
effective
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<DIV align="left"><FONT size="2">corporate governance
(see page 89 to 125). Furthermore,
we are committed to protecting
financial privacy, fighting
money-laundering, being an equal
opportunity employer, protecting
the environment and contributing
to the communities which we are a
part of. Although laws may define
minimum standards in many of these
areas, simply meeting those
minimum standards is not enough.
</FONT></DIV>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Creating long-term value for our<BR>
shareholders</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">At UBS, the value-based
management framework views
management as the custodian of
shareholder wealth. This
framework sees the creation of
long-term shareholder value as
resting on four, mutually
supporting pillars. First, we
ensure that business decisions
are analyzed in terms of the
value that they create. Second,
the realized value creation is
measured and compared with
targets. Third, we have incentive
systems in place to align the
interests of managers with those
of shareholders, including tying
a meaningful part of total
compensation to individual
performance targets as well as
encouraging managers and staff to
become shareholders. Moreover,
internal value driver projections
and valuations are benchmarked
against external assessments,
stock market expectations, and
leading analyst forecasts.
</FONT>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Safeguarding our clients&#146; right to financial privacy and fighting money laundering</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">Trust is critical for a global
financial services provider. It
requires a corporate culture that
promotes behavior consistent with
the highest ethical standards. To
enhance the trust placed in us,
it is vital that we protect our
clients&#146; legitimate right to
financial privacy while
preventing the abuse of our
services by criminals or
terrorists.
</FONT>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">


<P align="left"><FONT size="2"><B>
 128
</B></FONT>




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<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because of the growing
importance of advisory-based
financial services and
regulations regarding the
exercise of due diligence,
financial institutions are
gathering more and more
information from and about their
clients. Unsurprisingly, public
and private sector agents are
showing a strong appetite for
that data, and clients are
increasingly worried about its
misuse. Financial privacy, as
with medical and other forms of
personal privacy, are privileges
enjoyed by citizens living in a
modern, democratic society. At
UBS, we firmly believe we should
uphold and defend our clients&#146;
right to safeguard their private
financial information from third
party interests.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the same time, the right
to financial privacy should not,
in any circumstances, be a
channel by which criminals can
misuse our services.
Switzerland&#146;s &#147;know your
customer&#148; and other regulations
concerning the exercise of due
diligence are among the most
stringent in the world, and
effectively prevent the abuse of
banking services by criminals.
Banks have to verify the identity
of their contracting parties and
establish the beneficial owners
of assets and must notify the
authorities whenever they either
have knowledge or a founded
suspicion that assets are of
criminal origin, are under the
control of a criminal
organization or might be used for
criminal purposes.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on these
legal standards, we have
established an effective internal
framework to prevent the
mishandling of our services
by criminals. For instance, UBS
Wealth Management &#038; Business
Banking has developed an IT-based
tool known as the &#147;Compliance
Register&#148;. It assists client
advisors when they are in the
process of acquiring new clients
as it holds information about
Politically Exposed Persons
(PEPs) and other exposed
personalities. The tool helps
client advisors ensure that if
UBS establishes or maintains a
business relationship with an
individual determined to be a
PEP, they do so only after having
made a clear decision backed up
by extensive knowledge of the
client in question. This is
achieved by undertaking as
thorough a due diligence exercise
as possible. Access to and
control of the register has been
structured to meet the
requirements of all applicable
laws and regulations &#151; most
importantly those regarding
confidentiality and data
protection. Client advisors in
all UBS Wealth Management &#038;
Business Banking locations can
make search queries with
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P align="left"><FONT size="2">the
tool. The Financial Intelligence
Unit (FIU), a dedicated
compliance team maintaining the
register, is automatically
notified if and when any queries
match with names on its database.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are also strongly
committed to promoting stringent
anti-money laundering standards
for the financial industry as a
whole. As an example of that, we
were one of the driving forces
behind the launch of the
Wolfsberg Anti-Money Laundering
Principles in 2000. The
principles are designed to ensure
that private banking services are
only offered to clients with
legitimate sources of wealth &#151;
with the same high standards
applied globally. Following the
terrorist attacks of September
11, 2001, the Wolfsberg Group,
comprising major global financial
institutions together with
Transparency International,
released a statement in which
member banks committed themselves
to efforts that support
authorities in their fight
against terrorism finance.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2002, UBS and the other
members of the Wolfsberg Group
worked to develop and issue a set
of principles on the
establishment and maintenance of
correspondent banking
relationships. The principles,
designed to prevent criminal
abuse of correspondent banking
relationships, were issued in
early November&nbsp;2002 and were
positively received by regulators
worldwide. In the new principles,
Wolfsberg adherents commit to
refrain from offering any of
their products and services to
so-called &#147;shell banks&#148;. Such
entities are often based in less
regulated jurisdictions, and
frequently cited by regulators
around the world as a cause for
concern when attempting to tackle
criminal abuse of the financial
system.
</FONT></DIV>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Creating an equal opportunity environment for our employees</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">An important part of our success
as a firm is the fact that our
corporate culture blends the best
influences of its diverse roots
and encourages diversity. Our
goal is to attract and retain the
most talented and motivated
individuals by offering them a
rewarding and challenging
environment. By encouraging
individual success, we allow
employees to develop their skills
and progress within our
organization. One of our
competitive strengths is the
ability to leverage the skills
and knowledge of our staff across
the 50 countries in which we
operate. In order to fully take
advantage of that, we have
appointed
</FONT>

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<P align="right"><FONT size="2"><B>
 129
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<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="21%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="74%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
<B>Corporate Responsibility</B></FONT></TD>
</TR>
 </TABLE>
</DIV>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">a Global Head of Diversity for the Group. At the same
time, we have established Business Group-specific regional and global diversity
initiatives. In Switzerland, for example, comprehensive intercultural training
is part of our management development program.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Internal women&#146;s networks are
another example of our efforts to promote diversity throughout the firm and
across hierarchies. At UBS they have been or are being created around the
world. In Switzerland, the United States, the United Kingdom, and Asia Pacific,
all-women&#146;s networks provide a forum for their members to support each other as
they advance in their careers. For instance, in 2002 the UK chapter of All Bar
None (UBS Warburg&#146;s women&#146;s network in the UK and the US) held a networking
conference in 2002 called &#147;Leadership in Practice&#148; that attracted approximately
300 attendees.
</FONT></DIV>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Investing in our communities</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">The success of UBS depends not
only on the skills and resources
of our people and the
relationships we have with our
clients, but also on the health
and prosperity of the communities
of which we are part. We directly
benefit from a stable political
and social environment, modern
infrastructure and a good
education system. Furthermore,
community programs create
benefits for a company&#146;s
reputation, and increase its
appeal to its clients.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS supports communities by
making direct cash donations to
organizations, by employee
volunteership and matching
donations made by employees to
selected charity funds. We have
set up several community affairs
programs which are organized at a
regional level in order to remain
responsive to local expectations.
All community investments are
clearly focused and concentrate
on education, social and
community development, as well as
environmental protection. UBS
encourages its employees to be
actively involved in the
community and to contribute time
and skills to help the causes
they care about. In the UK for
example, we allow two working
days a year for permanent
employees to volunteer, subject
to line manager approval.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In July&nbsp;2002, UBS Warburg
was presented with a Business in
the Community Award for
Excellence &#151; the highest accolade
in the UK for corporate community
involvement &#151; by HRH the Prince
of Wales.
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On another level, the UBS
Optimus Foundation harnesses the
expertise and the capabilities of
UBS as a global financial
services company by supporting
clients when they express a
desire to contribute to worthy
causes. Since its launch over
three years ago, the foundation
has concentrated its investments
in a select number of programs
and organizations &#151; all of which
focus on people. The total number
of projects is now twelve,
divided into the categories of
children and talents as well as
medical research &#151; running from
one that aims to re-integrate
Brazil&#146;s street children in
society to another that finances
a Swiss cancer research project.
</FONT>
<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Promoting environmental awareness</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">Environmental protection is one
of the most pressing issues
facing our world today.
Consequently, it poses a
challenge to companies,
industries and sectors. At UBS,
we remain committed to further
integrating environmental
considerations into all our
business activities. To make this
happen, our environmental policy
focuses on taking advantage of
environmental market
opportunities, and considering
environmental risks in our risk
management processes, especially
in lending and investment
banking. In corporate services,
we actively look for ways to
reduce the direct environmental
impact of our business
activities.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following increasing demand
from clients, UBS Global Asset
Management has developed
expertise in
incorporating environmental
and social aspects into its
investment research. Focusing on
the concept of sustainability,
UBS offers several socially
responsible investment products
to both private and institutional
investors. The most important is
the <I>&#147;UBS (Lux) Equity Fund &#151; Eco
Performance&#148;</I>, which was launched
in 1997. This fund invests
worldwide in stocks of exemplary
sector leaders and
forward-looking small and
medium-sized companies with
superior financial, environmental
and social performance.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adequate
assessment of the risk involved
in an investment banking
transaction is crucial to its
success. Although financial
considerations dominate the
assessment of the overall risk of
any proposed transaction,
environmental aspects can also be
meaningful. Based on its Global
Environmental Risk Policy, UBS
Warburg has
</FONT></DIV>

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<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">introduced processes
that allow early identification
of environmental risks in
transactions. Initially,
environmental factors are
screened by the corresponding
investment banking staff. If
there are indications of
heightened environmental risk,
external specialists are called
in to investigate them as part of
the overall due diligence
process. Also in the Swiss
lending business, a careful
review of financially relevant
environmental aspects is an
important part of UBS&#146;s credit
risk analysis.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS&#146;s electricity
consumption, the running of our
heating systems, our paper
consumption and business travel
are the major factors that have a
direct impact on the environment.
The environmental management
system helps us use our resources
far more efficiently, cutting
exhaust gas emissions and costs.
As an example, last year in
Switzerland, UBS completed a
major project of replacing 18,000
printers and 1,400 photocopiers
with 5,800 new, multifunctional
machines, optimizing energy
consumption. We believe the new
energy-efficient machines will
save 3.0-3.5 gigawatts a year,
corresponding to approximately
1-2% of UBS&#146;s annual consumption
of electricity in Switzerland.
Also, during the installation
process, we took the opportunity
to encourage employees to cut
their paper consumption by
promoting wider use of recycled
paper, and informing and training
employees
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P align="left"><FONT size="2">about double-sided
printing capabilities and other
ways to save paper.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2002, SGS International
Certification Services AG awarded
us a three-year ISO 14001
re-certification for our
environmental management system,
and which covers our banking
business and corporate services
worldwide.
</FONT></DIV>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Third party ratings</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">A number of different independent
rating agencies that assess
corporate responsibility programs
across the world have rated UBS
among the leaders in the field.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Dow Jones Sustainability
Group Indexes (DJSGI)&nbsp;have
tracked, since 1999, the social,
environmental and financial
performance of companies in the
Dow Jones Global Index that lead
the field in terms of corporate
responsibility. UBS has been part
of the DJSGI since the index&#146;s
inception and is the leader in
the banking sector of the Dow
Jones STOXX Sustainability
indices, which track the
performance of the top 20% of
companies of the Dow Jones STOXX
600 index.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Also, UBS is included in the
FTSE4Good Index, which measures
global companies&#146; performance in
the areas of environmental
sustainability, stakeholder
relations and support for human
rights.
</FONT></DIV>

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<P align="center"><FONT size="2"><IMG src="y84349y84349c0.gif" alt="(PHOTOGRAPH)">
</FONT>


<P align="left"><FONT size="2"><B>
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</B></FONT>
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<!-- link1 "UBS Share Information" -->
<DIV align="left"><A NAME="183"></A></DIV>
<P align="center"><FONT size="2"><IMG src="y84349y84349c1.gif" alt="(GRAY SQUARE GRAPHIC)">
</FONT>


<P align="right"><FONT size="2"><B>
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</B></FONT>
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<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P><FONT size="2"><B>UBS Share Information<BR>The Global Registered Share</B></FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<DIV style="float: right; width: 74%">
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<!-- link1 "The Global Registered Share" -->
<DIV align="left"><A NAME="184"></A></DIV>
<P><FONT size="5">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Global Registered Share
</FONT>

<P><FONT size="5">&nbsp;
</FONT>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

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


UBS ordinary shares are
registered shares with a par
value of CHF 0.80 per share,
fully paid up and non-assessable.
They are issued in the form of
Global Registered Shares (GRS). A
Global Registered Share is a
security that provides direct and
equal ownership for all
shareholders. It can be traded
and transferred across applicable
borders without the need for
conversion, with identical shares
traded on different stock
exchanges in different
currencies. For example, the same
share purchased on the New York
Stock Exchange (NYSE)&nbsp;can be sold
on virt-x, the pan-European stock
exchange where Swiss-listed blue
chip stocks are traded, or vice
versa.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alternatives to the GRS
involve the creation of
tailor-made securities for
individual securities exchanges.
Because of the trend towards
global financial markets we
believe that individual
securities will be increasingly
traded in multiple markets around
the world. Another effect we
anticipate is an increasing
similarity between the regulatory
structures of different markets,
reducing the need to have
individual securities in each
market that comply with different
local regulations. In these
changing patterns, GRS, which
allow for cross-market
portability, are ideal to
minimize costs to investors.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
UBS GRS is listed on the Swiss,
New York and Tokyo stock
exchanges. Although Swiss blue
chip stocks (members of the SMI
Swiss Market Index) are listed on
the SWX Swiss Exchange, all
trading takes place on virt-x.
virt-x is majority-owned by the
SWX Swiss Exchange. It provides
an efficient and cost effective
pan-European blue chip market.
virt-x is a recognized investment
exchange supervised by the
Financial Services Authority in
the United Kingdom. It is
delivered on the modern scalable
SWX trading platform.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The UBS ADR
(American Depositary Receipt)
program was terminated on 16 May
2000 on the listing of the GRS on
the New York Stock Exchange
(NYSE).
</FONT></DIV>

<P><FONT size="2"><B>Registration</B>
</FONT>

<DIV align="left"><FONT size="2">A single register exists for UBS
ordinary shares, although it is
split into two. There is a Swiss
reg-
</FONT></DIV>

</DIV><DIV style="float: right; width: 34%">

<P align="left"><FONT size="2">ister, which is maintained by
UBS acting as Swiss transfer
agent, and a US register, which
is maintained by Mellon Investor
Services, as US transfer agent. A
shareholder is entitled to hold
shares registered in their name
on either register and transfer
shares from one register to the
other upon giving proper
instruction to the transfer
agents.
</FONT>

<P><FONT size="2"><B>Share liquidity and currency effects</B>
</FONT>

<DIV align="left"><FONT size="2">For the foreseeable future,
because of the greater volume of
UBS shares traded on virt-x,
trading on this exchange is
expected to be the main factor
determining share price
movements. For UBS shares,
liquidity on virt-x is expected
to remain higher than that on
NYSE. During 2002, daily trading
volume in UBS shares on NYSE
represented an average of 4.46%
of the total daily trading volume
in UBS shares.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the hours in which
both virt-x and NYSE are
simultaneously open for trading
(currently 15.30 to 17.30 CET),
price differences are likely to
be arbitraged away by
professional market makers. The
NYSE price will
therefore typically be
expected to depend on both the
virt-x price and the prevailing
USD/CHF exchange rate. When
virt-x is closed for trading,
traded volumes will typically be
lower. However, the specialist
firm making a market in UBS
shares on the NYSE, Van der
Moolen, is required to facilitate
sufficient liquidity and an
orderly market in the UBS share.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a global financial
services firm, UBS earns profits
in many currencies. Since UBS
prepares its accounts in Swiss
franc terms, changes in currency
exchange rates, particularly the
CHF/USD and CHF/EUR cross-rates,
may have an effect on reported
earnings.
</FONT></DIV>

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>Dividends</B>
</FONT></TD>
    </TR>
</TABLE>


<P align="left"><FONT size="2">UBS normally pays a regular
annual dividend to shareholders
registered as of the date of the
Annual General Meeting (the
record date). Payment is usually
scheduled three business days
thereafter.
</FONT>

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<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The norm in the US is to
declare dividends at least ten
days in advance of the applicable
record date and ex-dividend
trading commences two days before
the record date. To ensure that
shareholders on the Swiss and US
registers are similarly treated
in connection with dividend
payments, and to avoid
disparities between the two
markets, NYSE trading takes place
with due bills for the two
business day period preceding the
dividend record date.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS pays dividends in CHF
(Swiss francs). For UBS ordinary
shares held in street name
through The Depository Trust
Company, any dividend will be
converted into USD (US dollars).
Holders of UBS ordinary shares
registered on the US register
will receive dividend payments in
USD unless they provide notice to
Mellon Investor Services, UBS&#146;s
US transfer agent, that they wish
to receive dividend payments in
CHF.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS will fix the USD
dividend amount on the basis of
the DJ Interbank Foreign Exchange
rate for sale of CHF against USD.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders of UBS shares who are US
taxpayers are normally subject to
35% withholding tax on dividends
they receive from UBS, although
they can normally reclaim part of
this, bringing their withholding
tax rate down to 15%. Further
disclosure relating to the
taxation of US holders of UBS
shares can be found in our Form
20-F, in section E of item 10.
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P><FONT size="2"><B>Par value distribution July&nbsp;2002</B>
</FONT>

<DIV align="left"><FONT size="2">As outlined in the Capital
management section on page 86,
UBS reduced the par value of its
shares through a distribution of
CHF 2.00 on 8 July&nbsp;2002. This was
done instead of paying a dividend
in respect of the year ended 31
December&nbsp;2001.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This generally followed the
principles described in the
preceding section with respect to
dividends. The record date for
the distribution was set for the
close of business on 5 July&nbsp;2002.
The CHF/USD exchange rate for the
distribution was fixed on 8 July
2002, the day on which the par
value reduction itself took
place. The distribution was paid
for value on 10 July&nbsp;2002.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The par value distribution
in July&nbsp;2002 was not subject to
the 35% withholding tax on
dividends.
</FONT></DIV>

<P><FONT size="2"><B>Dividend</B>
</FONT>

<DIV align="left"><FONT size="2">For 2002, we plan to pay a normal
dividend to our shareholders
after having made use of the
possibility to make a tax
efficient distribution in 2000
(for the fourth quarter only) and
2001 in the form of par value
reductions.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors will
recommend at the Annual General
Meeting on 16 April&nbsp;2003 that UBS
should pay a dividend of CHF 2.00
per share for the 2002 financial
year, a level on par with last
year&#146;s CHF 2.00 distribution.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the dividend is approved,
the ex-dividend date will be 17
April&nbsp;2003, with payment on 23
April&nbsp;2003 for shareholders of
record on 16 April&nbsp;2003.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P><FONT size="2"><B>Ticker symbols</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1"><B> </B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1"><B>Trading exchange</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left" colspan="2"><FONT size="1"><B>Bloomberg</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left" colspan="2"><FONT size="1"><B>Reuters</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left" colspan="2"><FONT size="1"><B>Telekurs</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">virt-x</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD colspan="3" align="left"><FONT size="1"><BR>UBSN VX</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="left"><FONT size="1"><BR>UBSZn.VX</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT> </TD>
    <TD colspan="3" align="left"><FONT size="1"><BR>UBSN, 004</FONT></TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">New York Stock Exchange</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="left"><FONT size="1"><BR>UBS US</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="left"><FONT size="1"><BR>UBS.N</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="left"><FONT size="1"><BR>UBS, 65</FONT></TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">Tokyo Stock Exchange</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="left"><FONT size="1"><BR>8657 JP</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="3" align="left"><FONT size="1"><BR>UBS.T</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD colspan="2" align="left" nowrap><FONT size="1">N16631, 106</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 135
</B></FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P><FONT size="2"><B>UBS Share Information<BR>The UBS Share 2002</B></FONT>

<P><FONT size="2">&nbsp;
</FONT>

<P><FONT size="2">&nbsp;
</FONT>

</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<DIV style="float: right; width: 74%">
</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<!-- link1 "The UBS Share 2002" -->
<DIV align="left"><A NAME="185"></A></DIV>
<P><FONT size="5">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The UBS Share
2002
</FONT>

<P><FONT size="5">&nbsp;
</FONT>


<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>

<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P align="left"><FONT size="2"><IMG src="y84349y84349c2.gif" alt="(LINE CHART)">
</FONT>

</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">

<P>
<TABLE width="100%" bgcolor="#FFFFFF" border="0" cellspacing="0" cellpadding="2">
    <TR>
    <TD align="left"><FONT size="2" color="#C66005"><B>UBS share price performance in 2002</B>
</FONT></TD>
    </TR>
</TABLE>


<DIV align="left"><FONT size="2">2002 was a tough year for banking
sector stocks and the global
equity markets in general.
Volatility was high with many
geo-political and macro economic
factors driving global share
prices. The UBS share closed the
year at CHF 67.20, down 19.8%
over the 12&nbsp;months. However, this
was favorable compared to the Dow
Jones Europe Stoxx Banks index,
which fell 26.8%. Taking into
account the par value repayment,
the UBS share generated a total
pre-tax return of negative 17.4%
to investors for 2002.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;European bank stocks had a
steady start in the first quarter
with little deviation from the
2001&nbsp;year end levels. The UBS
share, after an initial decline
in January, gained nearly 7%
during February and March. This
rally saw UBS closing at CHF
84.30, its year high, on 8 March.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the second quarter,
the fear of further widespread
corporate problems precipitated a
slump in global equity markets.
UBS and the major banking sector
stocks were not immune from this
and also dipped. Additionally,
macro
</FONT></DIV>

</DIV><DIV style="float: left; padding: 0px 5% 0px 5%; width:34%">


<P align="left"><FONT size="2">economic data indicated no
sign of a sustained global
recovery and investors became
increasingly cautious in their
outlook.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This negative sentiment
drove down the Dow Jones Europe
Stoxx Banks index by
approximately 30% in the two
months following the high levels
recorded in May. The UBS share
showed a high correlation to the
index during this period, and
followed the upturn that
then continued into August.
Overall, the UBS share declined
18% during the third quarter.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
8 October the year low for the
UBS share was recorded, closing
at a price of CHF 51.05. However,
a strong rebound occurred over
the subsequent 8&nbsp;days and the
share gained almost CHF 17 (33%).
Over the fourth quarter, the Dow
Jones Stoxx Europe Banks index
gained 7.3%, while the UBS share
outperformed this, rising 9.6%.
The figures were however dampened
slightly by a weak trading
environment in December.
Retreating from its November high
of CHF 75.45, the UBS share
finished the year at CHF 67.20.
</FONT></DIV>

</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 136
</B></FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P><FONT size="2"><B>UBS share data</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="60%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="11"><FONT size="1">As at</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="11"><HR size="1" color="#000000" noshade></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><I>Registered shares in 1000 units</I></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1"><FONT color="#C66005"></FONT></FONT></TD>
    <TD align="right"><FONT size="1"><FONT color="#C66005"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="1"><FONT color="#C66005"></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Total shares outstanding</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>1,256,298</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,281,717</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,333,139</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Total shares ranking for dividend</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>1,182,263</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,258,653</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,277,874</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Treasury shares (average)</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>61,266</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">47,244</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">97,545</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Treasury shares (year end)</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>97,181</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">41,255</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">55,265</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Weighted average shares (for basic EPS calculations)</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>1,208,587</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,266,038</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,209,088</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Weighted average shares (for diluted EPS calculations)</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>1,223,383</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,288,578</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,225,578</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="11" align="center"><FONT size="1">For the year ended</FONT></TD>
</TR>

<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="11"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><I>CHF</I></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1"><FONT color="#C66005"></FONT></FONT></TD>
    <TD align="right"><FONT size="1"><FONT color="#C66005"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="1"><FONT color="#C66005"></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Earnings per share</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Basic EPS</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>2.92</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.93</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6.44</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Basic EPS before goodwill amortization<SUP>1</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>4.73</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.97</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Diluted EPS</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>2.87</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.78</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6.35</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Diluted EPS before goowill amortization<SUP>1</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>4.65</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.81</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6.89</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="11" align="center"><FONT size="1">As at</FONT></TD>
</TR>

<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="11"><HR size="1" color="#000000" noshade></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><I>CHF billion</I></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1"><FONT color="#C66005"></FONT></FONT></TD>
    <TD align="right"><FONT size="1"><FONT color="#C66005"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="1"><FONT color="#C66005"></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Market capitalization</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>79.4</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">105.5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">112.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">% change year-on-year</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>(25</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(6</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="11" align="center"><FONT size="1">For the year ended</FONT></TD>
</TR>

<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="11"><HR size="1" color="#000000" noshade></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><I>100 shares</I></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1"><FONT color="#C66005"></FONT></FONT></TD>
    <TD align="right"><FONT size="1"><FONT color="#C66005"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="1"><FONT color="#C66005"></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Trading volumes<SUP>2</SUP></B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">SWX total</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>1,049,364</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,000,402</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,211,446</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">SWX daily average</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>4,148</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4,826</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">NYSE total</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>48,850</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">54,768</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">83,032</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">NYSE daily average</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>194</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">221</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">522</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<DIV align="left"><FONT size="1"><SUP>1</SUP> Excludes the
amortization of goodwill and other intangible
assets.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<SUP>2</SUP> The trading volumes have been adjusted for the two-for-one share
split that became effective on 8 May&nbsp;2000 and for the three-for-one
share split effective 16 July&nbsp;2001.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 137
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="16%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="74%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
<B>UBS Share Information<BR>The UBS Share 2002</B></FONT></TD>
</TR>
 </TABLE>
</DIV>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P><FONT size="2"><B>Stock exchange prices<SUP>1</SUP></B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="38%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="10"><FONT size="1">SWX Swiss Exchange</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="10"><FONT size="1">New York Stock Exchange<SUP>2</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="10"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="11"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">High</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Low</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Period end</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">High</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Low</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Period end</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">(CHF)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">(CHF)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">(CHF)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">(USD)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">(USD)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">(USD)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom" bgcolor="#FFFFFF">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1" color="#C66005"><B>2002</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1" color="#C66005"><B>84.30</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1" color="#C66005"><B>51.05</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1" color="#C66005"><B>67.20</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1" color="#C66005"><B>51.99</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1" color="#C66005"><B>34.54</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1" color="#C66005"><B>48.12</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Fourth quarter 2002</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>75.45</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>51.05</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>67.20</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>50.88</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>34.54</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>48.12</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">December</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">75.30</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">66.50</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">67.20</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">50.54</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">47.56</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">48.12</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">November</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">75.45</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">66.95</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">74.75</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">50.88</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">45.72</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">50.18</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">October</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">70.35</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">51.05</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">70.35</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">47.26</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">34.54</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">47.26</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Third quarter 2002</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>75.15</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>56.80</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>61.30</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>49.94</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>37.86</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>41.00</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">September</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">70.55</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">57.50</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">61.30</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">46.26</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">38.75</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">41.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">August</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">73.40</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">59.40</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">70.70</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">48.69</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">39.80</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">47.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">July</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">75.15</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">56.80</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">65.30</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">49.94</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">37.86</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">44.30</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Second quarter 2002</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>84.15</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>69.80</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>74.85</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>51.99</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>46.90</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>49.89</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">June</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">81.95</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">69.80</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">74.85</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">51.99</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">46.90</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">49.89</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">May</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">82.20</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">75.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">81.95</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">51.98</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">46.95</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">51.90</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">April</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">84.15</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">77.55</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">78.10</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">50.30</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">47.63</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">48.49</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>First quarter 2002</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>84.30</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>73.00</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>82.80</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>50.50</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>43.27</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>49.75</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">March</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">84.30</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">79.20</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">82.80</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">50.50</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">46.69</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">49.75</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">February</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">81.30</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">73.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">78.85</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">47.70</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">43.27</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">46.44</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">January</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">83.95</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">77.30</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">77.50</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">50.42</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">45.50</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">45.45</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>2001</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>96.83</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>62.10</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>83.80</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>58.49</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>40.12</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>50.00</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Fourth quarter 2001</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">86.85</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">69.70</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">83.80</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">52.83</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">43.23</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">50.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Third quarter 2001</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">86.33</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">62.10</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">75.60</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">49.73</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">40.12</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">46.15</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Second quarter 2001</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">92.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">77.50</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">85.83</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">51.47</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">44.87</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">47.02</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">First quarter 2001</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">96.83</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">72.33</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">83.17</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">58.49</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">43.02</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">47.68</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>2000</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>88.17</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>63.58</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>88.17</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>54.10</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>40.18</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>54.10</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Fourth quarter 2000</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">88.17</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">71.17</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">88.17</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">54.10</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">40.18</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">54.10</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Third quarter 2000</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">88.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">74.67</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">76.67</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">50.74</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">44.76</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">44.85</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Second quarter 2000</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">83.33</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">69.83</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">79.67</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">50.66</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">42.99</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">48.67</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">First quarter 2000</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">72.83</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">63.58</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">72.83</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>1999</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>80.00</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>67.50</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>71.67</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Fourth quarter 1999</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">79.92</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">67.50</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">71.67</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Third quarter 1999</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">82.25</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">67.50</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">70.50</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Second quarter 1999</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">88.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">73.67</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">77.33</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">First quarter 1999</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">82.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">69.08</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">77.50</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>1998 <SUP>3</SUP></B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>108.83</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>45.00</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><B>70.33</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<DIV align="left"><FONT size="1"><SUP>1</SUP> The share prices and volumes have been adjusted for the two-for-one
share split that became effective on 8 May&nbsp;2000 and for the
three-for-one share split effective 16
July&nbsp;2001.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<SUP>2</SUP> UBS was listed
on 16 May&nbsp;2000, therefore there are no NYSE figures for periods prior
to May&nbsp;2000. NYSE figures for second quarter are for 16 May&nbsp;2000 to 30
June&nbsp;2000 only, and NYSE figures for 2000 are for 16 May&nbsp;2000 to 31
December&nbsp;2000 only.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<SUP>3</SUP> UBS was created by the merger of Union Bank
of Switzerland and Swiss Bank Corporation, in June&nbsp;1998. 1998 figures
are therefore for the period 29 June&nbsp;1998 to 31 December&nbsp;1998 only.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2"><B>
 138
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P><FONT size="2"><B>UBS shares and market capitalization</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="43%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left" colspan="2"><FONT size="1"><I>Number of shares, except where indicated</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">% change from</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">As at</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1"><FONT color="#C66005"></FONT></FONT></TD>
    <TD align="right"><FONT size="1"><FONT color="#C66005"><B>31.12.02</B></FONT></FONT></TD>
    <TD><FONT size="1"><FONT color="#C66005"></FONT></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">31.12.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="18" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Total ordinary shares issued</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>1,256,297,678</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,281,717,499</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,333,139,187</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(2</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Second trading line treasury shares</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">2000 program</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(55,265,349</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">2001 program</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(23,064,356</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">2002 first program</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>(67,700,000</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">2002 second program</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>(6,335,080</B></FONT></TD>
    <TD nowrap bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="18" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Shares outstanding for market capitalization</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>1,182,262,598</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,258,653,143</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1,277,873,838</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(6</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="18" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Share price (CHF)</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>67.20</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">83.80</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">88.17</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(20</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="18" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Market capitalization (CHF million)</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B>79,448</B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">105,475</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">112,666</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">(25</FONT></TD>
    <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR>
    <TD colspan="18" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><I>Total treasury shares</I></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#FFFFFF"><FONT size="1" color="#C66005"><B><I>97,181,094</I></B></FONT></TD>
    <TD bgcolor="#FFFFFF"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><I>41,254,951</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><I>55,265,349</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1"><I>136</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="18" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<P><FONT size="2"><B>Distribution of UBS Shares</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="1">Shareholders registered</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="1">Shares registered</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="6"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="6"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1">As at 31.12.02</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1"><I>Number of shares registered</I></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Number</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">%</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Number</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">% of shares issued</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">1-100</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">46,868</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">21.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,430,181</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">101-1,000</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">133,449</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">60.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">51,563,181</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">4.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">1,001-10,000</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">36,546</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">16.6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">90,247,647</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">10,001-100,000</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,635</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">65,357,281</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">100,001-1,000,000</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">328</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">96,176,568</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">1,000,001-5,000,000</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">55</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">120,932,421</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">9.6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">5,000,001-12,562,975 (1%)</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">10</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">75,122,855</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">6.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">1-2%</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">2-3%</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">3-4%</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">98,849,839</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7.9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">4-5%</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Over 5%</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1</FONT></TD>
    <TD nowrap><FONT size="1"><SUP>1</SUP></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">96,531,157</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">7.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Total registered</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">219,894</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">100.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">697,211,130</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">55.6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Unregistered<SUP>2</SUP></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">559,086,548</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">44.4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom" bgcolor="#FFFFFF">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1" color="#C66005"><B>Total shares issued</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1" color="#C66005"><B>1,256,297,678</B></FONT></TD>
    <TD nowrap><FONT size="1" color="#C66005"><B><SUP>3</SUP></B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1" color="#C66005"><B>100.0</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<DIV align="left"><FONT size="1"><SUP>1</SUP> As at 31.12.2002, Chase Nominees Ltd., London, was entered as a
trustee/nominee holding 7.68% of all shares
issued.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<SUP>2</SUP> Shares not
entered in the share register at 31
December&nbsp;2002.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<SUP>3</SUP> 140,763,036
shares registered do not carry voting rights.
</FONT></DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="right"><FONT size="2"><B>
 139
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="16%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="74%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">
<B>UBS Share Information<BR>The UBS Share 2002</B></FONT></TD>
</TR>
 </TABLE>
</DIV>

<P><DIV style="float: left; width:24%">

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
</DIV><DIV style="float: right; width: 74%">

<P><FONT size="2"><B>Registered shareholders: type and distribution</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="1">Shareholders</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="5"><FONT size="1">Shares</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="6"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="5"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1">As at 31.12.02</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Number</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">%</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">Number</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="1">%</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Individual shareholders</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">211,100</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">96.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">173,717,031</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">24.9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Legal entities</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8,205</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">3.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">189,658,658</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">27.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Nominees, fiduciaries</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">589</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">333,835,441</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">47.9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom" bgcolor="#FFFFFF">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1" color="#C66005"><B>Total</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1" color="#C66005"><B>219,894</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1" color="#C66005"><B>100.0</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1" color="#C66005"><B>697,211,130</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1" color="#C66005"><B>100</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Switzerland</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">203,739</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">92.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">349,906,904</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">50.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Europe</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">11,283</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">5.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">225,581,696</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">32.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">North America</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,872</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">1.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">59,723,099</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8.6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Other countries</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">2,000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">0.9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">61,999,431</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1">8.9</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom" bgcolor="#FFFFFF">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1" color="#C66005"><B>Total</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1" color="#C66005"><B>219,894</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1" color="#C66005"><B>100.0</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1" color="#C66005"><B>697,211,130</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="1">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="1" color="#C66005"><B>100.0</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">



<P>&nbsp;<P>&nbsp;<P>&nbsp;
<P align="left"><FONT size="2"><B>
 140
</B></FONT>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<!-- link1 " INDEX TO EXHIBITS" -->
<DIV align="left"><A NAME="186"></A></DIV>
<P align="center"><FONT size="2"><B>INDEX TO EXHIBITS</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="9%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="86%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left"><FONT size="2">Exhibit</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left"><FONT size="2"><U>Number</U></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="2"><U>Description</U></FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">1.1.</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Articles of Association of UBS AG.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">1.2.</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Organization Regulations of UBS AG.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">2(b)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Instruments defining the rights of the holders of long-term debt issued by
UBS AG and its subsidiaries. <br> <br>
We agree to furnish to the SEC upon request, copies of the instruments,
including indentures, defining the rights of the holders of our long-term
debt and of our subsidiaries&#146; long-term debt.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">7.</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Statement regarding ratio of earnings to fixed charges.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">8.</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Significant Subsidiaries of UBS AG. <br><br>
Please see Note 35 on pages 153 to 156 of the attached Financial Report 2002.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">10.</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Consent of Ernst &#038; Young Ltd.</FONT></TD>
</TR>
</TABLE>
</CENTER>

<P align="center"><FONT size="2">-17-</FONT>




</BODY>
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UBS AG
Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 20–F
(Mark One)
[  ]
REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
[X]
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2002
OR
[  ]
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     .
Commission file number: 1-15060
UBS AG
(Exact Name of Registrant as Specified in Its Charter)
Switzerland
(Jurisdiction of Incorporation or Organization)
Bahnhofstrasse 45
CH-8098 Zurich, Switzerland
and
Aeschenvorstadt 1,
CH-4051 Basel, Switzerland
(Address of Principal Executive Offices)
Securities registered or to be registered pursuant to Section 12(b) of the Act:
Please see the following page.
Securities registered or to be registered pursuant to Section 12 (g) of the Act:
None.
Securities for which there is a reporting obligation pursuant to Section 15 (d) of the Act:
Please see the following page.
Table of Contents
Indicate the number of outstanding shares of each of the issuer's classes of
capital or common stock as of 31 December 2002:
Ordinary shares, par value CHF 0.80 per share: 1,256,297,678 ordinary shares
(including 97,181,094 treasury shares)
Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports) and (2) has been subject to such
filing requirements for the past 90 days.
Yes [X]
No [ ]
Indicate by check mark which financial statement item the registrant has
elected to follow.
Item 17 [ ]
Item 18 [X]
Table of Contents
Securities registered or to be registered pursuant to Section 12(b) of the Act:
Name of each exchange on
Title of each class
which registered
Ordinary Shares (par value of CHF 0.80 each)
New York Stock Exchange
7.25% Noncumulative Trust Preferred Securities
New York Stock Exchange
7.25% Noncumulative Company Preferred Securities
New York Stock Exchange*
Subordinated Guarantee of UBS AG with respect to
Company Preferred Securities
New York Stock Exchange*
$80,000,000 BULs due April 10, 2003
American Stock Exchange
$40,000,000 BULs due April 28, 2003
American Stock Exchange
$32,000,000 BULs due May 16, 2003
American Stock Exchange
$54,000,000 BULs due September 1, 2006
American Stock Exchange
$4,500,000 BULs due October 17, 2006
American Stock Exchange
$46,000,000 PPNs due May 4, 2005
American Stock Exchange
$16,500,000 PPNs due June 3, 2005
American Stock Exchange
$8,129,000 PPNs due November 3, 2005
American Stock Exchange
$8,961,000 PPNs due December 5, 2005
American Stock Exchange
$31,517,000 PPNs due November 5, 2007
American Stock Exchange
$52,000,000 PPNs due November 7, 2007
American Stock Exchange
$14,500,000 PPNs due December 7, 2007
American Stock Exchange
$20,000,000 PPNs due February 7, 2008
American Stock Exchange
$16,000,000 PPNs due February 28, 2008
American Stock Exchange
$9,000,000 PPNs due April 25, 2009
American Stock Exchange
$6,900,000 PPNs due May 29, 2009
American Stock Exchange
$12,660,000 PPNs due September 8, 2010
American Stock Exchange
$17,842,000 PPNs due October 7, 2011
American Stock Exchange
$63,000,000 EASs due December 2, 2003
American Stock Exchange
$35,000,000 EASs due January 15, 2004
American Stock Exchange
$7,300,000 EASs due February 4, 2004
American Stock Exchange
$6,800,000 EASs due March 3, 2004
American Stock Exchange
Securities registered or to be registered pursuant to Section12(g) of the Act:
None
Securities for which there is a reporting obligation pursuant to Section15(d)
of the Act:
8.622% Noncumulative Trust Preferred Securities
8.622% Noncumulative Company Preferred Securities
7.247% Noncumulative Trust Preferred Securities
7.247% Noncumulative Company Preferred Securities
Subordinated Guarantee of UBS AG with respect to Company Preferred Securities
$14,000,000 Equity Linked Notes due February 1, 2007
$4,976,000 Equity Linked Notes due June 20, 2007
$150,000,000 Variable Rate Credit Linked Notes due October 24, 2003
$1,667,000 12.5% GOALs due June 23, 2003
Guarantees with respect to certain securities of UBS Americas Inc.
*
Not for trading, but solely in connection with the registration of the
corresponding Trust Preferred Securities.
TABLE OF CONTENTS
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
PART I
Item 1. Identity of Directors, Senior Management and Advisors.
Item 2. Offer Statistics and Expected Timetable.
Item 3. Key Information.
Item 4. Information on the Company.
Item 5. Operating and Financial Review and Prospects.
Item 6. Directors, Senior Management and Employees.
Item 7. Major Shareholders and Related Party Transactions.
Item 8. Financial Information.
Item 9. Financial Information.
Item 10.Additional Information.
Item 11. Quantitative and Qualitative Disclosures About Market Risk.
Item 12. Description of Securities Other than Equity Securities.
PART II
Item 13. Defaults, Dividend Arrearages and Delinquencies.
Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds.
Item 15. Controls and Procedures.
Item 16. [Reserved].
Item 17. Financial Statements.
Item 18. Financial Statements.
Item 19. Exhibits.
SIGNATURES
CERTIFICATIONS UNDER SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
Introduction
UBS Group Financial Highlights
UBS Group
Our Business Groups
Sources of Information about UBS
Information for Readers
Group Financial Review
Group Results
Review of Business Group Performance
Introduction
UBS Wealth Management & Business Banking
UBS Global Asset Management
UBS Warburg
UBS PaineWebber
Corporate Center
UBS Group Financial Statements
UBS Group Income Statement
UBS Group Balance Sheet
UBS Group Statement of Changes in Equity
UBS Group Statement of Cash Flows
Notes to the Financial Statements
Note 1 Summary of Significant Accounting Policies
Note 2a Segment Reporting by Business Group
Note 2b Segment Reporting by Geographic Location
Income Statement
Note 3 Net Interest and Trading Income
Note 4 Net Fee and Commission Income
Note 5 Other Income
Note 6 Personnel Expenses
Note 7 General and Administrative Expenses
Note 8 Earnings per Share (EPS) and Shares Outstanding
Balance Sheet: Assets
Note 9a Due from Banks and Loans
Note 9b Allowances and Provisions for Credit Losses
Note 9c Impaired Loans
Note 9d Non-Performing Loans
Note 10 Securities Borrowing, Securities Lending, Repurchase and Reverse Repurchase Agreements
Note 11 Trading Portfolio
Note 12 Financial Investments
Note 13 Investments in Associates
Note 14 Property and Equipment
Note 15 Goodwill and Other Intangible Assets
Note 16 Other Assets
Balance Sheet: Liabilities
Note 17 Due to Banks and Customers
Note 18 Debt Issued
Note 19 Other Liabilities
Note 20 Provisions
Note 21 Income Taxes
Note 21 Income Taxes (continued)
Note 22 Minority Interests
Note 23 Derivative Instruments
Off-Balance Sheet Information
Note 24 Fiduciary Transactions
Note 25 Commitments and Contingent Liabilities
Note 26 Operating Lease Commitments
Additional Information
Note 27 Pledged Assets
Note 28 Litigation
Note 29 Financial Instruments Risk Position
a) Market Risk
(a)(i) Overview
(a)(ii) Interest Rate Risk
(a)(iii) Currency Risk
(a)(iv) Equity Risk
(a)(v) Issuer Risk
b) Credit Risk
c) Liquidity Risk
Note 30 Fair Value of Financial Instruments
Note 32 Equity Participation Plans
a) Equity Participation Plans Offered
b) UBS share awards
c) UBS option awards
d) Compensation Expense
e) Pro-Forma Net Income
Note 33 Related Parties
Note 34 Post-Balance Sheet Events
Note 35 Significant Subsidiaries and Associates
Note 36 Acquisition of Paine Webber Group, Inc.
Note 37 Currency Translation Rates
Note 38 Swiss Banking Law Requirements
Reconciliation to US GAAP
Note 40 Additional Disclosures Required under US GAAP and SEC Rules
Report of the Group Auditors
UBS AG (Parent Bank)
Parent Bank Review
Income Statement
Balance Sheet
Financial Statements
Statement of Appropriation of Retained Earnings
Notes to the Financial Statements
Additional Income Statement Information
Net Trading Income
Extraordinary Income and Expenses
Additional Balance Sheet Information
Value Adjustments and Provisions
Statement of Shareholders' Equity
Share Capital
Off-Balance Sheet and Other Information
Assets Pledged or Assigned as Security for Own Obligations, Assets Subject to Reservation of Title
Fiduciary Transactions
Due to UBS Pension Plans, Loans to Corporate Bodies/Related Parties
Report of the Statutory Auditors
Report of the Capital Increase Auditors
Additional Disclosure Required under SEC Regulations
A — Introduction
B — Selected Financial Data
Balance Sheet Data
US GAAP Income Statement Data
US GAAP Balance Sheet Data
Ratio of Earnings to Fixed Charges
C — Information on the Company
Property, Plant and Equipment
D -- Information Required by Industry Guide 3
Selected Statistical Information
Average Balances and Interest Rates
Analysis of Changes in Interest Income and Expense
Deposits
Short-term Borrowings
Loans
Loan Maturities
Impaired, Non-performing and Restructured Loans
Cross-Border Outstandings
Summary of Movements in Allowances and Provisions for Credit Losses
Allocation of the Allowances and Provisions for Credit Losses
Loans by industry sector
Loss History Statistics
Introduction
UBS Group Financial Highlights
The UBS Group
Our Business Groups
Sources of Information about UBS
THE UBS Group
Strategy, Structure and History
Strategy, Structure and History
The Business Groups
UBS Wealth Management&Business Banking
UBS Global Asset Management
UBS Warburg
UBS PaineWebber
Corporate Center
Risk Management and Control
Risk Analysis
Group Treasury
Corporate Governance
Introduction and Principles
Group Structure and Shareholders
Capital Structure
Board of Directors
Group Executive Board
Compensation, Shareholdings and Loans
Shareholders' Participation Rights
Change of Control and Defensive Measures
Auditors
Information Policy: UBS Financial Disclosure Principles
Regulation and Supervision
Compliance with NYSE Listing Standards on Corporate Governance
Group Managing Board
Corporate Responsibility
UBS Share Information
The Global Registered Share
The UBS Share 2002
INDEX TO EXHIBITS
EX-1.1: ARTICLES OF ASSOCIATION OF UBS AG
EX-1.2: ORGANIZATION REGULATIONS OF UBS AG
EX-7: STATEMENT RE: RATIO OF EARNINGS
EX-10: CONSENT OF ERNST & YOUNG LTD.
Table of Contents
CONTENTS
Page
Cautionary Statement Regarding Forward-Looking Statements
1
PART I
3
Item 1. Identity of Directors, Senior Management and Advisors
3
Item 2. Offer Statistics and Expected Timetable
3
Item 3. Key Information
3
Item 4. Information on the Company
3
Item 5. Operating and Financial Review and Prospects
4
Item 6. Directors, Senior Management and Employees
5
Item 7. Major Shareholders and Related Party Transactions
5
Item 8. Financial Information
6
Item 9. The Offer and Listing
6
Item 10. Additional Information
8
Item 11. Quantitative and Qualitative Disclosures About Market Risk
11
Item 12. Description of Securities Other than Equity Securities
12
PART II
13
Item 13. Defaults, Dividend Arrearages and Delinquencies
13
Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds
13
Item 15. Controls and Procedures
13
Item 16. [Reserved]
13
Item 17. Financial Statements
13
Item 18. Financial Statements
13
Item 19. Exhibits
13
Signatures
14
Certifications under Section 302 of the Sarbanes-Oxley Act of 2002
15
Index to Exhibits
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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This annual report contains statements that constitute "forward-looking
statements" within the meaning of Section 21E of the Securities Exchange Act of
1934. The Private Securities Litigation Reform Act of 1995 provides a "safe
harbor" for forward-looking information to encourage companies to provide
prospective information about themselves without fear of litigation so long as
the information is identified as forward-looking and is accompanied by
meaningful cautionary statements identifying important factors that could cause
actual results to differ materially from those projected in the information.
The words "anticipate", "believe", "expect", "estimate", "intend", "plan",
"should", "could", "may" and other similar expressions are used in connection
with forward-looking statements. In this annual report, forward-looking
statements may, without limitation, relate to:
•
The implementation of strategic initiatives, such as the
implementation of the European wealth management strategy and our
plans to continue to expand our corporate finance business;
•
The development of revenues overall and within specific
business areas, including the possibility of further losses in UBS
Capital in 2003;
•
The development of operating expenses;
•
The anticipated level of capital expenditures and associated depreciation expense;
•
The expected impact of the risks that affect UBS's business,
including the risk of loss resulting from the default of an obligor
or counterparty;
•
Expected credit losses based upon UBS's credit review; and
•
Other statements relating to UBS's future business development and economic performance.
There can be no assurance that forward-looking statements will approximate
actual experience. Several important factors exist that could cause UBS's
actual results to differ materially from expected results as described in the
forward-looking statements. Such factors include:
•
General economic conditions, including prevailing interest
rates and performance of financial markets, which may affect demand
for products and services and the value of our assets;
•
Changes in UBS's expenses associated with acquisitions and dispositions;
•
General competitive factors, locally, nationally, regionally and globally;
•
Industry consolidation and competition;
•
Changes affecting the banking industry generally and UBS's
banking operations specifically, including asset quality;
•
Developments in technology;
•
Credit ratings and the financial position of obligors and counterparties;
•
UBS's ability to control risk in its businesses;
•
Changes in tax laws in the countries in which UBS operates,
which could adversely affect the tax advantages of certain of UBS's
products or subject it to increased taxation;
•
Changes in accounting standards applicable to UBS, as more
fully described below;
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•
Changes in investor confidence in the future performance of
financial markets, affecting the level of transactions they
undertake, and hence the levels of transaction-based fees UBS earns;
•
Changes in the market value of securities held by UBS's
clients, affecting the level of asset-based fees UBS can earn on the
services it provides; and
•
Changes in currency exchange rates, including the exchange
rate for the Swiss franc into US dollars.
UBS is not under any obligation to (and expressly disclaims any such
obligations to) update or alter its forward-looking statements, whether as a
result of new information, future events, or otherwise.
The effect of future changes in accounting standards
Included in the Notes to the Financial Statements is a description of the
expected effect of accounting standards that have been issued but have not yet
been adopted, for both IFRS and US GAAP.
Although we believe that description includes all significant matters that
have been approved by the IASB and the FASB, those standard-setting bodies have
a large number of projects in process that could result in significant new
accounting standards or significant changes to existing standards.
This increased level of activity includes normal ongoing development and
efforts to improve the existing body of accounting standards, and also is in
response to a number of perceived deficiencies in accounting standards
exemplified by reported abuses by various companies.
We believe it is likely that several new accounting standards will be
issued in the near future, and that those new standards could have a
significant effect on our reported results of operations and financial
position, but cannot predict the precise nature or amounts of any such changes.
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Table of Contents
PART I
Item 1.    Identity of Directors, Senior Management and Advisors.
Not required because this Form 20-F is filed as an annual report.
Item 2.    Offer Statistics and Expected Timetable.
Not required because this Form 20-F is filed as an annual report.
Item 3.    Key Information.
A—Selected Financial Data.
Please see pages 195 to 199 of the attached Financial Report 2002.
Ratio of Earnings to Fixed Charges
Please see page 199 of the attached Financial Report 2002, and Exhibit 7 to this Form 20-F.
B—Capitalization and Indebtedness.
Not required because this Form 20-F is filed as an annual report.
C—Reasons for the Offer and Use of Proceeds.
Not required because this Form 20-F is filed as an annual report.
D—Risk Factors.
Please see pages 16 and 17 of the attached Financial Report 2002
Item 4.    Information on the Company.
A—History and Development of the Company.
1-3
Please see page 6 of the attached Handbook 2002/2003 and page 6 of
the attached Financial Report 2002.
4
Please see pages 18 and 19 of the attached Handbook 2002/2003.
5, 6
Please see the section
Information for Readers
on pages 8 to 15 of
the attached Financial Report 2002, in particular, subsections
PaineWebber merger
,
Restructuring provision
and
Significant financial
events
; also see section
Group Results
on pages 20 to 32 of the
attached Financial Report 2002, in particular, the subsections
regarding PaineWebber merger-related costs.
7
Not applicable.
B—Business Overview.
1, 2, 3, 5, 7
Please see section
The Business Groups
on pages 21 to 51 of
the attached Handbook 2002/2003 and the section
Seasonal
Characteristics
on page 39 of the attached Financial Report
2002. For a breakdown of revenues by category of activity
and geographic market for each of the last three financial
years, please refer to Notes 2a and 2b to the Financial
-3-
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Statements, on pages 96 to 99 of the attached Financial
Report 2002.
4, 6
Not applicable.
8
Please see the section
Regulation and Supervision
on pages
117 to 120 of the attached Handbook 2002/2003.
C—Organizational Structure.
Please see Note 35 to the Financial Statements on pages 153 to 156 of the
attached Financial Report 2002.
D—Property, Plant and Equipment.
Please see the section
Property, Plant and Equipment
on page 199 of the
attached Financial Report 2002.
Information Required by Industry Guide 3
Please see pages 200 to 216 of the attached Financial Report 2002.
Item 5.    Operating and Financial Review and Prospects.
A—Operating Results.
Please see sections
Information for Readers
,
Group Financial Review
and
Review of Business Group Performance
on pages 8 to 74 of the attached Financial
Report 2002.
Please also see Note 39 to the Financial Statements
Reconciliation of
International Financial Reporting Standards (IFRS) to United States Generally
Accepted Accounting Principles (US GAAP)
on pages 160 to 171 of the attached
Financial Report 2002 and the
Currency management
subsection of the
Group
Treasury
section, on pages 84 to 85 of the attached Handbook 2002/2003.
B—Liquidity and Capital Resources.
We believe that our working capital is sufficient for the company's
present requirements.
Group liquidity and capital management is undertaken at UBS by Group
Treasury as an integrated asset and liability management function. For a
detailed discussion of Group Treasury's functions and results, including our
capital resources, please see pages 78 to 87 of the attached Handbook
2002/2003, and Note 18 to the Financial Statements
Debt Issued
on pages 114 to
119 of the attached Financial Report 2002.
For a discussion of UBS Group's balance sheet and cash flows, please see
pages 26 to 28 of the attached Financial Report 2002.
For a discussion of UBS's long term credit ratings, please see the
Capital
Strength
subsection of the section
Strategy, Structure and History
on pages 10
and 11 of the attached Handbook 2002/2003.
C—Research and Development, Patents and Licenses, etc.
Not applicable.
D—Trend Information.
Please see
Outlook 2003
subsection of the section
Group Results
on page 28
of the attached Financial Report 2002, and pages 15, 37, 42 and 49 of the
attached Handbook 2002/2003, which contain more detailed trend information.
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Item 6.    Directors, Senior Management and Employees.
A—  Directors and Senior Management.
1, 2, 3
Please see pages 95 to 103 of the attached Handbook 2002/2003.
4 and 5
None.
B—Compensation.
Please see the
Compensation, Shareholdings and Loans
section on pages 104
to 108 of the attached Handbook 2002/2003 and also Notes 32 and 33 to the
Financial Statements on pages 147 to 152 of the attached Financial Report 2002.
C—Board Practices.
Please see pages 95 to 100 of the attached Handbook 2002/2003 and Note 33
to the Financial Statements on pages 151 to 152 of the attached Financial
Report 2002.
D—Employees.
Please see page 25 of the attached Financial Report 2002 and the charts on
page 14 of the attached Handbook 2002/2003.
E—Share Ownership.
Please see the section
Compensation, Shareholdings and Loans
on pages 104
to 108 of the attached Handbook 2002/2003 and also Notes 32 and 33 to the
Financial Statements on pages 147 to 152 of the attached Financial Report 2002.
Item 7.    Major Shareholders and Related Party Transactions.
A—Major Shareholders.
Please see pages 91 to 92 and 139 and 140 of the attached Handbook 2002/2003.
B—Related Party Transactions.
For 2002 and 2001, please see Note 33 to the Financial Statements on pages
151 to 152 of the attached Financial Report 2002.
The number of long-term stock options outstanding to members of the Board
of Directors, Group Executive Board and Group Managing Board from equity
participation plans was 4,693,458 at 31 December 2000.
The total loans and advances receivable were CHF 36 million at 31 December
2000.
The total amounts of shares and warrants held by members of the Board of
Directors, Group Executive Board and Group Managing Board were 7,583,184 and
69,504,577 as of 31 December 2000.
C—Interests of Experts and Counsel.
Not applicable because this Form 20-F is filed as an annual report.
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Item 8.    Financial Information.
A—Consolidated Statements and Other Financial Information.
Please see Item 18 of this Form 20-F.
B—Significant Changes.
UBS is not aware of any significant change that has occurred since the
date of the annual financial statements included in this Form 20-F.
Item 9.    The Offer and Listing.
A—Offer and Listing Details.
1, 2, 3, 5, 6, 7
Not required because this Form 20-F is filed as an annual report.
4
Please see page 138 of the attached Handbook 2002/2003.
B—Plan of Distribution
Not required because this Form 20-F is filed as an annual report.
C—Markets.
UBS's shares are traded on the virt-x, the New York Stock Exchange and the
Tokyo Stock Exchange. The symbols are shown on page 135 of the attached
Handbook 2002/2003.
Trading on virt-x
Since July 2001, Swiss blue chip stocks have no longer been traded on the
SWX Swiss Exchange. All trading in the shares of members of the Swiss Market
Index (SMI) now takes place on virt-x, although these stocks remain listed on
the SWX Swiss Exchange. Altogether, approximately 600 blue-chip stocks
representing around 80% of European market capitalization are traded on virt-x,
in the currency of their home market.
virt-x is majority owned by the SWX Swiss Exchange. It provides an
efficient and cost effective pan-European blue-chip market. It addresses the
increasing requirement for equity investment to be conducted on a sectoral
basis across Europe rather than being limited to national markets.
virt-x is a Recognized Investment Exchange supervised by the Financial
Services Authority in the United Kingdom. It is delivered on the modern,
scalable SWX trading platform.
Trading is possible on all target days, as specified by the European
Central Bank. The opening hours are 06:00 to 22:00 CET and the trading hours
are 09:00 to 17:30 CET. During the after-hours trading phase from 17:30 to
22:00 CET and in the pre-trading phase from 06:00 to 09:00 CET, orders can be
entered or deleted. From 09:00 CET, once the opening price is set, trading
begins. Orders are executed automatically according to established rules that
match bid and asked prices. Regardless of their size or origin, incoming orders
are executed on a price/time priority, i.e., in the order of price (first
priority) and time received (second priority). Depending on the type of
transaction, the order and trade details are also transmitted to data vendors
(Reuters, Bloomberg, Telekurs, etc.).
In most cases, each trade triggers an automatic settlement instruction
which is routed through one of three central securities depositories (CSD); SIS
SEGAINTERSETTLE AG, CRESTCo or Euroclear. Members can choose to settle from one
or more account within these CSD's and when counterparties have selected
different CSD's, settlement will be cross-border. The introduction of a central
counterparty is planned for the beginning of 2003 which will allow optional
netting of trades.
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All trades executed through the order book settle on a uniform "T+3"
basis, meaning that delivery and payment of exchange transactions occur three
days after the trade date. The buyer is able to ask virt-x to enforce
settlement if the seller has not delivered within two days of the intended
settlement date.
Any transaction executed under the rules of virt-x must be reported to
virt-x. Order book executions are automatically reported by the trading system.
There are separate provisions for the delayed reporting of certain qualifying
trades. Individual elements of Portfolio Trades must be reported within one
hour while Block Trades and enlarged risk trades must be reported when the
business is substantially (80%) complete, or by the end of order book trading
that day, unless the trade is agreed one hour or less before the market close,
when the Trade must be reported by the end of order book trading on the
following market day. Block Trades and Enlarged Risk Trades are subject to
minimum trade size criteria. During normal trading hours all other transactions
must be reported within three minutes. The Enlarged Risk Trades provisions
enable a member to protect a client's interest while the member works a large
trade on behalf of the client. The Block Trade provisions allow a member a
publication delay when the member has executed a large transaction for a
client; the delay gives the member time in which to offset the risk of the
large trade.
In the event of extraordinary situations such as large price fluctuations
and other situations likely to hamper fair and orderly trading, virt-x may take
whatever measures it deems necessary to maintain fair and orderly markets. A
listed security may be suspended, the opening of trading in that security may
be delayed or continuous trading may be interrupted.
Trading on the New York Stock Exchange
UBS listed its shares on the New York Stock Exchange ("NYSE") on 16 May
2000.
As of 31 December 2002, the equity securities of nearly 2,800 corporations
were listed on the NYSE. Non-US issuers, currently over 470 in number with a
combined market valuation exceeding USD 4 trillion, are playing an increasingly
important role on the NYSE.
The NYSE
is open Monday through Friday, 9:30 A.M. - 4:00 P.M., EST.
The NYSE is an agency auction market. Trading at the NYSE takes place by
open bids and offers by Exchange members, acting as agents for institutions or
individual investors. Buy and sell orders meet directly on the trading floor,
and prices are determined by the interplay of supply and demand. In contrast,
in the US over-the-counter market, the price is determined by a dealer who buys
and sells out of inventory.
At the NYSE, each listed stock is assigned to a single post where the
specialist manages the auction process. NYSE members bring all orders for
NYSE-listed stocks to the Exchange floor either electronically or through a
floor broker. As a result, the flow of buy and sell orders for each stock is
funnelled to a single location.
This heavy stream of diverse orders is one of the great strengths of the
Exchange. It provides liquidity — the ease with which securities can be bought
and sold without wide price fluctuations.
When an investor's transaction is completed, the best price will have been
exposed to a wide range of potential buyers and sellers.
Every transaction made at the NYSE is under continuous surveillance during
the trading day. Stock Watch, a computer system that searches for unusual
trading patterns, alerts NYSE regulatory personnel to possible insider trading
abuses or other prohibited trading practices. The NYSE's other regulatory
activities include the supervision of member firms to enforce compliance with
financial and operational requirements, periodic checks on brokers' sales
practices, and the continuous monitoring of specialist operations.
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Trading on the Tokyo Stock Exchange
The volume of UBS shares traded on the Tokyo Stock Exchange is negligible
in comparison to the volume on virt-x or on the NYSE.
D—Selling Shareholders.
Not required because this Form 20-F is filed as an annual report.
E—Dilution.
Not required because this Form 20-F is filed as an annual report.
F—Expenses of the Issue.
Not required because this Form 20-F is filed as an annual report.
Item 10.    Additional Information.
A—Share Capital.
Not required because this Form 20-F is filed as an annual report.
B—Memorandum and Articles of Association.
Please see:
a)
Item 14 of our registration statement on Form 20-F filed 9
May 2000. Please see Articles of Association of UBS AG and
Organization Regulations of UBS AG filed as Exhibits 1.1 and 1.2,
respectively.
b)
The section
Global Registered Share
on pages 134 to 135 of
the attached Handbook 2002/2003 which provides details of recent
changes relating to the par value of the UBS share.
c)
Pages 7 and 134 of the attached Handbook 2002/2003 which
provide details of our new transfer agent in the US, Mellon Investor
Services.
C—Material Contracts.
None.
D—Exchange Controls.
There are no restrictions under UBS's Articles of Association or Swiss
law, presently in force, that limit the right of non-resident or foreign owners
to hold UBS's securities freely. There are currently no Swiss foreign exchange
controls or other Swiss laws restricting the import or export of capital by UBS
or its subsidiaries. In addition, there are currently no restrictions under
Swiss law affecting the remittance of dividends, interest or other payments to
non-resident holders of UBS securities.
E—Taxation.
This section outlines the material Swiss tax and United States federal
income tax consequences of the ownership of UBS ordinary shares by a US holder
(as defined below) who holds UBS ordinary shares as capital assets. It is
designed to explain the major interactions between Swiss and US taxation for US
persons who hold UBS shares.
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The discussion does not address the tax
consequences to persons who hold UBS ordinary shares in particular
circumstances, such as tax-exempt entities, banks, financial institutions,
insurance companies, broker-dealers, traders in securities that elect to mark
to market, holders liable for alternative minimum tax, holders that actually or
constructively own 10% or more of the voting stock of UBS, holders that hold
UBS ordinary shares as part of a straddle or a hedging or conversion
transaction or holders whose functional currency for US tax purposes is not the
US dollar. This discussion also does not apply to holders who acquired their
UBS ordinary shares pursuant to the exercise of employee stock options or
otherwise as compensation or through a tax-qualified retirement plan.
The discussion is based on the tax laws of Switzerland and the United
States, including the US Internal Revenue Code of 1986, as amended, its
legislative history, existing and proposed regulations under the Internal
Revenue Code, published rulings and court decisions, as in effect on the date
of this document, as well as the convention between the United States of
America and Switzerland, which we call the "Treaty," all of which may be
subject to change or change in interpretation, possibly with retroactive
effect.
For purposes of this discussion, a "US holder" is any beneficial owner of UBS ordinary shares that is:
•
a citizen or resident of the United States,
•
a corporation or other entity taxable as a corporation
organized under the laws of the United States or any political
subdivision of the United States,
•
an estate the income of which is subject to United States
federal income tax without regard to its source, or
•
a trust if a court within the United States is able to
exercise primary supervision over the administration of the trust
and one or more United States persons have the authority to control
all substantial decisions of the trust.
The discussion does not generally address any aspects of Swiss taxation
other than income and capital taxation or of United States taxation other than
federal income taxation. Holders of UBS shares are urged to consult their tax
advisors regarding the United States federal, state and local and the Swiss and
other tax consequences of owning and disposing of these shares.
Ownership of UBS Ordinary Shares—Swiss Taxation
Dividends and Distributions
Dividends paid by UBS to a holder of UBS ordinary shares (including
dividends on liquidation proceeds and stock dividends) are subject to a Swiss
federal withholding tax at a rate of 35%. The withholding tax must be withheld
from the gross distribution, and be paid to the Swiss Federal Tax
Administration.
A US holder that qualifies for Treaty benefits may apply for a refund of
the withholding tax withheld in excess of the 15% Treaty rate. The claim for
refund must be filed with the Swiss Federal Tax Administration, Eigerstrasse
65, CH-3003 Berne, Switzerland no later than December 31 of the third year
following the end of the calendar year in which the income subject to
withholding was due. The form used for obtaining a refund is Swiss Tax Form 82
(82C for companies; 82E for other entities; 82I for individuals), which may be
obtained from any Swiss Consulate General in the United States or from the
Swiss Federal Tax Administration at the address above. The form must be filled
out in triplicate with each copy duly completed and signed before a notary
public in the United States. The form must be accompanied by evidence of the
deduction of withholding tax withheld at the source.
Repayment of capital in the form of a par value reduction is not subject
to Swiss withholding tax.
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Transfers of UBS Ordinary Shares
The sale of UBS ordinary shares, whether by Swiss resident or non-resident
holders (including US holders), may be subject to a Swiss securities transfer
stamp duty of up to 0.15% calculated on the sale proceeds if it occurs through
or with a bank or other securities dealer in Switzerland as defined in the
Swiss Federal Stamp Tax Act. In addition to the stamp duty, the sale of UBS
ordinary shares by or through a member of a recognized stock exchange may be
subject to a stock exchange levy. Capital gains realized by a US holder upon
the sale of UBS ordinary shares are not subject to Swiss income or gains taxes,
unless such US holder holds such shares as business assets of a Swiss business
operation qualifying as a permanent establishment for the purposes of the
Treaty. In the latter case, gains are taxed at ordinary Swiss individual or
corporate income tax rates, as the case may be, and losses are deductible for
purposes of Swiss income taxes.
Ownership of UBS Ordinary Shares—United States Federal Income Taxation
Dividends and Distribution
Subject to the passive foreign investment company rules discussed below,
US holders will include in gross income the gross amount of any dividend paid,
before reduction for Swiss withholding taxes, by UBS out of its current or
accumulated earnings and profits, as determined for United States federal
income tax purposes, as ordinary income when the dividend is actually or
constructively received by the US holder.
For United States federal income tax purposes, a dividend will include a
distribution characterized as a repayment of capital in the form of a par value
reduction, if the distribution is made out of current or accumulated earnings
and profits, as described above.
Dividends will be income from sources outside the United States for
foreign tax credit limitation purposes, but generally will be "passive income"
or "financial services income," which are treated separately from other types
of income for foreign tax credit limitation purposes. The dividend will not be
eligible for the dividends-received deduction generally allowed to United
States corporations in respect of dividends received from other United States
corporations. The amount of the dividend distribution included in income of a
US holder will be the US dollar value of the Swiss franc payments made,
determined at the spot Swiss franc/US dollar rate on the date such dividend
distribution is included in the income of the US holder, regardless of whether
the payment is in fact converted into US dollars. Generally, any gain or loss
resulting from currency exchange fluctuations during the period from the date
the dividend distribution is included in income to the date such dividend
distribution is converted into US dollars will be treated as ordinary income or
loss. Such gain or loss will generally be income or loss from sources within
the United States for foreign tax credit limitation purposes. Distributions in
excess of current and accumulated earnings and profits, as determined for
United States federal income tax purposes, will be treated as a return of
capital to the extent of the US holder's basis in its UBS ordinary shares and
thereafter as capital gain.
Subject to certain limitations, the Swiss tax withheld in accordance with
the Treaty and paid over to Switzerland will be creditable against the US
holder's United States federal income tax liability. To the extent a refund of
the tax withheld is available to a US holder under the laws of Switzerland or
under the Treaty, the amount of tax withheld that is refundable will not be
eligible for credit against the US holder's United States federal income tax
liability, whether or not the refund is actually obtained.
Stock dividends to US holders that are made as part of a pro rata
distribution to all shareholders of UBS generally will not be subject to United
States federal income tax. US holders that received a stock dividend that is
subject to Swiss tax but not US tax, may not have enough foreign income for US
tax purposes to receive the benefit of the foreign tax credit associated with
that tax, unless the holder has foreign income from other sources.
Transfers of UBS Ordinary Shares
Subject to the passive foreign investment company rules discussed below, a
US holder that sells or otherwise disposes of UBS ordinary shares generally
will recognize capital gain or loss for United States federal income tax
purposes equal to the difference between the US dollar value of the amount
realized and the tax basis,
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determined in US dollars, in the UBS ordinary shares. Capital gain of a
non-corporate US holder is generally taxed at a maximum rate of 20% if the UBS
ordinary shares were held for more than one year. The gain or loss will
generally be income or loss from sources within the United States for foreign
tax credit limitation purposes.
Passive Foreign Investment Company Rules
UBS believes that UBS ordinary shares should not be treated as stock of a
passive foreign investment company for United States federal income tax
purposes, but this conclusion is a factual determination made annually and thus
may be subject to change. In general, UBS will be a passive foreign investment
company with respect to a US holder if, for any taxable year in which the US
holder held UBS ordinary shares, either at least 75% of the gross income of UBS
for the taxable year is passive income or at least 50% of the value, determined
on the basis of a quarterly average, of UBS's assets is attributable to assets
that produce or are held for the production of passive income. If UBS were to
be treated as a passive foreign investment company, then unless a US holder
makes a mark-to-market election, gain realized on the sale or other disposition
of UBS ordinary shares would in general not be treated as capital gain.
Instead, a US holder would be treated as if the holder had realized such gain
and certain "excess distributions" ratably over the holder's holding period for
the shares and would be taxed at the highest tax rate in effect for each such
year to which the gain was allocated, together with an interest charge in
respect of the tax attributable to each such year.
F—Dividends and Paying Agents.
Not required because this Form 20-F is filed as an annual report.
G—Statement by Experts.
Not required because this Form 20-F is filed as an annual report.
H—Documents on Display.
UBS files periodic reports and other information with the Securities and
Exchange Commission. You may read and copy any document that UBS files with the
SEC at the SEC's public reference room at 450 Fifth Street, N.W., Washington,
D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further information on
the operation of its public reference room. You may also inspect UBS's SEC
reports and other information at the New York Stock Exchange, Inc., 20 Broad
Street, New York, New York 10005 and the American Stock Exchange LLC, 86
Trinity Place, New York, NY 10006. Some of this information may also be found
on the UBS website at www.ubs.com/investors.
I—Subsidiary Information.
Not applicable.
Item 11. Quantitative and Qualitative Disclosures About Market Risk.
A—Quantitative Information About Market Risk.
Please see the section
Market Risk
on pages 71 to 75 of the attached Handbook 2002/2003.
B—Qualitative Information About Market Risk.
Please see the section
Market Risk
on pages 71 to 75 of the attached Handbook 2002/2003.
C—Interim Periods.
Not applicable.
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D—Safe Harbor.
The safe harbor provided in Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934 ("statutory safe harbors")
applies to information provided pursuant to paragraphs (a), (b) and (c) of this
Item 11.
E—Small Business Issuers.
Not applicable.
Item 12. Description of Securities Other than Equity Securities.
Not required because this Form 20-F is filed as an annual report.
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PART II
Item 13. Defaults, Dividend Arrearages and Delinquencies.
There has been no material default in respect of any indebtedness of UBS
AG or any of its significant subsidiaries or any arrearages of dividends or any
other material delinquency not cured within 30 days relating to any preferred
stock of UBS AG or any of its significant subsidiaries.
Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds.
Not applicable.
Item 15. Controls and Procedures.
Please see page 116 of the attached Handbook 2002/2003.
Item 16. [Reserved].
Item 17. Financial Statements.
Not applicable.
Item 18. Financial Statements.
The Financial Statements included on pages 77 to 177 of the attached
Financial Report 2002 are incorporated by reference herein.
Item 19. Exhibits.
Exhibit
Number
Description
1.1.
Articles of Association of UBS AG.
1.2.
Organization Regulations of UBS AG.
2(b)
Instruments defining the rights of the holders of long-term debt issued by
UBS AG and its subsidiaries.
We agree to furnish to the SEC upon request, copies of the instruments,
including indentures, defining the rights of the holders of our long-term
debt and of our subsidiaries' long-term debt.
7.
Statement regarding ratio of earnings to fixed charges.
8.
Significant Subsidiaries of UBS AG.
Please see Note 35 on pages 153 to 156 of the attached Financial Report 2002.
10.
Consent of Ernst & Young Ltd.
-13-
Table of Contents
SIGNATURES
The registrant hereby certifies that it meets all of the requirements for
filing on Form 20-F and that it has duly caused and authorized the undersigned
to sign this annual report on its behalf.
UBS AG
/s/  Peter A. Wuffli
————————————————————————
Name:         Peter A. Wuffli
Title:          President of the Group Executive Board
/s/  Hugo Schaub
————————————————————————
Name:         Hugo Schaub
Title:          Group Controller
Date: March 19, 2003
-14-
Table of Contents
CERTIFICATIONS UNDER SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Peter A. Wuffli, certify that:
1.
I have reviewed this annual report on Form 20-F of UBS AG;
2.
Based on my knowledge, this annual report does not contain
any untrue statement of a material fact or omit to state a material
fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading
with respect to the period covered by this annual report;
3.
Based on my knowledge, the financial statements, and other
financial information included in this annual report, fairly present
in all material respects the financial condition, results of
operations and cash flows of the registrant as of, and for, the
periods presented in this annual report;
4.
The registrant's other certifying officers and I are
responsible for establishing and maintaining disclosure controls and
procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for
the registrant and have:
a) designed such disclosure controls and procedures to ensure
that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within
those entities, particularly during the period in which this annual
report is being prepared;
b) evaluated the effectiveness of the registrant's disclosure
controls and procedures as of a date within 90 days prior to the
filing date of this annual report (the "Evaluation Date"); and
c) presented in this annual report our conclusions about the
effectiveness of the disclosure controls and procedures based on
our evaluation as of the Evaluation Date;
5.
The registrant's other certifying officers and I have
disclosed, based on our most recent evaluation, to the registrant's
auditors and the audit committee of registrant's board of directors
(or persons performing the equivalent function):
a) all significant deficiencies in the design or operation of
internal controls which could adversely affect the registrant's
ability to record, process, summarize and report financial data and
have identified for the registrant's auditors any material
weaknesses in internal controls; and
b) any fraud, whether or not material, that involves
management or other employees who have a significant role in the
registrant's internal controls; and
6.
The registrant's other certifying officers and I have
indicated in this annual report whether or not there were
significant changes in internal controls or in other factors that
could significantly affect internal controls subsequent to the date
of our most recent evaluation, including any corrective actions with
regard to significant deficiencies and material weaknesses.
Date: March 19, 2003
/s/ Peter A. Wuffli
Name:         Peter A. Wuffli
Title:          President of the Group Executive
Board
(principal executive officer)
-15-
Table of Contents
I, Hugo Schaub, certify that:
1.
I have reviewed this annual report on Form 20-F of UBS AG;
2.
Based on my knowledge, this annual report does not contain
any untrue statement of a material fact or omit to state a material
fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading
with respect to the period covered by this annual report;
3.
Based on my knowledge, the financial statements, and other
financial information included in this annual report, fairly present
in all material respects the financial condition, results of
operations and cash flows of the registrant as of, and for, the
periods presented in this annual report;
4.
The registrant's other certifying officers and I are
responsible for establishing and maintaining disclosure controls and
procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for
the registrant and have:
a) designed such disclosure controls and procedures to ensure
that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within
those entities, particularly during the period in which this annual
report is being prepared;
b) evaluated the effectiveness of the registrant's disclosure
controls and procedures as of a date within 90 days prior to the
filing date of this annual report (the "Evaluation Date"); and
c) presented in this annual report our conclusions about the
effectiveness of the disclosure controls and procedures based on
our evaluation as of the Evaluation Date;
5.
The registrant's other certifying officers and I have
disclosed, based on our most recent evaluation, to the registrant's
auditors and the audit committee of registrant's board of directors
(or persons performing the equivalent function):
a) all significant deficiencies in the design or operation of
internal controls which could adversely affect the registrant's
ability to record, process, summarize and report financial data and
have identified for the registrant's auditors any material
weaknesses in internal controls; and
b) any fraud, whether or not material, that involves
management or other employees who have a significant role in the
registrant's internal controls; and
6.
The registrant's other certifying officers and I have
indicated in this annual report whether or not there were
significant changes in internal controls or in other factors that
could significantly affect internal controls subsequent to the date
of our most recent evaluation, including any corrective actions with
regard to significant deficiencies and material weaknesses.
Date: March 19, 2003
/s/ Hugo Schaub
Name:         Hugo Schaub
Title:          Group Controller
(principal accounting officer and
principal financial officer)
-16-
Table of Contents
Contents
Profile
Introduction
1
UBS Group Financial Highlights
2
UBS Group
3
Our Business Groups
4
Sources of Information about UBS
5
Information for Readers
8
Group Financial Review
19
Group Results
20
Review of Business
Group Performance
35
Introduction
36
UBS Wealth Management &
Business Banking
42
UBS Global Asset Management
52
UBS Warburg
57
UBS PaineWebber
66
Corporate Center
72
UBS Group
Financial Statements
77
UBS AG (Parent Bank)
179
Additional Disclosure
Required under
SEC Regulations
193
Introduction
The Financial Report 2002 forms an essential
part of our reporting portfolio. It includes
the audited Financial Statements of the UBS
Group for 2002 and 2001, prepared according to
International Financial Reporting Standards
(IFRS) and reconciled to the United States'
Generally Accepted Accounting Principles (US
GAAP), and the audited financial statements of
UBS AG (the "Parent Bank") for 2002, prepared
according to Swiss Banking Law requirements.
It also contains a discussion and analysis of
the financial and business performance of the
UBS Group and its Business Groups, and
additional disclosures required under Swiss
and US regulations.
The Financial Report should be read in
conjunction with the other information
published by UBS, described on pages 5 and 6.
We hope that you will find the information in
our reporting documents useful and
informative. We believe that UBS is among the
leaders in corporate disclosure, but we would
be very interested to hear your views on how
we might improve the content and presentation
of our information portfolio.
Mark Branson
Chief Communication Officer
UBS AG
1
Table of Contents
Profile
UBS Group Financial Highlights
1
Operating
expenses/operating income
before credit
loss expense.
2
Excludes the
amortization
of goodwill
and other
intangible
assets.
3
For EPS
calculation,
see Note 8 to
the
Financial
Statements.
4
Net
profit/average
shareholders'
equity
excluding
dividends.
5
Includes
hybrid Tier 1
capital,
please
refer
to
Note 29e in the
Notes to the
Financial
Statements.
6
Klinik
Hirslanden was
sold on 5
December 2002.
The Group
headcount does
not include the
Klinik
Hirslanden
headcount of
2,450 and 1,839
for 31 December
2001 and 31
December 2000,
respectively.
7
See the
Capital
strength
section on
pages 10 and 11
of the UBS
Handbook
2002/2003.
8
Details of
significant
financial
events
can be
found in the
Group Financial
Review section.
The segment results
have been restated
to reflect the new
Business Group
structure and
associated
management
accounting changes
implemented during
2002.
All results
presented include
PaineWebber from the
date of acquisition,
3 November 2000.
CHF million, except where indicated
% change from
For the year ended
31.12.02
31.12.01
31.12.00
31.12.01
Income statement key figures
Operating income
34,121
37,114
36,402
(8
)
Operating expenses
29,577
30,396
26,203
(3
)
Operating profit before tax
4,544
6,718
10,199
(32
)
Net profit
3,535
4,973
7,792
(29
)
Cost/income ratio (%)
1
86.2
80.8
72.2
Cost/income ratio before goodwill (%)
1, 2
79.0
77.3
70.4
Per share data (CHF)
Basic earnings per share
3
2.92
3.93
6.44
(26
)
Basic earnings per share before goodwill
2, 3
4.73
4.97
7.00
(5
)
Diluted earnings per share
3
2.87
3.78
6.35
(24
)
Diluted earnings per share before goodwill
2, 3
4.65
4.81
6.89
(3
)
Return on shareholders' equity (%)
Return on shareholders' equity
4
8.9
11.7
21.5
Return on shareholders' equity before goodwill
2, 4
14.4
14.8
23.4
CHF million, except where indicated
% change from
As at
31.12.02
31.12.01
31.12.00
31.12.01
Balance sheet key figures
Total assets
1,181,118
1,253,297
1,087,552
(6
)
Shareholders' equity
38,991
43,530
44,833
(10
)
Market capitalization
79,448
105,475
112,666
(25
)
BIS capital ratios
Tier 1 (%)
5
11.3
11.6
11.7
7
Total BIS (%)
13.8
14.8
15.7
Risk-weighted assets
238,790
253,735
273,290
(6
)
Invested assets (CHF billion)
2,037
2,448
2,445
(17
)
Headcount (full-time equivalents)
69,061
69,985
6
71,076
6
(1
)
Long-term ratings
7
Fitch, London
AAA
AAA
AAA
Moody's, New York
Aa2
Aa2
Aa1
Standard & Poor's, New York
AA+
AA+
AA+
Earnings adjusted for significant financial
events and pre-goodwill
2, 8
CHF million, except where indicated
% change from
For the year ended
31.12.02
31.12.01
31.12.00
31.12.01
Operating income
33,894
37,114
36,402
(9
)
Operating expenses
27,117
29,073
25,096
(7
)
Operating profit before tax
6,777
8,041
11,306
(16
)
Net profit
5,529
6,296
8,799
(12
)
Cost/income ratio (%)
1
79.5
77.3
69.2
Basic earnings per share (CHF)
3
4.57
4.97
7.28
(8
)
Diluted earnings per share (CHF)
3
4.50
4.81
7.17
(6
)
Return on shareholders' equity (%)
4
13.9
14.8
24.3
2
Table of Contents
UBS Group
UBS is one of the world's leading financial firms, serving a
discerning global client base. As an organization, we combine
financial strength with a global culture that embraces change. We are
the world's leading provider of wealth management services and one of
the largest asset managers globally. In the investment banking and
securities businesses, we are among the select bracket of major global
houses. In Switzerland, we are the clear market leader serving
corporate and retail clients. As an integrated firm, we create added
value for our clients by drawing on the combined resources and
expertise of all our businesses.
Our first priority is always our clients' success and we put advice at
the heart of our relationships with them. We take the time to
understand the unique needs and goals of each of our clients. Our
priority is to provide premium quality services to our clients, giving
them the best possible choice by supplementing best-in-class solutions
we develop ourselves with a quality-screened selection of products
from others.
With head offices in Zurich and Basel, and more than 69,000 employees,
we operate in over 50 countries and from all major international
financial centers. Our global physical presence is complemented by our
strategy of offering clients products and services via a variety of
different channels — from the traditional retail bank branch to
sophisticated, interactive online tools, helping us to deliver our
services more quickly, widely and cost-effectively than ever before.
3
Table of Contents
Profile
Our Business Groups
All our Business Groups are in the top echelons of their sectors
globally and are committed to vigorously growing their franchises.
UBS Wealth Management & Business Banking
UBS Wealth Management & Business Banking is the world's leading wealth
management business and the leading corporate and retail bank in
Switzerland. Almost 3,300 private banking client advisors, working
from offices around the world, provide a comprehensive range of
in-house and third party products and services customized for wealthy
individuals. The Business Banking unit, holding roughly a quarter of
the Swiss lending market, offers comprehensive banking and securities
services for 3.5 million individuals and 180,000 corporate clients in
Switzerland as well as 5,000 financial institutions worldwide.
UBS Global Asset Management
UBS Global Asset Management is a leading institutional asset manager
and mutual fund provider, with invested assets of CHF 557 billion. It
offers a broad range of asset management services and products for
institutional clients and financial intermediaries across the world.
UBS Warburg
UBS Warburg is a global investment banking and securities firm.
Consistently placing in the top tier of major industry rankings, it is
a leading player in the global primary and secondary markets for
equity and fixed income products. In investment banking, it provides
first-class advice and execution capabilities to its client base
worldwide. Sharply client-focused, it provides innovative products,
top-quality research and comprehensive access to the world's capital
markets for its corporate and institutional clients and for the rest
of UBS.
UBS PaineWebber
UBS PaineWebber is the fourth largest private client business in the
US, with a client base of over 2 million private investors — focused on
the most affluent in the country. Its network of almost 9,000 financial
advisors manage CHF 584 billion in invested assets and provide
sophisticated wealth management services to their clients.
Corporate Center
The role of the Corporate Center is to ensure that the Business Groups
operate as a coherent and effective whole, in alignment with UBS's
overall corporate goals. The scope of Corporate Center's activities
covers financial and capital management, risk management and control,
branding, communication, legal advice and human resources management.
4
Table of Contents
Sources of Information about UBS
This Financial Report contains our audited Financial Statements for the year
2002 and the related detailed analysis. You can find out more about UBS from
the sources shown below
.
Publications
This Financial Report is available in English and German.
(SAP-R/3 80531-0301).
Annual Review 2002
Our Annual Review contains a
short description of UBS, what
our vision and values are, as
well as a summary review of our
performance in the year 2002. It
is available in English, German,
French, Italian and Spanish.
(SAP-R/3 80530-0301).
Handbook 2002/2003
Our Handbook 2002/2003 contains a
detailed description of UBS, its
strategy, organization and the
businesses that make it up. It is
available in English and German.
(SAP-R/3 80532-0301).
Quarterly reports
We provide detailed quarterly
financial reporting and analysis,
including comment on the progress
of our businesses and key
strategic initiatives. These
quarterly reports are available
in English.
How to order reports
Each of these reports is available
on the internet at:
www.ubs.com/investors, in the
"Financials" section.
Alternatively, printed copies can
be ordered, quoting the SAP number
and the language preference where
applicable, from UBS AG,
Information Center, CA50-XMB, P.O.
Box, CH-8098 Zurich, Switzerland.
E-information tools for investors
Website
Our Investors and Analysts website
at www.ubs.com/investors offers a
wide range of information about
UBS, including our financial
reporting, media releases, UBS
share price graphs and data,
corporate calendar and dividend
information and copies of recent
presen-
tations given by members of
senior management to investors at
external conferences.
Our internet-based
information is available in
English and German, with some
sections in French and Italian.
Messenger service
On the Investors and Analysts
website, you can register to
receive news alerts about UBS via
Short Messaging System (SMS) or
e-mail. Messages are sent in
either English or German and
users are able to state their
preferences for the topics of the
alerts received.
Results presentations
Senior management present UBS's
results every quarter. These
presentations are broadcast live
over the internet, and can be
downloaded on demand. The most
recent results webcasts can be
found in the "Financials" section
of our Investors and Analysts
website.
UBS and the environment
The Handbook 2002/2003 contains a
summary of UBS environmental
policies as part of the Corporate
Responsibility section. More
detailed information is available
at: www.ubs.com/ environment
Form 20-F and other submissions
to the US Securities and
Exchange Commission
We file periodic reports and
submit other information about
UBS with the US Securities and
Exchange Commission (SEC).
Principal among these filings is
the Form 20-F, our Annual Report
filed pursuant to the US
Securities Exchange Act of 1934.
Our Form 20-F filing is
structured as a "wrap-around"
document. Most sections of the
filing are satisfied by referring
to parts of this
5
Table of Contents
Profile
Handbook or to parts of the
Financial Report 2002. However,
there is a small amount of
additional information in the
Form 20-F which is not presented
elsewhere, and is particularly
targeted at readers in the US.
You are encouraged to refer to
this additional disclosure.
You may read and copy any
document that we file with the SEC
on the SEC's website, www.sec.gov,
or at the SEC's public reference
room at 450 Fifth Street NW,
Washington, DC, 20549. Please call
the SEC at 1-800-SEC-0330 (in the
US) or at +1 202 942 8088 (outside
the
US) for further information on the
operation of its public reference
room. You may also inspect our SEC
reports and other information at
the New York Stock Exchange, Inc.,
20 Broad Street, New York, NY
10005 and the American Stock
Exchange LLC, 86 Trinity Place,
New York, NY 10006. Much of this
additional information may also be
found on the UBS website at
www.ubs.com/investors, and copies
of documents filed with the SEC
may be obtained from UBS's
Investor Relations team, at the
addresses shown on the following
page.
Corporate information
The legal and commercial name of
the company is UBS AG. The company
was formed on 29 June 1998, when
Union Bank of Switzerland (founded
1862) and Swiss Bank Corporation
(founded 1872) merged to form UBS.
UBS AG is incorporated and
domiciled in Switzerland and
operates under Swiss Company Law
and Swiss Federal Banking Law as
an Aktiengesellschaft, a
corporation that has issued
shares of common stock to
investors.
The addresses and telephone numbers of our
two registered offices and
principal places of business are:
Bahnhofstrasse 45, CH-8098 Zurich,
Switzerland, telephone +41-1-234 11 11;
and Aeschenvorstadt 1, CH-4051
Basel, Switzerland, telephone +41-61-288 20 20.
UBS AG shares are listed on
the SWX Swiss Exchange and traded
through the latter's
majority-owned virt-x trading
platform. UBS shares are also
listed on the New York Stock
Exchange and the Tokyo Stock
Exchange.
6
Table of Contents
Switchboards
Zurich
+41 1 234 1111
For all general queries.
London
+44 20 7568 0000
New York
+1 212 821 3000
Hong Kong
+852 2971 8888
UBS Investor Relations
Zurich
Our Investor Relations team supports
Hotline:
+41 1 234 4100
UBS AG
institutional, professional
Christian Gruetter
+41 1 234 4360
Investor Relations G41B
and retail investors from offices in
Mark Hengel
+41 1 234 8439
P.O. Box
Zurich and New York.
Catherine Lybrook
+41 1 234 2281
CH-8098 Zurich, Switzerland
Oliver Lee
+41 1 234 2733
www.ubs.com/investors
Fax
+41 1 234 3415
New York
Hotline:
+1 212 713 3641
UBS Americas Inc.
Richard Feder
+1 212 713 6142
Investor Relations
Christopher McNamee
+1 212 713 3091
135 W. 50th Street, 9th Floor
Fax
+1 212 713 1381
New York, NY 10020, USA
sh-investorrelations@ubs.com
UBS Group Media Relations
Zurich
+41 1 234 8500
sh-gpr@ubs.com
Our Group Media Relations team
London
+44 20 7567 4714
sh-mr-london@ubsw.com
supports global media and
New York
+1 212 713 8391
sh-mediarelations-ny@ubsw.com
journalists from offices in Zurich, London,
Hong Kong
+852 2971 8200
sh-mediarelations-ap@ubs.com
New York and Hong Kong.
www.ubs.com/media
UBS Shareholder Services
Hotline
+41 1 235 6202
UBS AG
UBS Shareholder Services, a unit of
Fax
+41 1 235 3154
Shareholder Services — GUMV
the Company Secretary, is responsible
P.O. Box
for the registration of the Global
CH-8098 Zurich, Switzerland
Registered Shares. It is split into two
parts — a Swiss register, which is
sh-shareholder-service@ubs.com
maintained by UBS acting as Swiss transfer
agent, and a US register, which is
maintained by Mellon Investor Service
as US transfer agent (see below).
US Transfer Agent
calls from the US
+1 866 541 9689
c/o Mellon Investor Services
For all Global Registered Share
calls outside the US
+1 201 329 8451
Overpeck Centre
related queries in the USA.
www.melloninvestor.com
85 Challenger Road
Ridgefield Park, NJ 07660, USA
shrrelations@melloninvestor.com
UBS listed its Global Registered Shares on the New York Stock Exchange on 16 May 2000. Prior to that date UBS operated
an ADR program. See the Frequently Asked Questions (FAQs) section at www.ubs.com/investors for further details
about the UBS share.
7
Table of Contents
Profile
Information for Readers
The discussion and analysis in
the Group Financial Review and
Review of Business Group
Performance should be read in
conjunction with the UBS Group
Financial Statements and the
related notes, which are shown in
pages 77 to 177 of this document.
Parent Bank
Pages 179 to 190 contain the
financial statements for the UBS
AG Parent Bank — the Swiss
company, including branches
worldwide, which owns all the UBS
Group companies, directly or
indirectly. Except in those
pages, or where otherwise
explicitly stated, all references
to "UBS" refer to the UBS Group
and not to the Parent Bank.
Accounting standards
The UBS Group Financial Statements
have been prepared in accordance
with International Financial
Reporting Standards (IFRS). As a
US listed company, UBS Group
provides a description in Note 39
to the UBS Group Financial
Statements of the significant
differences which would arise were
our accounts to be presented under
the United States Generally
Accepted Accounting Principles (US
GAAP), and a detailed
reconciliation of IFRS
shareholders' equity and net
profit to US GAAP. Major
differences between Swiss Federal
Banking Law requirements and IFRS
are described in Note 38 to the
UBS Group Financial Statements.
Except where clearly
identified otherwise, all of UBS
Group's financial information
presented in this document is
presented on a consolidated basis
under IFRS.
The Parent Bank's financial
statements are prepared in order
to meet Swiss regulatory
requirements and in compliance
with Swiss Federal Banking Law.
All references to 2002, 2001
and 2000 refer to the UBS Group
and the Parent Bank's fiscal
years ended 31 December 2002,
2001, and 2000, respectively. The
Financial Statements for the UBS
Group and the Parent Bank for
each of these periods have been
audited by Ernst & Young Ltd., as
described in the Report of the
Independent
Auditors on page 177 and the
Report of the Statutory Auditors
on page 189.
Changes to accounting presentation
The segment reporting shown in
Note 2 to UBS Group Financial
Statements has been restated to
reflect the reorganization of the
Group in 2002. See the "Review of
Business Group Performance" on
page 35 for details of changes
since the 2001 presentation.
PaineWebber merger
Except where otherwise stated,
all 2000 figures for UBS Group
throughout this report include
the impact of the merger with
Paine Webber Group, Inc., which
was completed on 3 November 2000.
Under purchase accounting rules,
the results for 2000 reflect
PaineWebber's income and expenses
for two months only, from 3
November 2000 until 31 December
2000.
Restructuring provision
After the merger of Swiss Bank
Corporation and Union Bank of
Switzerland was completed on 29
June 1998, we began integrating
the operations of the two
predecessor banks. This process
included streamlining operations,
eliminating duplicate information
technology infrastructure, and
consolidating banking premises. We
established a restructuring
provision of CHF 7 billion to
cover UBS's expected costs
associated with the integration
process. In December 1999, we
recognized an additional pre-tax
restructuring charge of CHF 300
million because of the merger.
We completed the integration
and restructuring process relating
to the merger as of 31 December
2001 and released the remaining
CHF 21 million of the
restructuring provision to the
income statement.
8
Table of Contents
Critical accounting policies
Basis of preparation and selection of policies
We prepare our Financial
Statements in accordance with
IFRS, and provide a
reconciliation to generally
accepted accounting principles in
the United States (US GAAP). When
feasible, we reduce the
differences between our Financial
Statements under the two
standards by applying accounting
policies that are in accordance
with both sets of standards. This
approach limits (but does not
completely eliminate) the range
of elective accounting treatments
available to us, but there are
still rules under both standards
which require us to apply
judgement and make estimates in
preparing our Financial
Statements. The more significant
of these accounting treatments
are discussed in this section, as
a guide to understanding how
their application affects our
reported results and our
disclosure. A broader description
of the accounting policies we
employ is shown in Note 1 to the
UBS Group Financial Statements.
The existence of
alternatives and the application
of judgement mean that any
selection of different
alternatives or estimates would
cause our reported results to
differ. We believe that the
choices we have made are
appropriate, and that our
Financial Statements therefore
present our financial position
and results fairly, in all
material respects. The
alternative outcomes discussed
below are presented solely to
assist the reader in
understanding our Financial
Statements, and are not intended
to suggest that other
alternatives or estimates would
be more appropriate.
Many of the judgements which
we make in applying accounting
principles depend on an
assumption, which we believe to
be correct, that UBS maintains
sufficient liquidity to hold
positions or investments until a
particular trading strategy
matures — i.e. that we do not
need to realize positions at
unfavorable prices in order to
fund immediate cash needs.
Liquidity is discussed in more
detail on pages 81 to 84 of the
Handbook 2002/2003.
Recognition and measurement of financial instruments
On 1 January 2001, UBS Group
adopted the accounting standard
IAS 39:
recognition and
measurement of financial
instruments.
The principal
effects of the standard on our
accounts are outlined as follows.
Profit and loss impact
UBS's strategy is to attempt to
minimize the profit and loss
volatility that can be caused by
unrealized gains and losses on
recognized financial assets and
liabilities carried at fair
value. Upon implementation of IAS
39, UBS elected to record changes
in fair value of financial assets
classified as
"available-for-sale" directly in
shareholders' equity rather than
in earnings.
Changes to shareholders' equity
With the implementation of IAS 39
we identified "Gains/losses not
recognized in the income
statement" as a separate section
within shareholders' equity.
Within this we show three
subsections, "Foreign currency translation" (which was an
existing line in shareholders'
equity, reported in previous
years) and two additional
subsections introduced as a
result of the adoption of IAS 39
on 1 January 2001, and which are
"Unrealized gains/losses on
available-for-sale investments",
and "Changes in fair value of
derivative instruments designated
as cash flow hedges". Both
subsections had opening balances:
–
the opening balance of
"Unrealized gains/ losses on
available-for-sale investments"
was a net increase of CHF 1,577
million, net of taxes, on 1
January 2001 due to unrealized
mark-to-market gains on financial
investments classified as
available for sale which were
principally attributable to
private equity investments, but
which also included other
financial investments held by the
Group.
–
the opening balance of
"Changes in fair value of
derivative instruments designated
as cash flow hedges" was a net
loss of CHF 380 million, net of
taxes, on 1 January 2001 due to
unrealized mark-to-market losses
on derivatives designated as cash
flow hedges. These losses were
previously recorded in the
balance sheet as part of
"Deferred losses".
All movements within these
categories are now recorded each
year in the statement of changes
in equity.
Financial instruments — fair value
Our
trading portfolio
assets and
liabilities are recorded at fair
value on the balance sheet, with
changes in fair value recorded as
trading income in the income
statement. Key judgements
affecting this accounting policy
relate to how we determine fair
value for such assets and
liabilities.
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Profile
For substantially all of our
portfolios, fair values are based
on quoted market prices for the
specific instrument, comparisons
with other highly similar
financial instruments, or the use
of models. Valuation models are
used primarily to value credit
derivatives and certain equity
and fixed income derivatives.
Where valuation models are used
to compute fair values, or where
they are used in our control
functions for independent risk
monitoring, they must be
validated and periodically
reviewed by qualified personnel
independent of the area that
created the model.
There are a variety of
factors that are considered by
our models, including time value
and volatility factors,
counterparty credit quality,
activity in similar instruments
in the market, administrative
costs over the life of the
transaction, and liquidity/market
volume considerations, among
others. Changes in assumptions
about these factors could affect
the reported fair value of
financial instruments. However,
because these factors can change
with no correlation to each
other, it is not possible to
provide a meaningful estimate of
how changes in any of these
factors could affect reported
fair value of the portfolio as a
whole.
As a result of the potential
variability in computed fair
values, valuation adjustments are
an integral part of the valuation
process and are applied
consistently from period to
period. Establishing valuations
inherently involves the use of
judgement, and management also
applies its judgement in
establishing reserves against
indicated valuations for aged
positions, deteriorating economic
conditions (including
country-specific risks),
concentrations in specific
industries, types of instruments
or currencies, market liquidity,
model risk itself, and other
factors.
Despite the fact that a
significant degree of judgement is
required in order to establish
fair values in some cases,
management believes the fair
values recorded in the balance
sheet and the changes in fair
values recorded in the income
statement are reasonable, based on
a number of controls and
procedural safeguards we employ.
Before models are used, they are
certified by our independent
control function, called
Quantitative Risk Management. We
then generally employ
"back-testing" procedures to test
model outputs with actual data and
apply our models consistently from
one period to the next, while also
searching
for comparative market prices
for additional verification.
Hedge accounting.
IAS 39
allows a company to apply hedge
accounting if it fully complies
with the specified hedge
criteria. One of the goals of a
hedging program is to reduce
volatility of fair values by
entering into a hedging
transaction where changes in fair
values of the hedging transaction
offset changes in the fair values
of the hedged item. Due to cost
and other considerations, a
transaction may not be hedged
over its entire life, or a
dynamic hedging strategy may be
used whereby different
transactions are designated as
the hedging transaction at
different times. However, if the
hedged item is one that would
normally not be recorded at fair
value (for instance if it is held
at cost less impairment), but the
hedging instrument is of a sort
that would normally be accounted
for at fair value, there could be
substantial differences in the
profit and loss effect for the
two items during specific
accounting periods, although over
the whole life of the instrument
these would be expected to
balance out. We believe that, in
such cases, not applying hedge
accounting could lead to
misinterpretations of our results
and financial position, since
hedging transactions could have a
material impact on reported net
profit in a particular period.
In principle, we apply hedge
accounting whenever we meet the
criteria of IAS 39 so that our
Financial Statements clearly
reflect the economic hedge effect
obtained from the use of these
instruments. However, in
connection with economically
hedging selected credit risk
exposures we have entered into
credit default swaps (CDS) that
include conditions that prevent
their qualifying for hedge
accounting under IAS 39. CDSs are
derivative instruments carried on
our balance sheet at fair value
with changes in fair value
recorded in net trading income.
This may add volatility to our
net trading income results, and
the impact may be either positive
or negative in a particular
period. The use of CDSs coupled
with not applying hedge
accounting may also add
volatility to net profit because
changes in fair value of a CDS
and any credit loss expense
relating to the hedged exposure
may well be recorded in different
periods. Typically, the credit
rating of a company that
ultimately defaults on its
obligations deteriorates
gradually over a period of time.
Such deterioration is reflected
in a gradual increase in fair
value of the related CDS,
resulting in trading income gains
being recorded. On the other
hand, a credit loss expense is
not recorded until the claim is
deemed to be impaired, or if an
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undrawn commitment is expected to
be drawn without prospect of full
repayment. This timing mismatch
between recognizing income from
increases in the fair value of a
CDS and recognizing expense for
credit losses may introduce
period-to-period volatility in
net profit. In addition, the
positive effect of CDSs on
reducing credit losses is not
reflected as a reduction in
reported credit loss expense.
In 2002, UBS recorded
mark-to-market gains of CHF 226
million on CDSs that hedge
existing credit risk exposures
without recording a
corresponding credit loss
expense. Had our CDSs qualified
for hedge accounting, we could
have deferred recognition of gains
on the CDSs until the underlying
claim became impaired. Unless we
decide to settle CDSs prematurely,
and thus realize the
mark-to-market gains, for example
because we believe that we will
ultimately not incur a credit loss
on the hedged exposure, these
mark-to-market gains may be offset
by losses in future periods. This
may occur either because the fair
value of the CDS will decrease or
because a credit loss is incurred
on the hedged exposure.
Applying hedge accounting
means that changes in the fair
values of designated hedging
instruments affect reported net
profit in a period
only to the
extent that each hedge is
ineffective
. Alternatively, if we
were to choose not to apply hedge
accounting, the entire change in
fair value of the designated
hedging instruments in each
individual reporting period would
be reported in net income for that
period, regardless of the economic
effectiveness of the hedge. For
our fair value hedges, not
applying hedge accounting would
have resulted in a pre-tax gain of
CHF 951 million in 2002 and a
pre-tax gain of CHF 319 million in
2001. For our cash flow hedges,
the respective amounts are a
pre-tax gain of CHF 326 million
for 2002 and a pre-tax loss of CHF
79 million for 2001. Please refer
to Note 1(v) to the UBS Group
Financial Statements for further
information on hedge accounting.
Financial investments — available-for-sale
UBS has classified some of its
financial assets, including
investments not held for trading
purposes, as available-for-sale.
This classification is based on
our determination that these
assets are not held for the
purpose of generating short-term
trading gains, but rather for
mid-to-long-term capital
appreciation. If we had
originally decided that
these
were trading assets, or if we
were to reclassify these assets
as trading assets, changes in
fair value would then have to be
reflected in income rather than
shareholders' equity. The amount
of unrealized gains or losses on
the balance sheet date is
disclosed in the statement of
changes in equity in the UBS
Group Financial Statements.
Companies held in our
private equity portfolio are not
consolidated in UBS's Financial
Statements. This treatment has
been determined after considering
such matters as liquidity, exit
strategies and degree and timing
of our influence and control over
these investments.
We classify our private
equity investments as financial
investments available-for-sale,
and carry them on the balance
sheet at fair value, with changes
in fair value being recorded
directly in equity. However,
unrealized losses that are not
expected to be recoverable within
a reasonable time period are
recorded in our income statement
as impairment charges. Since
quoted market prices are
generally unavailable for these
companies, fair value is
determined by applying recognized
valuation techniques, which
require the use of assumptions
and estimates. The valuation of
our investments is derived by
application of our valuation
policy in a detailed quarterly
investment by investment review
involving the business and
control functions. Our standard
valuation method is to apply
multiples of earnings that are
observed for comparable
companies. These multiples depend
on a number of factors and may
fluctuate over time. However the
geographic, stage and sector
diversity of the portfolio means
that the valuations of these
positions may not move uniformly
based on the changing economic
environment. Although judgement
is involved, we believe that the
estimates and assumptions made in
determining the fair value of
each investment are reasonable
and supportable. Since there are
no general estimates or
assumptions underlying the
determination of fair value, but
instead fair value is determined
on a case-by-case basis, it is
not possible to provide any
meaningful estimate of the impact
on earnings of variations in
assumptions and estimates.
In addition, the
determination of when a decline
in fair value below cost is not
recoverable within a reasonable
time period is judgemental by
nature, so profit and loss could
be affected by differences in
this judgement. We generally
consider investments as impaired
if a significant
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Profile
decline in fair value below cost extends beyond the near term, unless
it is readily apparent that an investment is impaired, in which case this would
result in an immediate loss recognition.
Goodwill and other intangible assets
We regularly review assets that
are not carried at fair value for
possible impairment indications.
If impairment indicators are
identified, we make an assessment
about whether the carrying value
of such assets remains fully
recoverable. When making this
assessment, we compare the
carrying value to the market
value, if available, or the value
in use. Value in use is determined
by discounting expected future net
cash flows generated by an asset
or group of assets to present
value. Determination of the value
in use requires management to make
assumptions and use estimates. We
believe that the assumptions and
estimates used are reasonable and
supportable in the existing market
environment, but different ones
could be used which would lead to
different results.
The single most significant
amount of goodwill relates to the
acquisition of PaineWebber. The
valuation model used to determine
the fair value of UBS PaineWebber
is sensitive to changes in the
assumptions about the discount
rate, growth rate and expected
cash flows (i.e. assumptions
about the future performance of
the business). Adverse changes in
any of these factors could lead
us to record a goodwill
impairment charge.
In the fourth quarter of
2002, we took the decision to
move all our businesses to the
single UBS brand name. That
decision necessitated the
writeoff of the carrying value of
the intangible asset related to
the PaineWebber brand name, which
resulted in a charge of CHF 953
million net of tax. Had we not
made the decision to abandon the
PaineWebber brand name, the
writeoff would not have been made
as it would not have been deemed
impaired.
Allowances and provisions for credit losses
UBS classifies a claim as
impaired if the book value of the
claim exceeds the present value
of the cash flows actually
expected in future periods — interest payments, scheduled
principal repayments, or other
payments due (for example on
derivatives transactions or
guarantees), including
liquidation of collateral where
available. UBS has established
policies to ensure that the
carrying values of impaired
claims are determined on a
consistent and fair basis,
especially for those impaired
claims for which no market
estimate or benchmark for the
likely recovery value is
available. Future cash flows
considered recoverable are
discounted to present value in
accordance with IAS 39. A
provision is then recorded for
the probable loss on the claim in
question and charged to the
income statement as credit loss
expense.
Each case is assessed on its
merits, and the workout strategy
and estimate of cash flows
considered recoverable are
independently approved by the
Credit Risk Control function.
Although judgement is involved,
we believe that the estimates and
assumptions made in determining
provisions and allowances on each
individual impaired claim are
reasonable and supportable. Since
there are no general estimates or
assumptions underlying the
determination of allowances and
provisions, but instead, as noted
above, these allowances and
provisions are determined on a
case-by-case basis, it is not
possible to provide any
meaningful estimate of the impact
on earnings of variations in
assumptions and estimates.
Further details on this
subject are given in Note 1(l) to
the UBS Group Financial
Statements and in the "Risk
analysis" section of the Handbook
2002/2003, on pages 59 to 77.
Securitizations and Special Purpose Entities
UBS sponsors the formation of
Special Purpose Entities (SPEs)
primarily for the purpose of
allowing clients to hold
investments, for asset
securitization transactions, and
for buying or selling credit
protection. In accordance with
IFRS we do not consolidate SPEs
that we do not control. As it can
sometimes be difficult to
determine whether we exercise
control over an SPE, we have to
make judgements about risks and
rewards as well as our ability to
make operational decisions for
the SPE in question. In many
instances, elements are present
that, considered in isolation,
indicate control or lack of
control over an SPE, but when
considered together make it
difficult to reach a clear
conclusion. In such cases the
Group generally consolidates an
SPE.
UBS has a comprehensive
process for monitoring and
controlling the creation and
running of SPEs, designed to
ensure that they are created only
for purposes connected with our
business, which includes the
facilitation of client investment
objectives, that any change of
terms or status, such as the
activation of a dormant SPE,
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is
appropriate and that the SPEs and
their assets and liabilities are
properly recorded, if
consolidated.
UBS manages the risk of
consolidated SPEs in the same way
as for any other subsidiary.
Unconsolidated SPEs are treated
like any other unaffiliated
counterparty, under normal credit
risk principles.
Principal types of SPE used by UBS
SPEs used to allow clients to
hold investments
are structures
that allow one or more clients to
invest in an asset or set of
assets which are generally
purchased by the SPE in the open
market and not transferred from
UBS. The risk or reward of the
assets held by the SPE resides
with the clients. Typically, UBS
will receive service and
commission fees for creation of
the SPE, or because it acts as
investment manager, custodian or
in some other function.
These SPEs range from mutual
funds to trusts investing in real
estate, for example UBS
Alternative Portfolio AG, which
provides a vehicle for investors
to invest in a diversified range
of alternative investments
through a single share. The
majority of our SPEs fall into
this category. SPEs created for
client investment purposes are
not consolidated.
SPEs used for
securitization
. SPEs for
securitization are created when
UBS has assets (for example a
portfolio of loans) which it
sells to an SPE. The SPE in turn
sells interests in the assets as
securities to investors.
Consolidation of these SPEs
depends on whether UBS retains
the risks and rewards of the
assets in the SPE.
We do not consolidate SPEs
for securitization if UBS has no
control over the assets and no
longer retains any significant
exposure (gain or loss) to the
returns, including liquidation,
on the assets sold to the SPE.
This type of SPE is a
bankruptcy-remote entity — if UBS
were to go bankrupt, the holders
of the securities would clearly
be owners of the assets, while if
the SPE were to go bankrupt, the
securities holders would have no
recourse to UBS.
In some cases UBS does
retain exposure to some of the
returns from the assets sold to
the SPE — for example first loss
on a loan portfolio. In these
cases we consolidate the SPE and
then derecognize the assets to
the extent that we do not have
exposure.
SPEs for credit protection
are set up to allow UBS to sell
the credit risk on portfolios,
that may or
may not be held by
UBS, to investors. They are
primarily to allow UBS to have a
single counterparty (the SPE)
which sells credit protection to
UBS. The SPE in turn has
investors who provide it with
capital and participate in the
risks and rewards of the credit
events that it insures. SPEs used
for credit protection are
generally consolidated.
Equity compensation
Currently IFRS does not
specifically address the
recognition and measurement of
equity-based compensation plans,
including employee option plans.
Extensive literature on
accounting for options granted to
employees exists under US GAAP,
which permits a company to elect
either the intrinsic value method
or the fair value
method. Under the intrinsic value
method, if the exercise price of
options granted is equal to or
greater than the fair value of
the underlying equity at grant
date, no compensation expense
need be recorded. Under the fair
value method, an amount would be
computed for such options and
charged to compensation expense.
For IFRS, UBS records as
compensation expense only the
intrinsic value at grant date, if
any, of options granted to
employees. Subsequent changes in
value are not recognized.
Had we recognized the fair
value of stock option grants as
compensation expense, net income
would have been lower by the
following amounts: CHF 690
million in 2002, CHF 347 million
in 2001, and CHF 158 million in
2000. Further information on UBS
equity compensation plans is
disclosed in Note 32 to the UBS
Group Financial Statements. In
November 2002, the International
Accounting Standards Board issued
ED2, "Share-based payments",
which is expected to become
effective in January 2004. ED2 in
its current form would require a
different recognition method of
compensation expense for the fair
value of stock options granted
than that applied to determine
the amounts disclosed above.
Deferred tax
Deferred tax assets arise from a
variety of sources, the most
significant being: a) tax losses
that can be carried forward to be
utilized against profits in
future years; b) expenses
recognized in the books but
disallowed in the tax return
until the associated cash flow
occurs; and c) valuation changes
of assets which need to be
tax-effected
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Profile
for book purposes but are taxable only when the valuation change is
realized.
UBS records a valuation
allowance to reduce its deferred
tax assets to the amount that it
believes can be realized in its
future tax returns. Our valuation
allowance is based on the
assessment of future taxable
income and our tax planning
strategies. At each balance sheet
date, existing assessments are
reviewed and, if necessary,
revised to reflect changed
circumstances. The magnitude of
the valuation allowance is
significantly influenced by our
own forecast of future profit
generation, which drives the
extent to which we will be able
to utilize the deferred tax
assets. Were we to be more
optimistic or pessimistic when
forecasting future taxable
profits we would record a lower
or higher valuation allowance,
which would have a direct impact
on earnings. Additionally,
changes in circumstances may
result in either an increase or a
reduction of the valuation
allowance, and therefore net
income, depending on an adverse
or favorable change in the
factors that impact the
recognized deferred tax assets.
See Note 21 to the UBS Group
Financial Statements for further
details.
Segment reporting
The policies used to prepare our
segment reporting affect the
split of our income and expenses
between the different Business
Groups. Although the application
of rules different from the ones
we currently use would lead to
altered net profit
results in the Business Groups,
they would have no effect on the
total Group profit number.
The most significant of
these policies is the treatment
of credit loss expense. If we had
not applied the concept of
expected loss in calculating the
credit loss expense for each
Business Group, Corporate Center
would have incurred a
significantly higher loss in all
periods presented, UBS Warburg
would have achieved a better
result in 2002 but slightly lower
profit in both 2001 and 2000, and
UBS Wealth Management & Business
Banking would have had a modestly
better result in 2002 preceded by
a significantly higher profit in
both 2001 and 2000. The concept
of expected credit loss is
explained in more detail in the
"Management accounting" section
of this report on pages 36 to 41,
which includes a table which
reconciles the expected credit
loss amount charged to the
Business Groups with the actual
IFRS credit loss.
Analysis of adjusted key figures and results
We analyze UBS's performance on a
reported basis determined in
accordance with IFRS.
Additionally, we provide comments
and analysis on an adjusted basis
which excludes from the reported
amounts certain items we term
significant financial events
(SFEs). An additional adjustment
we use in our results discussion
is the exclusion of the
amortization of goodwill and
other acquired intangible assets.
These adjustments reflect
our internal analysis approach
where SFE-adjusted figures before
goodwill/intangibles amortization
are used to assess past
performance against peers and to
estimate future growth potential.
In particular, our financial
targets have been set in terms of
adjusted results, excluding SFEs
and goodwill/ intangibles
amortization, and all the
analysis provided in our
management accounting is based on
operational SFE-adjusted
performance.
Significant financial events
For performance analysis, in
particular to compare our
financial results with previous
periods and with peers, we use
figures adjusted for significant
financial events (SFEs). This
helps us to illustrate the
underlying operational performance
of our business, insulated from
the impact of one-off gains or
losses outside the normal run of
business, and provides a better
basis for our internal performance
assessment and planning. A policy
approved by the Group Executive
Board defines which items may be
classified as SFEs. In general an
item that is treated as a SFE is:
–
Non-recurring
–
Event-specific
–
Material at Group level
–
UBS-specific, not industry-wide
and is not a consequence of the
normal run of business.
Examples of items that we
would treat as SFEs include the
gain or loss on the sale of a
significant subsidiary or
associate, such as the sale in
2002 of Klinik Hirslanden and
Hyposwiss, or the restructuring
costs associated with a major
integration, such as the merger
with PaineWebber in 2000.
SFEs are not a recognized
accounting concept under IFRS or
US GAAP, and are therefore not
reflected as such in the UBS
Group Financial Statements. We
clearly identify all adjusted
figures as such, and clearly
disclose both the pre-tax
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amount
of each individual significant
financial event, and the net tax
benefit or loss associated with
all the SFEs in each period,
allowing the reader to reconcile
adjusted figures to the reported
ones. Where tables in the
Business Group reporting show
adjusted figures, we also include
a table showing the reported
figures.
SFEs during 2000 and 2002
are shown in the table below and
described in more detail below.
There were no SFEs in 2001.
–
In first quarter 2002, we
realized a pre-tax gain of
CHF 155 million from the
sale of the private bank
Hyposwiss.
–
In fourth quarter 2002, we
recorded a non-cash pre-tax
writedown of CHF 1,234
million related to the
PaineWebber brand, an
intangible asset. It was
recorded following our
decision to move to a single
UBS brand. This change in
our brand strategy was
announced in November 2002
and we will effectively
introduce the single brand
in June 2003.
–
In fourth quarter 2002, we
realized a pre-tax gain of
CHF 72 million from the sale
of Klinik Hirslanden, a
private hospital group.
–
During 2000, we recorded
restructuring charges and
provisions of CHF 290
million pre-tax relating to
the integration of
Paine-Webber into UBS.
–
In 2000 UBS recognized an
additional pre-tax provision
of CHF 150 million in
connection
with the US
Global Settlement of World
War II-related claims.
Previously, we had
established a provision of
CHF 842 million (in 1998)
and one of CHF 154 million
(in 1999) relating to this
claim.
Amortization of goodwill and other
intangibles
In addition to IFRS figures, we
discuss our Group result
excluding the amortization of
goodwill and other intangibles.
The same adjustment is used also
for our Group financial targets,
including earnings per share. At
UBS, we believe that equity
values are driven by future cash
flows. IFRS rules currently
require that goodwill is
amortized over its estimated
useful life regardless of whether
its economic value is maintained
or even increased. Furthermore,
goodwill is an asset that does
not need to be replaced at the
end of its life. Consequently,
amortization charges do not
represent cash outflows and are
not an economic cost. Therefore
we believe they are not relevant
for assessing the value created
for our shareholders.
In our financial reporting,
we clearly identify all figures
that exclude amortization charges
for goodwill and other intangibles
and refer to them as
"pre-goodwill" figures. Reported
figures including amortization
charges are always disclosed and
precede pre-goodwill disclosure.
Significant Financial Events
CHF million
For the year ended
31.12.02
31.12.01
31.12.00
Operating income as reported
34,121
37,114
36,402
Gain on disposal of Hyposwiss
(155
)
Gain on disposal of Klinik Hirslanden
(72
)
Adjusted operating income
33,894
37,114
36,402
Operating expenses as reported
29,577
30,396
26,203
Writedown of PaineWebber brand name
(1,234
)
US Global Settlement Fund provision
(150
)
PaineWebber integration costs
(290
)
Adjusted operating expenses
28,343
30,396
25,763
Adjusted operating profit before tax and minority interests
5,551
6,718
10,639
Tax expense
678
1,401
2,320
Tax effect of significant financial events
239
100
Adjusted tax expense
917
1,401
2,420
Minority interests
(331
)
(344
)
(87
)
Adjusted net profit
4,303
4,973
8,132
Adjusted net profit before goodwill
5,529
6,296
8,799
15
Table of Contents
Profile
Risk factors
As a global financial
services firm, UBS's
businesses are affected by
the external environment in
the markets in which we
operate. Different risk
factors can impact our
ability to effectively carry
out our business strategies
or can directly affect our
earnings. Due to the factors
described below and to other
influences beyond our
control, UBS's revenues and
operating profit have been
and are likely to continue to
be subject to a measure of
variability from period to
period. Therefore UBS's
revenues and operating profit
for any particular period may
not be indicative of
sustainable results, may vary
from year to year and may
affect our ability to achieve
UBS's strategic objectives.
Fluctuations in interest rates, equity prices,
foreign currency rates and other market variables
A substantial part of our
business consists of taking
trading and investment
positions in the debt,
currency, equity, precious
metal and energy markets and
in private equity, real
estate and other assets. The
value of these assets can be
adversely affected by
fluctuations in financial
markets. While we selectively
utilize hedging techniques to
mitigate these risks, these
hedging techniques may not
always be completely
effective. More details on
our
risk management approach
are provided in the "Market
risk" section in the Handbook
2002/2003.
Because we prepare
our accounts in Swiss francs,
changes in currency exchange
rates, particularly between
the Swiss franc and the US
dollar, may have an effect on
the earnings that UBS reports
(as revenues in US dollars
represent the major part of
our non-Swiss franc income).
Our approach in managing this
risk is explained in the
"Currency management" section
of the "Group Treasury"
chapter in the Handbook
2002/2003.
In addition, changes in
financial market structures
can affect our earnings. For
example, the euro's
introduction in 1999 affected
foreign exchange markets in
Europe by reducing the extent
of foreign exchange dealings
among member countries and
prompting a greater
harmonization of financial
products. Movements in
interest rates can also affect
our results as net interest
income is affected by changes
in interest rates. Interest
rate movements can also affect
our fixed income trading
portfolio and the investment
performance of our asset
management businesses.
Furthermore, income in
many of our businesses, such
as investment banking, wealth
and asset management, is
often
directly related to
client activity levels. As a
result, our income is also
susceptible to the adverse
effect of a sustained market
downturn or significant
deterioration of investor
sentiment. Asset-based
revenues generated in our
wealth and asset management
businesses depend on the
levels of client assets which
can be adversely affected by
a deterioration of market
valuations.
Market values and
volumes may be affected by a
broad range of issues beyond
our control, such as
geopolitical events, the
possibility of war,
terrorism, inflation and
economic developments such as
recession or depression
globally or in particular
regions.
Counterparty risks
The results of our
credit-related activities
(including loans, commitments
to lend, other contingent
liabilities such as letters of
credit, derivative products
such as swaps and options)
would be adversely affected by
any deterioration in the
credit-worthiness of our
counterparties and the ability
of clients to meet their
obligations. The credit
quality of our counterparties
may be affected by various
factors, such as an economic
downturn, lack of liquidity,
or unexpected political
events, and as a result these
events could cause us to incur
greater losses.
16
Table of Contents
In general, we aim to
avoid risk concentrations in
our credit portfolio. We
believe that the incurred
losses are adequately covered
by our allowances and
provisions. Additionally, we
make active use of credit
protection. A detailed
discussion of credit risk and
our approach to managing this
risk can be found in the
"Risk Analysis" section of
the "Risk Management and
Control" chapter in the
Handbook 2002/ 2003. If our
risk management and control
measures prove inadequate or
are not effective, then
credit losses could have a
material adverse effect on
our income and the value of
our assets.
Consequential risk
All our businesses are
dependent on our ability to
process a large number of
complex
transactions across many and
diverse markets in different
currencies and subject to
many different legal and
regulatory regimes. UBS's
systems and processes are
designed to ensure that the
risks associated with our
activities, including those
arising from process error,
failed execution, fraud,
systems failure, failure of
security and physical
protection are appropriately
controlled. However, if our
system of internal controls
is ineffective in identifying
and remedying these risks, we
will be exposed to
operational failures that
could result in
losses. A
detailed discussion of our
approach in management and
control of these risks can be
found in the "Consequential
risk" section of the "Risk
Management and Control"
chapter in the Handbook
2002/2003.
Competitive forces
We face intense competition
in all aspects of our
business. In our various
lines of business, we
compete, both domestically
and internationally, with
asset managers, retail and
commercial banks, private
banking firms, investment
banking firms, brokerage
firms and other investment
services firms. We face
intense competition not only
from firms competing locally
in particular lines of
business, but also from
global financial institutions
that are comparable to us in
size and breadth.
In addition, the trend
towards consolidation in the
global financial services
industry is creating
competitors with broader
ranges of product and service
offerings, increased access to
capital, and greater
efficiency and pricing power.
We expect these trends to
continue and competition to
increase in the future. Our
competitive strength will
depend on the ability of our
businesses to adapt quickly to
significant market and
industry trends.
Other risks arising from our global
presence
We operate in over 50
countries, and earn income and
hold assets and liabilities in
many different currencies and
are subject to many different
legal and regulatory regimes.
Changes in local tax or legal
regulations may affect our
clients' ability or
willingness to do business
with us. Country, regional and
political risks may increase
market and credit risk.
Political, economic and social
deterioration in a country or
region, including that arising
from local market disruptions,
currency crises, terrorism or
the breakdown of monetary
controls, may adversely affect
the ability of clients or
counterparties located in that
region to obtain foreign
exchange or credit and,
therefore, to satisfy their
obligations towards us. As a
truly global financial
services company, we are also
exposed to economic
instability in emerging
markets. As discussed under
the "Country risk" section of
the "Risk Management and
Control" chapter in the
Handbook 2002/2003, we have in
place a system of controls and
procedures to mitigate this
risk. However, if these
controls fail to properly
identify and appropriately
respond to country risk, we
may suffer large losses
resulting in a negative impact
on our results of operations
and financial condition.
17
Table of Contents
18
Table of Contents
19
Table of Contents
Group Financial Review
Group Results
Group Results
UBS Group Performance Against Targets
For the year ended
31.12.02
31.12.01
31.12.00
RoE (%)
as reported
8.9
11.7
21.5
before goodwill and adjusted for significant financial events
1
13.9
14.8
24.3
Basic EPS (CHF)
as reported
2.92
3.93
6.44
before goodwill and adjusted for significant financial events
1
4.57
4.97
7.28
Cost/income ratio (%)
as reported
86.2
80.8
72.2
before goodwill and adjusted for significant financial events
1
79.5
77.3
69.2
Net new money, private client units (CHF billion)
2, 3
Private Banking
16.6
24.6
4
1.2
4
UBS PaineWebber
18.5
33.2
14.5
5
Total
35.1
57.8
15.7
1
Excludes the
amortization of
goodwill and
other
intangible
assets and
adjusted for
significant
financial
events.
2
Private Banking and UBS PaineWebber.
3
Excludes interest and dividend income.
4
Calculated
using the
former
definition of
assets under
management up
to and
including
second quarter
2001.
5
Calculated
using the
former
definition of
assets under
management in
2000.
20
Table of Contents
Invested Assets and Net New Money
Invested assets
Net new
money
1
CHF billion
31.12.02
31.12.01
31.12.00
2002
2001
2000
UBS Group
2,037
2,448
2,445
36.9
102.0
(49.5
)
UBS Wealth Management & Business Banking
2
Private Banking
688
791
798
16.6
24.6
3
1.2
3
Business Banking Switzerland
205
215
239
3.7
9.2
3
2.7
3
UBS Global Asset Management
Institutional
279
328
323
(0.6
)
6.2
(70.8
)
Wholesale Intermediary
278
344
319
(1.8
)
28.7
2.9
UBS Warburg
3
1
1
0.5
0.1
UBS PaineWebber
584
769
765
18.5
33.2
14.5
4
1
Excludes interest and
dividend income.
2
Calculated based on the new
structure for UBS Wealth Management & Business Banking effective
1 July
2002. Prior-period figures have been restated
accordingly.
3
Calculated using the former definition of assets under
management up to and including second quarter 2001.
4
Calculated using
the former definition of assets under management in 2000.
2002
UBS made significant progress in
2002. After the successful
integration of PaineWebber in
2001, we continued to expand our
investment banking capabilities,
especially in the US, and to
build up our European wealth
management business. Our
achievements should be viewed in
the context of last year's
environment, which was one of the
most challenging seen in the
financial industry during the
post-war era. Extensive
corrections in major global
equity markets, depressed market
levels, low corporate activity,
and broadly subdued investor
optimism reflected uncertainty
about economic and political
developments. However, our
businesses were remarkably
resilient and competitive in view
of the general conditions they
faced in 2002. Strict cost
discipline and focus on growth
across the firm helped us expand
our market position in a period
where many in the financial
industry were forced to re-assess
the basic assumptions about their
business. Our clients made
substantial new investments into
our private client businesses,
and we significantly improved our
investment banking market share.
Despite market developments, the
relative operational performance
in our core businesses remained
strong and we benefited from our
prudent attitude to risk and our
tight management of costs.
Net profit
UBS's 2002 net profit was CHF
3,535 million, down 29% from CHF
4,973 million in 2001.
This full-year profit was impacted
by several items which we call
significant financial events
(SFEs): the non-cash after-tax
writedown of the value of the
PaineWebber brand, which reduced
profit by 21%, and the impact of
sales of subsidiaries, which added
6% to profit. Excluding these
effects, and before goodwill
amortization, net profit fell by
12% between 2001 and 2002.
Return on equity, also
affected by the brand writedown,
was 8.9% in 2002, down from 11.7%
a year earlier. In the same
timeframe, basic earnings per
share were CHF 2.92, 26% lower
than a year earlier while the
cost/income ratio was 86.2%, an
increase of 5.4 percentage points
from 2001.
Group targets
We focus on four key performance
targets, designed to ensure that
UBS delivers continually
improving returns to its
shareholders.
–
We seek to increase the
value of UBS by achieving a
sustainable, after-tax
return on equity of 15-20%,
across periods of varying
market conditions.
–
We aim to increase
shareholder value through
double-digit average annual
percentage growth of basic
earnings per share (EPS),
across periods of varying
market conditions.
–
Through cost reduction and
earnings enhancement
initiatives, we aim to
reduce UBS's cost/ income
ratio to a level that
compares positively with
best-in-class competitors.
21
Table of Contents
2
Group Financial Review
Group Results
Net Interest and Trading Income
CHF million
For the year ended
31.12.02
31.12.01
31.12.00
% change from
31.12.01
Net interest income
10,546
8,041
8,130
31
Net trading income
5,572
8,802
9,953
(37
)
Total net interest and trading income
16,118
16,843
18,083
(4
)
Breakdown by business activity:
Net income from interest margin products
5,275
5,694
5,430
(7
)
Net income from trading activities
10,605
11,529
12,642
(8
)
Net income from treasury activities
1,667
1,424
762
17
Other
1
(1,429
)
(1,804
)
(751
)
21
Total net interest and trading income
16,118
16,843
18,083
(4
)
1
Principally external funding costs of the Paine Webber
Group, Inc. acquisition.
–
We aim to achieve a clear
growth trend in net new money in
the private client businesses
(Private Banking and UBS
PaineWebber).
The first three
targets are all measured
pre-goodwill amortization, and
adjusted for significant
financial events.
Our performance against
these targets in 2002 reflects
the extremely difficult market
conditions. Before goodwill and
adjusted for significant
financial events:
–
Our return on equity for
2002 was 13.9%, down from
14.8% a year ago and
slightly below our target
range of 15-20%. The lower
average level of equity,
which was 6% lower because
of our ongoing share buyback
programs, partially offset
the market-related decline
in earnings of 12%.
–
Basic earnings per share
for 2002 were CHF 4.57, a
decline of 8% from 2001. The
12% decline in profit was
partially offset by the
reduced average number of
shares outstanding. Without
the buyback programs, our
earnings per share in 2002
would have been 9% lower.
–
The cost/income ratio
increased to 79.5% from
77.3%. Ongoing cost
initiatives across all our
businesses could not fully
counteract the drop in
revenues due to the
declining market activity
levels and subdued levels of
transactional and corporate
activity as well as ongoing
private equity writedowns.
Net new money in the private
client units (Private Banking and
UBS PaineWebber) dropped from CHF
57.8 billion in 2001 to CHF 35.1
billion in 2002. The drop was
mainly due to difficult market
conditions, which were
accentuated by the Italian tax
amnesty.
Results
Operating income
Total operating income fell to
CHF 34,121 million in 2002 from
CHF 37,114 million in 2001.
Adjusted for the divestment of
Hyposwiss and
Klinik Hirslanden, total
operating income in 2002 was CHF
33,894 million, a drop of 9% from
2001. The decline was mainly due
to the difficult market
environment, less favorable
trading conditions and a
weakening of investor sentiment.
Falling market levels affected
asset-based revenues while our
private equity business continued
to record losses due to ongoing
poor valuation and exit
conditions.
Net interest income and net
trading income. Net interest
income
of CHF 10,546 million in
2002 was 31% higher than in 2001.
Net trading income
declined 37%
from CHF 8,802 million in 2001 to
CHF 5,572 million in 2002.
In addition to income from
interest margin-based activities
(loans and deposits), net interest
income includes income earned as a
result of trading activities (for
example, coupon and dividend
income). This component is
volatile from period to period,
depending on the composition of
the trading portfolio. In order to
provide a better explanation of
the movements in net interest
income and net trading income, we
analyze the total according to the
business activities that give rise
to the income, rather than by the
type of income generated.
Net income from interest
margin products
was CHF 5,275
million in 2002, down 7% from CHF
5,694 million a year earlier,
mostly reflecting lower interest
margins on savings and cash
22
Table of Contents
IFRS Actual Credit Loss Expense/(Recovery)
CHF million
For the year ended
31.12.02
31.12.01
31.12.00
% change from
31.12.01
UBS Wealth Management & Business Banking
241
123
(695
)
96
UBS Warburg
(35
)
360
562
UBS PaineWebber
15
15
3
0
Corporate Center
(15
)
0
0
Total
206
498
(130
)
(59
)
accounts, as well as mortgages
because of the extremely low
interest rate environment. This
was accentuated by the decline of
the US dollar and euro, which
caused the Swiss franc equivalent
of US dollar interest rate
revenues to drop.
Over the full year,
net
income from trading activities
fell by 8% from CHF 11,529
million in 2001 to CHF 10,605
million in 2002.
Equities
revenues, at CHF 2,794 million in
2002, dropped from the year
earlier, reflecting worsening
market conditions and lower
client activity, although we
recorded better results in our US
equity business, where we
continue to gain market share. At
CHF 6,041 million in 2002,
fixed
income
trading revenues were
lower than a year earlier, when
they benefited from a buoyant
trading environment due to the
coordinated interest rate cuts by
major central banks during the
second half of 2001. This change
in environment and lower revenues
from our Investment Grade Credit
and High Yield businesses were
partially offset by better
results in our Principal Finance
and Emerging Market businesses.
Additionally, the full-year
trading result of our fixed
income business profited from
unrealized gains of CHF 226
million relating to credit
default swaps (CDS) hedging
existing credit exposures in the
loan book. Our use of CDSs as
hedging instruments for our loan
book is only one part of our
overall
management approach to
trading credit risk. The
"Critical accounting policies"
section on page 9 in this report
and the "Capital and Risk
Management" section of our
Handbook 2002/2003 contain
further information on how we use
CDSs to hedge our credit
exposure. Over the full year, our
foreign exchange
trading
revenues, at CHF 1,500 million,
increased slightly, due to
increased volumes and spreads.
Net income from treasury
activities
was CHF 1,667 million
in 2002, an increase of 17% over
2001, reflecting higher income
from our invested equity, a drop
in funding costs as well as
higher
unrealized gains on
derivatives used to economically
hedge interest rate risk related
to structured notes issued.
Other net trading and
interest income
showed a loss of
CHF 1,429 million compared to a
loss of CHF 1,804 million in
2001. This drop was mainly due to
lower goodwill funding costs,
which reflected the weakening of
the US dollar against the Swiss
franc, lower funding costs for
our private equity portfolio as
well as the reclassification of
some revenues previously reported
as income from trading
activities.
Credit loss expense.
In 2002
credit loss expenses amounted to
CHF 206 million, compared to CHF
498 million in 2001.
Throughout 2002, the global
credit environment continued the
downward trend observed in 2001.
Concerns regarding the
sustainability of the global
economic recovery have increased.
Combined with rising geopolitical
tensions, the outlook for
corporate profits has weakened.
Financial market development
during the year was characterized
by heightened investor risk
aversion, with pronounced tiering
by credit quality, resulting in
higher-risk corporate and
sovereign borrowers facing
increasingly difficult financing
conditions.
Against this background, and
in stark contrast to the very
challenging credit environment,
UBS Warburg achieved a strong
credit performance with net
credit loss recoveries of CHF 35
million, compared to credit loss
expense of CHF 360 million in
2001 and CHF 562 million in 2000.
This excellent performance was
the result of minimal exposures
to new defaults plus the recovery
of country provisions for
emerging markets exposures which
were repaid or sold during 2002.
Corporate bankruptcies in
Switzerland have reversed a
five-year falling trend and
climbed by 10.8% during the year.
In our case, this negative
development did not come as a
surprise and has largely been
compensated by the measures we
have
23
Table of Contents
Group Financial Review
Group Results
Net Fee and Commission Income
CHF million
For the year ended
31.12.02
31.12.01
31.12.00
% change from
31.12.01
Underwriting fees
2,134
2,158
1,434
(1
)
Corporate finance fees
848
1,339
1,772
(37
)
Brokerage fees
5,987
6,445
5,742
(7
)
Investment fund fees
4,033
4,276
2,821
(6
)
Fiduciary fees
300
355
351
(15
)
Custodian fees
1,302
1,356
1,439
(4
)
Portfolio and other management and advisory fees
4,065
4,650
3,666
(13
)
Insurance-related and other fees
417
538
111
(22
)
Total securities trading and investment activity fees
19,086
21,117
17,336
(10
)
Credit-related fees and commissions
275
307
310
(10
)
Commission income from other services
1,006
946
802
6
Total fee and commission income
20,367
22,370
18,448
(9
)
Brokerage fees paid
1,349
1,281
1,084
5
Other
797
878
661
(9
)
Total fee and commission expense
2,146
2,159
1,745
(1
)
Net fee and commission income
18,221
20,211
16,703
(10
)
undertaken to improve the asset
quality of our domestic credit
portfolio. The gradual slowdown
of the Swiss economy and our
success in substantially reducing
our impaired portfolio have,
however, resulted in a lower
level of recoveries compared to
previous years. This largely
explains the increase of our
credit loss expense in UBS Wealth
Management & Business Banking to
CHF 241 million, compared to CHF
123 million in 2001.
Group credit loss expense in
2002 amounted to CHF 206 million,
compared to CHF 498 million in
2001 and to a net recovery of CHF
130 million in 2000. The
exceptional result in 2000 was
helped by favorable economic
conditions in Switzerland which,
for UBS Wealth Management
& Business Banking, resulted in
substantial write-back of credit
loss provisions taken in earlier
periods.
For further details on our
risk management approach, how we
measure credit risk and the
development of our credit risk
exposures, please see the
"Capital and Risk Management"
chapter of our Handbook
2002/2003.
Net fee and commission
income
for full-year 2002 was CHF
18,221 million, a decline of 10%
compared to a year earlier, due
to a drop in most revenue
categories.
Underwriting fees, at CHF
2,134 million, dropped only 1%
from 2001, reflecting the strong
revenues from our fixed income
business,
which increased by 67%
compared to a year earlier.
However, this was offset by a
much lower result in our equity
underwriting business due to the
markedly lower market activity.
Corporate Finance fees fell
by 37% to CHF 848 million,
reflecting lower market activity
and a significant drop in the
global fee pool compared to 2001.
Despite that, we were again able
to improve our market position,
increasing our full-year share of
the market from 4.4 % in 2001 to
5.0% in 2002.
Net brokerage fees dropped
by 10% to CHF 4,638 million in
the period due to much lower
client activity in 2002,
reflecting the more difficult
market environment. However, we
increased our market share as
overall market volumes decreased
at a sharper rate.
Investment fund fees
remained resilient and dropped
just 6% to CHF 4,033 million. The
drop was partially due to the
lower asset base due to much
lower markets, and because of
falling sales-based commissions with
investors reluctant to commit to
new investments.
Custodian fees, at CHF 1,302
million in 2002, were down 4%
from CHF 1,356 million,
principally due to lower market
values and, consequently, average
asset levels.
The drop in portfolio and
other management and advisory
fees from CHF 4,650 million in
2001 to CHF 4,065 million
reflects lower aver-
24
Table of Contents
Headcount
1
Change in %
(full-time equivalents)
31.12.02
31.12.01
31.12.00
31.12.01
UBS Wealth Management & Business Banking
28,930
29,469
30,272
(2
)
Private Banking
10,488
10,249
9,835
2
Business Banking Switzerland
18,442
19,220
20,437
(4
)
UBS Global Asset Management
3,346
3,281
2,860
2
UBS Warburg
16,037
15,690
15,391
2
Corporate and Institutional Clients
15,964
15,562
15,262
3
UBS Capital
73
128
129
(43
)
UBS PaineWebber
19,563
20,413
21,567
(4
)
Corporate Center
1,185
1,132
986
5
Group total
69,061
69,985
71,076
(1
)
thereof: Switzerland
27,972
29,163
30,095
(4
)
1
Klinik Hirslanden was sold on 5 December 2002. The Group headcount
does not include the Klinik Hirslanden headcount of 2,450 and 1,839
for 31 December 2001 and 31 December 2000, respectively.
age asset levels and third-party
fees due to the difficult market
environment.
At CHF 417 million in 2002,
insurance-related and other fees
decreased by 22% from a year
earlier. This drop was mainly due
to a decrease in insurance sales
volumes in UBS PaineWebber
mirroring the more difficult
market environment.
Credit-related fees and
commissions dropped by 10% from
CHF 307 million to CHF 275
million reflecting lower revenues
from guarantees as well as a drop
in revenues from documentary
credits.
Other income
showed a loss
of CHF 12 million compared to a
gain of CHF 558 million a year
earlier. Higher impairment
charges for UBS Capital's private
equity investments and other
financial investments were only
partially offset by gains from
disposals of financial
investments and of the Klinik
Hirslanden and Hyposwiss
subsidiaries.
Operating expenses
In full-year 2002, total
operating expenses, at CHF 29,577
million, decreased by 3% from CHF
30,396 million in 2001 because of
lower personnel expenses as well
as falling general and
administrative expenses,
reflecting our ability to adjust
our costs in line with revenue
developments. The decline was
accentuated by the fall of the US
dollar, UK sterling and euro
against the Swiss franc. This
drop was partially offset by the
CHF 1,234 million charge for the
writedown of the PaineWebber
brand. Without the writedown, the
drop in total operating expenses
would have been 7%.
Full-year
personnel expenses
dropped by 7% to CHF 18,524
million in 2002 due to much
lower
performance-related compensation
expenses and lower salaries, and
a reduction in head-count,
especially in UBS PaineWebber and
Business Banking Switzerland. The
drop was further
accentuated by lower
recruitment, training and
contractor costs across the firm,
reflecting our continued cost
control initiatives. Finally, the
result was helped by a weaker US
dollar against the Swiss franc.
Personnel expenses are
managed on a full-year basis with
final fixing of annual
performance-related payments in
the fourth quarter. Over the full
year, approximately 42% of this
year's personnel expenses were
bonus or other variable
compensation, down from 43% last
year. Average variable
compensation per head in 2002 was
8% lower than in 2001.
We did not build up any
significant overcapacity during
the peak of the last business
cycle, and have therefore been
able to reduce headcount
gradually as economic conditions
weakened — without resorting to
drastic cuts. UBS Group headcount
dropped by 924 from 69,985 to
69,061, as we streamlined
processes and structures at the
same time as we expanded our
capabilities in areas with
positive growth potential.
In full-year 2002,
general
and administrative expenses
, at
CHF 7,072 million, were down from
CHF 7,631 million a year earlier.
Strict cost control in all our
businesses led to a drop in
nearly all cost categories. The
biggest declines were in
telecommunication, IT,
outsourcing and branding
expenses. This was partially
offset by higher legal and
security provisions including a
global settlement charge of CHF
111 million (USD 80 million)
regarding equity research in the
US.
25
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Group Financial Review
Group Results
At CHF 1,614 million in
2001,
depreciation
fell by 6% to
CHF 1,521 million in 2002 mainly
due to lower depreciation charges
for machines and equipment.
Amortization of goodwill and
other intangible assets
increased
from CHF 1,323 million in 2001 to
CHF 2,460 million in 2002, due to
the write-down of the PaineWebber
brand name following our decision
made in fourth quarter 2002 to
move to a single brand.
Tax
We incurred a tax expense of CHF
678 million in 2002, down from
CHF 1,401 million in 2001. This
corresponds to an effective tax
rate of 15% in 2002. Adjusted for
significant financial events, our
2002 tax expense of CHF 917
million reflects an effective tax
rate of 16.5%, well below 2001's
rate of 21%. The decline is
mainly driven by significantly
lower progressive tax rates in
Switzerland, the ability to
benefit from tax loss
carry-forwards in the US and UK
and a higher proportion of
earnings generated in lower tax
jurisdictions.
PaineWebber merger-related costs
In 2002, UBS incurred
amortization expenses of CHF
2,005 million on goodwill and
intangible assets resulting from
the acquisition of UBS
PaineWebber, while funding costs
amounted to CHF 988 million. The
amortization includes a non-cash
writedown of CHF 1,234 million
for the PaineWebber brand name
that had been held as
an intangible asset on our
balance sheet. The writedown was
due to a strategic decision
announced in November 2002, to
move all our businesses to the
single UBS brand in June 2003.
After the writedown, the
remaining Paine-Webber-related
intangible assets on our balance
sheet amount to CHF 2,334
million. These intangibles
continue to be carried net of
tax.
As part of the merger, UBS
agreed to make retention payments
to PaineWebber financial
advisors, senior executives and
other staff, subject to these
employees' continued employment
and other restrictions. The
payments vest over periods of up
to four years from the merger in
November 2000 and the vast
majority of them are paid in the
form of UBS shares. Because these
payments are a regular and
continuing cost of the business,
they are not treated as
significant financial events.
Personnel expenses in 2002
include
retention payments for
key PaineWebber staff of USD 261
million (CHF 405 million).
Dividend
For 2002, we plan to pay a normal
dividend to our shareholders
after having made use of the
possibility to make a tax
efficient distribution in 2000
(for the fourth quarter only) and
2001 in the form of par value
reductions.
The Board of Directors will
recommend at the Annual General
Meeting on 16 April 2003 that UBS
should pay a dividend of CHF 2.00
per share for the 2002 financial
year, a level on par with last
year's CHF 2.00 distribution.
If the dividend is approved,
the ex-dividend date will be 17
April 2003, with payment on
23 April 2003 for shareholders of
record on 16 April 2003.
Balance sheet
Total assets were CHF 1,181
billion on 31 December 2002, down
CHF 72 billion, or 6%, from CHF
1,253 billion on 31 December
2001. The balance sheet shrank
because of the weakening of the
US dollar and UK sterling against
the Swiss franc, falling by 17%
and 8% in the period
respectively.
Cash and balances with
central banks were CHF 4 billion
on 31 December 2002, down from
CHF 21 billion on 31 December
2001. Most of the decline was due
to a drop in the deposits held
with the Bank of Japan. The
strong increase seen in 2001 in
our cash and balance levels held
with central banks was related to
a change in the structure of our
Japanese financial assets
triggered by the negative
short-term interest rates in that
country. In 2002, however, the
level of cash and cash balances
returned to a normal level.
Assets due from banks
increased to CHF 32 billion on 31
December 2002 from CHF 28 billion
at 31 December 2001, reflecting
higher time deposits.
Trading-related assets (cash
collateral on securities borrowed,
trading portfolio assets and
reverse repurchase agreements),
dropped by CHF 26 billion from 31
December 2001 to 31 December 2002.
A significant part of this change
reflects the
weakening of the US dollar
against the Swiss franc and lower
volumes in trading portfolio
assets due to the more difficult
26
Table of Contents
market environment. The drop was
partially offset by an increase in
reverse repurchase agreements, due
to higher volumes in our
mortgage-backed securities
business in the US, which
benefited from the low interest
rate levels for home mortgages.
Loans, net of allowances for
credit losses, declined from CHF
227 billion on 31 December 2001
to CHF 212 billion on 31 December
2002. Business Banking
Switzerland as well as UBS
Warburg's Corporate and
Institutional Clients business
unit continued to reduce their
recovery portfolios. The drops
were accentuated by the declining
value of the US dollar against
the Swiss franc.
Financial investments
decreased from CHF 29 billion on
31 December 2001 to CHF 8 billion
on 31 December 2002, reflecting a
decrease in debt instruments of
public authorities and money
market papers, and reduced
positions in private equity
investments, mainly due to
impairment losses.
On 31 December 2002,
goodwill and other intangible
assets were CHF 14 billion, CHF 5
billion lower than on 31 December
2001. The drop was mainly due to
the writedown of the PaineWebber
brand and the fall of the US
dollar against the Swiss franc.
Total liabilities decreased
6%, from CHF 1,206 billion on 31
December 2001 to CHF 1,139 billion
on 31 December 2002. Liabilities
due to banks dropped 22% to CHF 83
billion, reflecting a decrease in
funding required for related
business activity. Amounts due to
customers decreased by CHF 27
billion to CHF 307 billion,
because of the devaluation of the
US dollar and UK sterling against
the Swiss franc. The drop was
somewhat offset by an expansion of
trading-related liabilities (cash
collateral on securities lent,
repurchase agreements and trading
portfolio liabilities) which
together increased by CHF 5
billion during 2002. Debt issued
decreased CHF 27 billion to CHF
129 billion on
31 December 2002, largely due to
decreased issuance of money
market paper that reflected lower
funding needs.
UBS's long-term debt
portfolio remained unchanged at
CHF 57 billion on 31 December
2002. During 2002, CHF 17 billion
in long-term debt was issued
while CHF 15 billion reached
maturity or were redeemed early.
The remaining change was due to
foreign currency impacts,
mainly
the strengthening of the Swiss
franc against the US dollar. We
believe the maturity profile of
our long-term debt portfolio is
well balanced to match the
maturity profile of our assets.
Shareholders' equity
decreased CHF 5 billion, or 10%,
from 31 December 2001 to 31
December 2002. The increase in
retained earnings was more than
offset by the effect of the par
value reduction and the
repurchase of own shares in 2002.
UBS maintains a significant
percentage of liquid assets that
can be converted into cash on
relatively short notice in order
to meet short-term
funding needs without
adversely affecting UBS's ability
to conduct its ongoing
businesses. These liquid assets
include reverse repurchase
agreements and cash collateral on
securities borrowed, marketable
corporate debt and equity
securities and a portion of UBS's
loans secured primarily with real
estate. The value of UBS's
collateralized receivables and
trading portfolio will fluctuate
depending on market conditions.
The individual components of
UBS's total assets, including the
proportion of liquid assets, may
vary significantly from period to
period due to changing client
needs, economic and market
conditions and trading
strategies.
Cash flows
In the twelve-month period to
December 2002, cash equivalents
decreased by CHF 33,915 million,
principally as a result of
financing activities, which
generated negative cash flow of
CHF 32,470 million. A cash outflow
of CHF 26,206 million resulted
from the repayment of money market
paper, CHF 5,605 million from
movements in treasury shares and
derivative activity in own equity,
with CHF 2,509 million resulting
from a capital repayment by par
value reduction. The issuance of
long-term debt of CHF 17,132
million and repayments of CHF
14,911 million brought a net cash
inflow of CHF 2,221 million.
Operating cash inflows
(before changes in operating
assets and liabilities and income
taxes paid) amounted to CHF 8,192
million. Cash of CHF 10,021
million was used to fund the net
increase in operating assets,
while a net increase in operating
liabilities generated cash
inflows of CHF 37 million.
Payments to tax authorities were
CHF 572 million.
27
Table of Contents
Group Financial Review
Group Results
Investing activities
generated cash inflow of CHF
1,381 million. Divestments of
financial investments contributed
CHF 2,153 million while the sale
of Hyposwiss and Klinik
Hirslanden brought in CHF 984
million, both partially offset
the CHF 1,763 million of cash
outflow for the purchase of
property and equipment.
Outlook 2003
As 2003 begins, the environment
continues to be a challenging one.
Uncertainty over economic
developments and market direction,
and rising geopolitical concerns
are affecting investor sentiment
and therefore transaction levels,
and are holding back a significant
recovery in corporate activity.
Therefore, we do not expect to see
an immediate pick-up in our
financial performance, as
depressed asset levels, low levels
of investor activity and possible
deterioration of the credit
environment weigh on our revenues.
Any recovery in the latter part of
this year remains simply
unpredictable.
Because of this, we will
continue to monitor our cost base
carefully, investing selectively
in our strategic priorities. Our
prudent management of resources
over the last several years
leaves us excellently positioned for
further competitive gains.
2001
Net profit
Our net profit for the year 2001
was CHF 4,973 million, 36% less
than the CHF 7,792 million
achieved in 2000, reflecting the
much more difficult market
environment in 2001.
The merger with PaineWebber
resulted in much higher goodwill
amortization expense in 2001 than
in 2000. Pre-goodwill, net profit
for the year was CHF 6,296
million, 26% lower than achieved
in the much stronger markets of
2000 and 28% lower if adjusted
for significant financial events.
Return on equity in 2001 was
11.7%, compared to 21.5% a year
earlier. In 2001, basic earnings
per share were CHF 3.93, against
CHF 6.44 a year earlier. The
cost/income ratio was 80.8% in
2001, up from 72.2% in 2000.
Group targets
Before goodwill and adjusted for
significant financial events:
–
Our return on equity for
2001 was 14.8%, only just
below our target range of
15-20%. Although this is
lower than the 24.3% that we
achieved in 2000, it
represented a solid
performance when set in the
context of the trading
environment. Our return on
equity in 2000 was boosted by
extremely high returns in the
exuberant markets of the
first half-year, while 2001
saw much weaker economic and
stock market performance
combined with higher average
equity resulting from the
acquisition of PaineWebber in
fourth quarter 2000.
–
Basic earnings per share
fell 32% to CHF 4.97 in 2001
from 2000. Despite the
decline, 2001's result was
still 21% higher than that
achieved in 1999. The number
of outstanding shares at the
outset of 2001 was higher
than during most of 2000
because of share issuance to
fund the merger with
PaineWebber. An ongoing share
buyback program, however,
caused the number of
outstanding shares to fall to
below their pre-merger level
by 31 December 2001.
–
The cost/income ratio rose
from 69.2% to 77.3%,
reflecting lower revenues,
the poor performance of our
private equity portfolio in
2001 and the influence of
the relatively high
cost/income ratio typical of
UBS Paine-Webber's business.
Despite this rise, operating
expenses remained under
tight control, with
decreases from 2000 levels
in UBS Wealth Management's
Business Banking Switzerland
business unit and UBS
Warburg's Corporate and
Institutional Clients
business unit, as well as a
clear reduction throughout
the year of costs at UBS
PaineWebber.
Our disciplined approach to
both compensation and
non-personnel expenses allowed us
to continue investing in the
future growth of our key
businesses. The percentage of
revenue that we
devoted to rewarding our
staff remained almost unchanged
since 2000 in our most important
businesses, reflecting a
substantial decrease in bonus
payments.
Our asset-gathering
activities have delivered very
strong results in 2001, with
inflows in the private client
units (Private Banking and UBS
28
Table of Contents
PaineWebber) of CHF 57.8 billion,
compared to CHF 15.7 billion in
2000. Across the whole Group, we
attracted a total of CHF 102.0
billion in net new money, as
clients increasingly value the
quality of our advice and the
breadth and depth of our wealth
management capabilities.
Results
Operating income
Operating income was 2% higher in
2001 than in 2000, at CHF 37,114
million, with the effect of much
more difficult market conditions
offset by the addition of UBS
PaineWebber's businesses.
There were no significant
financial events that affected
operating income in either 2001 or
2000.
Net interest income
was 1%
lower than in 2000, at CHF 8,041
million, compared to CHF 8,130
million in 2000, and
net trading
income
was 12% lower than in 2000
at CHF 8,802 million, compared to
CHF 9,953 million in 2000.
Various factors can alter
the mix between net interest
income and net trading income
between periods.
As well as income from
interest margin based activities
(for example loans and deposits),
net interest income includes some
income earned as a result of
trading activities (such as
coupon and dividend income). This
component is volatile from period
to period, depending on the
composition of the trading
portfolio.
Furthermore, the
classification of income arising
from positions and their
offsetting economic hedging
transactions may be different. In
fourth quarter 2001, this effect
was particularly pronounced, as a
result of the significant fall in
short-term USD interest rates
which substantially reduced our
borrowing costs, while improving
net interest income for the
quarter. Our overall interest
rate exposures were limited by
hedging transactions using
derivative instruments. As the
USD rates fell, these economic
hedges generated mark-to-market
losses recorded in fixed income
net trading income, offsetting a
portion of the gains in net
interest income.
In order to provide a better
explanation of the movements in
net interest income and net
trading income, we produce the
disclosure shown on page 22 which
sums net interest income and net
trading income, and then analyzes
the total according to the
business activities which gave
rise to the income, rather than
by the type of income generated.
Net income from interest
margin products
increased 5% from
CHF 5,430 million in 2000 to CHF
5,694 million in 2001, driven by
the inclusion of UBS PaineWebber.
Net income from trading
activities
was CHF 11,529 million
in 2001, 9% lower than the CHF
12,642 million achieved in 2000.
Falling interest
rates and increased
volatility in debt markets in
2001 led to a very strong year
for fixed income and foreign
exchange trading, but equity
trading revenues suffered from
much lower market volumes,
increased volatility and reduced
arbitrage opportunities.
Net income from treasury
activities
was 87% higher than in
2000, at CHF 1,424 million,
reflecting two main factors:
–
increased income from our invested
equity, as a result of the
expansion of our capital base
since the PaineWebber merger, and
changes in the investment
portfolio's maturity structure
leading to an increase in average
interest rates;
–
improved currency management results due to
introduction of a new economic
hedging strategy and some one-off
gains.
Other net trading and
interest income
principally
reflects the costs of goodwill
funding, with the CHF 1,053
million increase in cost from CHF
751 million in 2000 to CHF 1,804
million in 2001 mainly due to
goodwill funding costs arising
from the acquisition of
PaineWebber.
Credit loss expense.
In 2001
credit loss expenses amounted to
CHF 498 million, compared to a
net recovery of CHF 130 million
in 2000.
The global credit
environment declined rapidly
throughout 2001, with overall
default rates as high as during
the last major global recession
in 1991. The phenomenon of
investment grade companies
falling into restructuring and
default within a very short
period of time became very
prominent in the United States
during 2001, and subsequently
spread to Europe. In this
difficult and challenging
environment we focused on
ensuring that our counterparty
ratings are rapidly adjusted to
reflect the changing economic
situation. At the same time, we
increased the frequency of sector
and geographic rating reviews.
In UBS Warburg, the ongoing
strategy of actively hedging
credit exposure kept new provi-
29
Table of Contents
Group Financial Review
Group Results
sions to a
relatively low
level, resulting in
an actual credit
loss expense of CHF
360 million in
2001, compared to
CHF 562 million in
2000.
Corporate bankruptcies in
Switzerland reached their lowest
level since the early 1990s, and
we successfully improved the
credit quality of our domestic
portfolio in recent years. The
level of recoveries of previously
existing provisions, however,
declined compared to the somewhat
exceptional levels of 2000,
reflecting less robust growth in
the Swiss economy towards the end
of 2001, following the global
economic slowdown. As a result,
the trend of net recoveries of
loan loss provisions observed in
the previous year was reversed
and credit loss expenses
increased accordingly during
2001, although remaining below
the long-term trend. Credit loss
expense in UBS Wealth Management
& Business Banking in 2001 was
CHF 123 million, compared to a
net recovery of CHF 695 million
in 2000.
Net fee and commission
income
was CHF 20,211 million in
2001, up 21% from 2000 and at a
record level, reflecting the
inclusion of UBS PaineWebber and
the introduction of higher fees
for investment funds. Without UBS
PaineWebber, net fee and
commission income would have
dropped 7%, driven by much lower
brokerage fees and a reduction in
corporate finance fees, with
increases in market share during
the year achieved against a
background of much reduced market
activity.
Underwriting fees increased
50%, from CHF 1,434 million in
2000 to CHF 2,158 million in
2001. The majority of this
increase was due to UBS
PaineWebber, whose extensive
retail network in the US provides
a strong platform for
distribution of both bonds and
equities.
UBS PaineWebber has a
significant US municipal
securities business. It completed
the largest deal in its history
in fourth quarter 2001, raising
USD 1.9 billion for the New
Jersey Transit Trust Fund
Authority, and helping to push it
into first place in the league
table rankings for fourth quarter
2001, and second place for the
whole of 2001. The
mortgage-backed securities
business in the US also benefited
from the combination of UBS's
franchise and capital strength
with existing PaineWebber
expertise. UBS Warburg ranked
first in US residential
mortgage-backed securities in
2001, according to Thomson
Financial Data.
Equity underwriting was
depressed in 2001, as volatile
and uncertain markets reduced
is-
suance. However, UBS's league
table rankings improved, from
seventh in international equity
new issues in 2000 to second in
2001, according to Dealogic
EquitywarePlus. Even excluding
the contribution from UBS
PaineWebber, equity underwriting
revenues increased by CHF 77
million, or 7%, from 2000.
Although our corporate
finance league table rankings
were disappointing, down from
sixth in 2000 for completed
global mergers and acquisitions,
to eighth in 2001, we
outperformed 2000 in terms of
market share, with full-year
analysis showing us with a 4.4%
share of fees, compared to 3.6%
in 2000. Despite this, Corporate
Finance fees were down 24%, from
CHF 1,772 million in 2000 to CHF
1,339 million in 2001, reflecting
the much more difficult market
environment this year.
Net brokerage fees rose 11%
from CHF 4,658 million in 2000 to
CHF 5,164 million in 2001, driven
by the inclusion of UBS
Paine-Webber. Without the
contribution from UBS PaineWebber,
net brokerage fees would have
fallen by about 17% compared to
2000, reflecting the much lower
trading volumes experienced in
almost all major markets worldwide
in 2001.
Investment fund fees rose
52% from CHF 2,821 million in 2000
to CHF 4,276 million in 2001,
driven by the inclusion of UBS
Paine-Webber. Excluding UBS
PaineWebber, investment fund fees
would have increased by CHF 268
million, mainly reflecting a
change in the pricing structure
for UBS Investment Funds,
introduced in January 2001, which
brought charges up to market
levels.
Custodian fees, at CHF 1,356
million in 2001 were down 6% from
2000's level of CHF 1,439 million,
principally reflecting lower
average assets in Private Banking
in Switzerland.
Portfolio and other
management and advisory fees
increased 27% from CHF 3,666
million in 2000 to CHF 4,650
million in 2001, due to the
addition of UBS PaineWebber.
Excluding UBS PaineWebber, there
would have been a slight decline
from 2000, as a full-year's
contribution from the O'Connor
business in UBS Asset Management
(created in June 2000) was more
than offset by the effect of
lower average assets on managed
account fees.
Insurance related and other
fees increased substantially from
CHF 111 million in 2000 to CHF
538 million in 2001, with almost
all this increase due to UBS
PaineWebber, where the
30
Table of Contents
biggest
contribution came from the
deferred annuities business.
Other income fell
62% from
CHF 1,486 million in 2000 to CHF
558 million in 2001, reflecting
the very difficult conditions in
the private equity market in
2001, which led to minimal
opportunities for divestment and
much greater levels of writedowns
than last year.
Operating expenses
In light of lower revenues in
2001, cost control was a key
focus of all our management
teams, as we maintained strong
discipline on both personnel and
non-personnel costs, particularly
in the Corporate and
Institutional Clients and
Business Banking Switzerland
business units, bringing their
operating expenses to record low
levels.
Total operating expense
s
increased 16% from CHF 26,203
million in 2000 to CHF 30,396
million in 2001, driven by the
inclusion of UBS PaineWebber.
Excluding significant financial
events in 2000 and UBS
PaineWebber, costs fell 7%, as
performance-related compensation
declined, and non-personnel costs
were tightly managed.
The principal significant
financial events affecting the
comparison of operating expenses
are the CHF 150 million additional
provision for the US Global
Settlement of World War II-related
claims, recorded in 2000 in
General and administrative
expenses, and CHF 290 million of
costs from the integration of
PaineWebber, also recorded in
2000. Of this CHF 290 million, CHF
118 million was charged to
Personnel expenses, CHF 93 million
to General and administrative
expenses and CHF 79 million to
Depreciation.
Personnel expenses
in 2001
reflect considerable reductions
in bonus and performance-related
compensation, with average
variable compensation per head
down 23%, ensuring that overall
compensation ratios for 2001 were
kept in line with 2000's ratio in
our core businesses. However, the
inclusion of CHF 5,178 million of
UBS PaineWebber personnel
expenses more than offset the
reduction in performance-related
pay, bringing the total to CHF
19,828 million, 16% up from 2000.
Approximately 43% of personnel
expenses were bonus or other
variable compensation, down from
48% last year.
UBS Group
headcount
fell by
2% from 71,076 at 31 December 2000
to 69,985 at
31 December 2001, principally
reflecting the effect of
successful cost control efforts
at UBS Wealth Management &
Business Banking's Business
Banking Switzerland business unit
and UBS PaineWebber, although
that was slightly offset by the
effect of acquisitions in UBS
Global Asset Management and
further hiring for the European
wealth management initiative.
General and administrative
expenses
increased by 13% from
CHF 6,765 million in 2000 to CHF
7,631 million in 2001 reflecting
a full-year's costs for UBS
PaineWebber, which more than
offset the absence of the one-off
charges and provisions recorded
in 2000.
General and administrative
expenses in 2000 included a final
provision of CHF 150 million
related to the US Global
Settlement of World War II-related
claims, and CHF 93 million of
PaineWebber integration costs,
which were both treated as
significant financial events.
Excluding these provisions and the
extra costs in 2001 due to the
inclusion of UBS PaineWebber,
general and administrative
expenses would have been almost
unchanged in 2001 compared to
2000.
Depreciation and
amortization
increased 29% from
CHF 2,275 million in 2000 to CHF
2,937 million in 2001, driven
primarily by the goodwill
amortization resulting from the
merger with PaineWebber.
Tax
UBS Group incurred a
tax expense
of CHF 1,401 million in 2001,
down from CHF 2,320 million in
2000. This corresponds to an
effective tax rate of 21% in
2001, compared to 23% in 2000.
This relatively low rate results
from significantly lower tax in
Switzerland, reflecting the
effect of lower profits
triggering lower progressive tax
rates, and a change in the
geographical earnings mix of the
Group.
PaineWebber merger-related costs
In 2001, UBS incurred
amortization costs of CHF 846
million on goodwill and
intangible assets resulting from
the acquisition of UBS
PaineWebber, while goodwill
funding costs amounted to CHF 763
million.
As part of the merger, UBS
agreed to make retention payments
to PaineWebber financial
advisors, senior executives and
other staff, subject to these
employees' continued employment
and other restrictions. The
payments vest over
31
Table of Contents
Group Financial Review
Group Results
periods of
up to four years
from the merger and
the vast majority
of them will be
paid in the form of
UBS shares. Because
these payments are
a regular and
continuing cost of
the business, they
are not treated as
significant
financial events.
Personnel expenses
in
2001 include
retention payments
for key PaineWebber
staff of USD 284
million (CHF 482
million) for the
full year.
Dividend
For 2001, we again made a
tax-efficient distribution of
capital to our shareholders
rather than paying a dividend. On
10 July 2002, we made a
distribution of CHF 2.00 to
shareholders for the financial
year 2001 which reduced the par
value from CHF 2.80 to CHF 0.80.
This is consistent with the total
per share distribution to
shareholders of CHF 2.03 in 2000.
Cash flows
In the twelve-month period to
December 2001, cash equivalents
increased by CHF 22,889 mil-
lion, principally as a result of
financing activities, which
generated positive cash flow of
CHF 18,103 million. CHF 24,226
million from the issuance of
money market paper was offset by
CHF 6,038 million for treasury
shares and treasury share
contract activity as well as CHF
683 million for capital
repayments.
Operating activities
generated positive cash flow of
CHF 12,873 million. Of this
amount, CHF 4,973 million
resulted from net profit, CHF
27,306 million from a net
increase in amounts due to and
from banks, a net increase in
amounts due to customers and
loans of CHF 42,813 million and a
net cash inflow of CHF 19,470
million from repurchase and
reverse repurchase agreements and
cash collateral on securities
borrowed and lent. These were
offset by CHF 78,456 million from
an increase in the size of the
trading portfolio.
Investing activities
generated negative cash flow of
CHF 7,783 million, CHF 5,770
million of which were from the
purchase of financial investments
and CHF 2,021 million from the
purchase of property and
equipment.
32
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33
Table of Contents
34
Table of Contents
35
Table of Contents
Review of Business Group Performance
Introduction
Introduction
Reporting by Business Unit
1
1
All figures
have been
adjusted for
significant
financial
events.
2
In management
accounts,
statistically
derived
actuarial
expected loss
adjusted by
deferred
releases rather
than the net
IFRS actual
credit loss is
reported for
each business
unit (see Note
2 to the
Financial
Statements).
3
Excludes the
amortization
of goodwill
and other
intangible
assets.
4
Operating
expenses/operating income
before credit
loss expense.
5
Excludes interest and dividend income.
6
Calculated
using the
former
definition
of
assets under
management up
to and
including
second quarter
2001.
7
For
informational
purposes only.
These pre-tax
amounts have not
been recorded in
the income
statement. For
details on the
fair value
calculation,
refer to Note
32e to the
Financial
Statements.
Business Banking
Private Banking
Switzerland
CHF million except where indicated
For the year ended
31.12.02
31.12.01
31.12.02
31.12.01
Income
7,279
7,696
5,494
5,792
Credit loss (expense)/recovery
2
(28
)
(37
)
(286
)
(567
)
Total operating income
7,251
7,659
5,208
5,225
Personnel expenses
2,083
1,947
2,727
2,878
General and administrative expenses
2,158
2,038
159
396
Depreciation
125
151
355
465
Amortization of goodwill and other intangible assets
111
109
0
0
Total operating expenses
4,477
4,245
3,241
3,739
Business Group performance before tax
2,774
3,414
1,967
1,486
Business Group performance before tax and goodwill
3
2,885
3,523
1,967
1,486
Additional information
Cost/income ratio before goodwill (%)
3,4
60
54
59
65
Net new money (CHF billion)
5
16.6
24.6
6
3.7
9.2
6
Invested assets (CHF billion)
688
791
205
215
Fair value of employee stock options granted
7
58
38
Headcount (full-time equivalents)
10,488
10,249
18,442
19,220
Management accounting
The discussion in this chapter
reviews UBS's 2002, 2001 and 2000
results by Business Group and
business unit.
Our management reporting
systems and policies determine
the revenues and expenses
directly attributable to each
business unit. Internal charges
and transfer pricing adjustments
are reflected in the performance
of each business unit.
Inter-business unit revenues and expenses.
Revenue sharing agreements are
used to allocate external
customer revenues to Business
Groups on a reasonable basis.
Transactions between Business
Groups are conducted at arms
length. Inter-business unit
charges are recorded as a
reduction to expenses in the
business unit providing the
service. Corporate Center
expenses are allocated to the
operating business units, to the
extent that it is appropriate.
Net interest income
is
apportioned to business units
based on the opportunity costs of
funding their activities. Net
interest income
relating to
balance sheet products is
calculated on a fully funded
basis. In a second step, business
units are
additionally credited with
the risk-free return achieved on
the average regulatory equity
used.
Commissions
are credited to
the business unit with the
corresponding customer
relationship, with revenue
sharing agreements for the
allocation of customer revenues
where several business units are
involved in value creation.
Regulatory equity
is
allocated to business units based
on their average regulatory
capital requirement during the
period. Only utilized equity is
taken into account, although we
add an additional financial
buffer of 10% above the
individually determined business
unit regulatory capital
requirement. The remaining
equity, which mainly covers real
estate, and any other unallocated
equity, remains at the Corporate
Center.
Headcount
includes trainees
and staff in management
development programs, but not
contractors.
36
Table of Contents
UBS Global
Corporate and
Asset Management
Institutional Clients
UBS Capital
UBS PaineWebber
Corporate Center
31.12.02
31.12.01
31.12.02
31.12.01
31.12.02
31.12.01
31.12.02
31.12.01
31.12.02
31.12.01
1,953
2,218
14,100
15,587
(1,602
)
(872
)
5,561
6,391
1,315
800
0
0
(128
)
(112
)
0
0
(13
)
(18
)
249
236
1,953
2,218
13,972
15,475
(1,602
)
(872
)
5,548
6,373
1,564
1,036
946
1,038
7,784
8,258
94
96
4,245
5,019
645
592
513
569
2,314
2,586
64
64
1,263
1,441
601
537
37
46
381
454
1
2
149
124
473
372
270
286
364
402
0
0
457
502
24
24
1,766
1,939
10,843
11,700
159
162
6,114
7,086
1,743
1,525
187
279
3,129
3,775
(1,761
)
(1,034
)
(566
)
(713
)
(179
)
(489
)
457
565
3,493
4,177
(1,761
)
(1,034
)
(109
)
(211
)
(155
)
(465
)
77
75
74
72
102
103
(2.4
)
34.9
18.5
33.2
557
672
584
769
44
567
15
73
32
3,346
3,281
15,964
15,562
73
128
19,563
20,413
1,185
1,132
Changes to disclosure since 2001
Business unit structure
We implemented a new Business
Group structure at the start of
2002, under which
UBS PaineWebber
became a separate Business Group.
In the previous structure, UBS
Paine-Webber was reported as one
of UBS Warburg's business units.
Accordingly, goodwill and other
intangible assets relating to the
merger of UBS and PaineWebber
were reported in the UBS Warburg
Business Group and not reflected
in the results of its individual
business units. On the separation
of UBS PaineWebber from UBS
Warburg, the goodwill and
intangible assets were assigned
to the different Business Groups
that have benefited from the
merger with PaineWebber. That
means that they have been
assigned to the new UBS
PaineWebber Business Group, to
UBS Warburg's Corporate and
Institutional Clients business
unit and to a lesser extent to
UBS Global Asset Management and
to the Private Banking business
unit. Associated
amortization
expense and net funding charges
are now being charged to each
business unit in proportion to
the share of goodwill and
intangible assets assigned.
At the same time, UBS
transferred UBS Paine-Webber's
non-US client business to Private
Banking. Finally, O'Connor,
originally jointly launched by UBS
Global Asset Management and UBS
Warburg, became entirely part of
UBS Global Asset Management.
Our
reporting structure also reflects
the revised business portfolio of
the
UBS Wealth Management &
Business Banking
Business Group,
formerly UBS Switzerland. As of 1
July 2002, the business serving
high-end affluent clients was
transferred from the former
Private and Corporate Clients
(PCC) unit to Private Banking. The
Business Group now comprises the
following business units:
–
Private Banking, which
includes the full private
banking business and the
high-end affluent clients
segment that were previously
part of the PCC business
unit.
37
Table of Contents
Review of Business Group
Performance
Introduction
–
Business Banking
Switzerland, consisting of
the individual and corporate
clients businesses of the
former PCC business unit.
New disclosure has been
added for the private banking
business, with separate income
data and key performance
indicators (KPIs) for the
International Clients (clients
domiciled outside of Switzerland)
and Swiss Clients (clients
domiciled in Switzerland)
businesses.
While none of this
restructuring had an impact on
the Group, we have restated prior
periods for all business units
affected to reflect these
changes.
During the first half of
2003, we will create a new
holding company to incorporate
GAM, our specialist asset
management firm, as well as our
five independent private banks -
Cantrade (Zurich), Banco di
Lugano (Lugano), Ferrer Lullin
(Geneva), Bank Ehinger (Basel),
and Armand von Ernst (Bern). The
new company will be held at the
Corporate Center, with the
structure, effective from 1
January 2003, to be reflected in
our financial reporting effective
from the first quarter 2003
onwards. We will release figures
for 2000, 2001, and 2002
reflecting these changes prior to
the publication of first quarter
2003 results.
Other management accounting changes
In 2002 we implemented additional
changes in our management
accounting that required us to
restate prior periods for the
business units affected:
–
We simplified our allocation
of Corporate Center costs to
the Business Groups. In the
past certain central costs
were allocated proportionally
to UBS business units. Since
1 January 2002, these charges
have been restricted to
services that are provided
directly under explicit Service
Level Agreements.
–
On 1 January 2002, we
changed the way in which we
calculate regulatory equity
allocated
to the business
units, adjusting the
leverage ratio (ratio of BIS
Tier 1 capital excluding
hybrid capital to BIS total
capital) for non-goodwill
items. This change in
allocation also affects the
interest earned on
regulatory equity.
–
On 1 January 2002, we
reclassified certain client
assets of the Business
Banking Switzerland business unit as
custody-only, which required a
restatement of the business
unit's invested assets.
–
From 1 October 2002,
recurring fees at UBS
PaineWebber were redefined
to include alternative
investment fees, fees from
UBS Global Asset Management
and other advisory fees that
were not formerly included
in the definition. These
changes align the UBS
Paine-Webber definition of
recurring fees with the
asset-based fee definition
applied to the Private
Banking business. We now
uniformly characterize this
type of revenue as
"recurring fees" -both in
Private Banking and UBS
PaineWebber.
Additional disclosure in 2002
In our management accounting, the
expense for equity-based
compensation plans — including
employee option plans — is
recorded at the intrinsic value
of the instruments at grant date.
To enhance transparency, for
every business unit and Business
Group we now disclose the
additional compensation expense
we would have incurred in 2002
had we recognized the fair value
of stock option grants. On a
Group level, this additional
expense would have been CHF 827
million in 2002 (CHF 690 million
after-tax).
Further details on the
accounting treatment of
equity-based compensation can be
found in the section "Critical
accounting policies" on page 13
and in Note 32e to the UBS Group
Financial Statements.
38
Table of Contents
Seasonal characteristics
Our main businesses do not show
significant seasonal patterns -
except for UBS Warburg's
Corporate and Institutional
Clients business unit, where
revenues are impacted by the
seasonal characteristics of
general financial market activity
and deal flows in investment
banking.
When discussing quarterly
performance, we therefore compare
UBS Warburg's results of the
reported quarter with those
achieved in the same period of
the previous year. For all other
Business Groups, results are
compared with the previous
quarter. Considering the impact
of UBS Warburg's performance on
Group results, we discuss
quarterly performance at Group
level by comparing it with the
same quarter in the previous
year.
Client/invested assets reporting
When reporting on client assets,
we show two assets metrics:
client assets and invested
assets:
–
Client assets
represent all
client assets managed by or
deposited with UBS.
–
Invested assets
is a more
restrictive term and includes
all client assets managed by
or deposited with UBS
for
investment purposes only.
Invested assets are our
central measure and exclude all
assets held for purely
transactional purposes. It
includes, for example, managed
institutional assets, mutual
funds, discretionary
and advisory private client
portfolios, and private client
securities or brokerage accounts,
but excludes wholesale
custody-only assets,
correspondent banking assets and
transactional cash or current
accounts. Non-bankable assets (e.
g. art collections) and interbank
deposits are excluded from both
measures.
Net new money
is defined as
the sum of the acquisition of
invested assets from new clients,
the loss of invested assets due
to client defection and inflows
and outflows of invested assets
from existing clients. Interest
and dividend income as well as
the effects of market or currency
movements as well as acquisitions
and divestments are excluded from
net new money.
This definition was
introduced in 2001. Because of
that, invested assets on 31
December 2000 were restated
according to the new definition.
Where products are created
in one Business Group, but sold
in another, they are counted in
both the investment management
unit and the distribution unit,
and double counted in Group
totals. For example, a mutual
fund provided by UBS Global Asset
Management but sold by Private
Banking will be counted as
invested assets in both business
units, as they both provide an
independent service to their
respective client, add value and
generate revenues. This approach
is in line with our open
architecture strategy and allows
us to accurately reflect the
actual performance of our
individual businesses.
On a Group level,
approximately CHF 290 billion in
invested assets were double
counted in 2002 out of total
invested assets of CHF 2,037
billion (in 2001, approximately
CHF 310 billion were double
counted out of a total of CHF
2,448 billion in invested assets).
The majority of assets that are
double counted represent
institutional funds managed by UBS
Global Asset Management and
distributed by UBS Wealth
Management & Business Banking and
UBS PaineWebber.
Credit loss expense
Credit loss expense represents
the charges to the profit and
loss account relating to amounts
due to UBS from loans and
advances, over-the-counter (OTC)
derivatives and off-balance sheet
products that are considered
impaired or uncollectable (for
more information, please refer to
Note 11 to the UBS Group
Financial Statements of this
report).
We determine the amount of
credit loss expense in UBS's
financial accounts and in the
business unit reporting on
different bases. In the Group
income statement, we report UBS's
results according to IFRS. Under
these standards, credit loss
expense is the total of net new
allowances and direct writeoffs
less recoveries. These actual
losses are recognized and charged
to the income statement in the
period when they arise.
By contrast, in our segment
and business unit reporting, we
apply an approach to the
measurement of credit risk which
reflects the average annual cost
that management anticipates will
arise from transactions existing
today that may become impaired in
the future. The basis for
measuring these inherent
risks in the credit portfolios is
the concept of "expected loss"
(further information on page 60
in the "Risk Analysis" section of
the Handbook 2002/2003). Over the
39
Table of Contents
Review of Business Group
Performance
Introduction
Business Group Credit Loss Charge
UBS
Wealth
CHF million
Management &
UBS
UBS
Corporate
For the year ended 31.12.02
Business Banking
Warburg
PaineWebber
Center
Total
Actuarial expected loss
569
126
13
708
Deferred releases
(255
)
2
0
(253
)
Credit loss expense charged to
the Business Groups
314
128
13
455
IFRS actual credit loss expense
241
(35
)
15
(15
)
206
Balancing item charged as Credit
loss expense in Corporate Center
(249
)
longer term, the expected loss
should equal the actual credit
loss expense, although the latter
is more erratic, in both timing
and amount. Therefore, in
business unit reporting, in
addition to the expected loss, we
also charge or refund the
difference between actual credit
loss expense and expected loss,
amortized over a three-year
period. With this deferred
charging mechanism we not only
make Business Groups ultimately
accountable for any credit losses
they suffer but also give them
the incentive to align their
credit decisions and
risk-adjusted pricing with the
medium-term risk profile of their
credit transactions. The sum of
this "deferral" and the expected
loss makes up the Credit loss
expense charged in our segment
and business unit reporting.
We reconcile the difference
between the credit loss expense
in UBS's income statement (the
actual loss) and the credit loss
expense shown in business unit
reporting (expected loss plus
deferral), by recording a
balancing item in Corporate
Center. We also show the
allocation of actual credit loss
expense to the business units in
the footnotes to Note 2a of the
UBS Group Financial Statements.
Key performance indicators
On Group level, we focus on a
consistent set of long-term
financial targets defined across
periods of varying market
conditions and designed to ensure
that UBS delivers continuously
improving returns to shareholders
(see pages 21 and 22 of this
report). At the Business Group or
business unit level, performance
is measured with carefully chosen
key performance indicators
(KPIs). These do not carry
explicit targets, but are
indicators of the business units'
success in creating value for
shareholders. They reflect the
key drivers of each unit's core
business activities and include
both financial metrics, such as
the cost/income ratio, and
non-financial metrics, such as
invested assets or the number of
client advisors.
KPIs are an important part
of our business planning process.
They are used identically for
internal performance measurement
and external reporting. This
ensures that management have a
clear responsibility to lead
their businesses
towards achieving success in
the Group's key value drivers and
avoids any risk of managing to
purely internal performance
measures.
Reconciliation of Business Group Credit Loss Charge to
IFRS Actual Credit Loss Expense/(Recovery)
Credit loss charge
IFRS actual credit loss expense
CHF million
For the year ended
31.12.02
31.12.01
31.12.00
31.12.02
31.12.01
31.12.00
UBS Wealth Management &
Business Banking
314
604
785
241
123
(695
)
UBS Warburg
128
112
243
(35
)
360
562
UBS PaineWebber
13
18
3
15
15
3
Corporate Center
0
0
0
(15
)
0
0
Total
455
734
1,031
206
498
(130
)
Balancing item in Corporate Center
(249
)
(236
)
(1,161
)
40
Table of Contents
Indicative Tax Rates
Tax rate
For the year ended 31 December 2002
Pre-Goodwill
UBS Wealth Management & Business Banking
19
Private Banking
18
Business Banking Switzerland
20
UBS Global Asset Management
22
UBS Warburg
38
Corporate and Institutional Clients
31
UBS Capital
3
UBS PaineWebber
37
Business Group tax rates
Indicative Business Group and
business unit tax rates are
calculated on an annual basis
based on the results and
statutory tax rates of the
financial year. These rates are
approximate calculations, based
upon the application to the
year's adjusted earnings of
statutory tax rates for the
locations in which the Business
Groups operated. These tax rates
therefore give guidance on the
tax cost to each Business Group
of doing business during 2002 on
a stand-alone basis, without the
benefit of tax losses brought
forward from earlier years.
The indicative tax rates are
presented "pre-goodwill". They
give an indication of what the
tax rate would have been if
goodwill were not charged for
accounting purposes. It is the
sum of the tax expense payable on
net profit before tax and
goodwill in each location,
divided by the total net profit
before tax and goodwill. However,
the tax rates post-goodwill are
higher than the pre-goodwill
rates, because in some
jurisdictions there are
limitations on the tax
deductibility of amortization
costs.
Please note that these tax
rates are not necessarily
indicative of future tax rates
for the businesses or UBS Group
as a whole.
41
Table of Contents
Review of Business Group Performance
UBS Wealth Management & Business Banking
UBS Wealth Management & Business Banking
Georges Gagnebin
Chairman UBS Wealth Management &
Business Banking
Marcel Rohner
CEO UBS Wealth Management & Business Banking
1
In management
accounts,
statistically
derived
actuarial
expected loss
adjusted by
deferred
releases rather
than the net
IFRS actual
credit loss is
reported in the
Business Groups
(see Note 2 to
the Financial
Statements).
2
Excludes the
amortization
of goodwill
and other
intangible
assets.
3
Operating
expenses/operating income
before credit
loss expense.
4
For
informational
purposes only.
These pre-tax
amounts have
not been
recorded in
the Income
statement. For
details on the fair
value calculation,
refer to Note 32e
to the Financial
Statements.
5
Excludes
significant
financial
event:
Income,
CHF 155
million (Gain
on disposal of
Hyposwiss).
6
Excludes
significant
financial
events:
General
and
administrative
expenses, CHF 80
million and
Depreciation,
CHF 72 million
(PaineWebber
integration
costs).
In 2002, Private Banking's pre-tax profit adjusted for SFEs was CHF
2,774 million, a 19% decline from 2001. Business Banking Switzerland's
profit before tax was CHF 1,967 million, up 32% from the previous
year. Private Banking continues to attract net new money with further
strong inflows in our European wealth management initiative. In
Business Banking Switzerland, operating expenses fell 13%, and were at
their lowest level since 1999.
Business Group reporting
CHF million, except where indicated
% change from
For the year ended
31.12.02
31.12.01
31.12.00
31.12.01
Income
12,928
13,488
14,355
(4
)
Credit loss expense
1
(314
)
(604
)
(785
)
(48
)
Total operating income
12,614
12,884
13,570
(2
)
Personnel expenses
4,810
4,825
5,151
0
General and administrative expenses
2,317
2,434
2,478
(5
)
Depreciation
480
616
633
(22
)
Amortization of goodwill and other intangible assets
111
109
81
2
Total operating expenses
7,718
7,984
8,343
(3
)
Business Group performance before tax
4,896
4,900
5,227
0
Business Group performance before tax and goodwill
2
5,007
5,009
5,308
0
Additional information
Regulatory equity allocated (average)
8,800
9,400
10,150
(6
)
Cost/income ratio (%)
3
60
59
58
Cost/income ratio before goodwill (%)
2, 3
59
58
58
Fair value of employee stock options granted
96
4
Business Group reporting adjusted for Significant Financial Events
CHF million, except where indicated
% change from
For the year ended
31.12.02
31.12.01
31.12.00
31.12.01
Income
12,773
5
13,488
14,355
(5
)
Credit loss expense
1
(314
)
(604
)
(785
)
(48
)
Total operating income
12,459
12,884
13,570
(3
)
Personnel expenses
4,810
4,825
5,151
0
General and administrative expenses
2,317
2,434
2,398
6
(5
)
Depreciation
480
616
561
6
(22
)
Amortization of goodwill and other intangible assets
111
109
81
2
Total operating expenses
7,718
7,984
8,191
(3
)
Business Group performance before tax
4,741
4,900
5,379
(3
)
Business Group performance before tax and goodwill
2
4,852
5,009
5,460
(3
)
Additional information
Cost/income ratio (%)
3
60
59
57
Cost/income ratio before goodwill (%)
2,3
60
58
56
42
Table of Contents
Review of Business Group Performance
UBS Wealth Management & Business Banking
Private Banking
1
Excludes
significant
financial
event:
Income,
CHF 155
million (Gain
on disposal of
Hyposwiss).
2
Excludes
significant
financial
events:
General
and
administrative
expenses, CHF
80 million and
Depreciation,
CHF 72 million
(PaineWebber
integration
costs).
3
In management
accounts,
statistically
derived
actuarial
expected loss
adjusted by
deferred
releases rather
than the net
IFRS actual
credit loss is
reported in the
Business Groups
(see Note 2 to
the Financial
Statements).
4
Excludes the
amortization of
goodwill
and other intangible
assets.
5
Excludes interest and dividend income.
6
Calculated
using the
former
definition
of
assets under
management up
to and
including
second quarter
2001.
7
Income/average invested assets.
8
Operating
expenses/operating income
before credit
loss expense.
9
For
informational
purposes only.
These pre-tax
amounts have
not been
recorded in the
Income
statement. For
details on the
fair value
calculation,
refer to Note
32e to the
Financial
Statements.
Business unit reporting
CHF million, except where indicated
% change from
For the year ended
31.12.02
31.12.01
31.12.00
31.12.01
Income
7,279
1
7,696
8,402
(5
)
Credit loss expense
3
(28
)
(37
)
(35
)
(24
)
Total operating income
7,251
7,659
8,367
(5
)
Personnel expenses
2,083
1,947
2,030
7
General and administrative expenses
2,158
2,038
2,019
2
6
Depreciation
125
151
145
2
(17
)
Amortization of goodwill and other intangible assets
111
109
55
2
Total operating expenses
4,477
4,245
4,249
5
Business unit performance before tax
2,774
3,414
4,118
(19
)
Business unit performance before tax and goodwill
4
2,885
3,523
4,173
(18
)
KPIs
Invested assets (CHF billion)
688
791
798
(13
)
Net
new money (CHF billion)
5, 6
16.6
24.6
1.2
Gross margin on invested assets (bps)
7
98
97
105
1
Cost/income ratio (%)
8
62
55
51
Cost/income ratio before goodwill (%)
4, 8
60
54
50
Cost/income ratio before goodwill and
excluding the European wealth management initiative
(%)
4, 8
53
48
Client advisors (full-time equivalents)
3,291
3,043
8
Private Banking — International Clients
Income
5,229
1
5,498
5,890
(5
)
Invested assets (CHF billion)
493
555
550
(11
)
Net new money (CHF billion)
5
19.1
23.2
7.5
Gross margin on invested assets (bps)
7
100
99
107
1
European wealth management initiative
(part of Private Banking — International Clients)
Income
186
140
33
Invested assets (CHF billion)
28
16
75
Net new money (CHF billion)
5
7.6
5.6
Client advisors (full-time equivalents)
551
370
49
Private Banking — Swiss Clients
Income
2,050
2,198
2,512
(7
)
Invested assets (CHF billion)
195
236
248
(17
)
Net
new money (CHF billion)
5, 6
(2.5
)
1.4
(6.3
)
Gross margin on invested assets (bps)
7
95
92
100
3
Additional information
% change from
As at
31.12.02
31.12.01
31.12.00
31.12.01
Client assets (CHF billion)
836
949
(12
)
Regulatory equity allocated (average)
3,100
3,550
2,600
(13
)
Fair value of employee stock options granted
58
9
Headcount (full-time equivalents)
10,488
10,249
9,835
2
43
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Review of Business Group Performance
UBS Wealth Management & Business Banking
Components of Operating Income
Private Banking derives its operating
income principally from:
Private Banking's fees are based
on the market value of invested assets
and the level of transaction-related activity. As a result, Private Banking's
operating income is affected by
such factors as fluctuations in invested
assets, changes in market conditions, investment performance and outflows of client funds.
–
fees for financial
planning and wealth management
services;
–
fees for investment management services; and
–
transaction-related fees
Significant Financial Events
In 2002, we decided to streamline
our private banking activities in
the region of Zurich and
therefore sold our Hyposwiss
subsidiary to the Cantonal Bank
of Saint Gall. The transaction
involved the transfer of 132
employees and CHF 6.4 billion in
invested assets and generated a
pre-tax gain of CHF 155 million
which we treated as a significant
financial event in 2002. This
gain does not appear in the 2002
adjusted business unit result
above.
Following the merger with
PaineWebber in 2000, our strategy
for extending our wealth
management services in Europe was
re-assessed and focus shifted to
more affluent clients than those
originally targeted by the
so-called "e-services"
initiative. This change in
strategy resulted in a charge of
CHF 80 million to general and
administrative expenses due to
the closure of the infrastructure
related to the initiative and a
charge of CHF 72 million to
depreciation due to the writeoff
of the system used. Both amounts
form part of the PaineWebber
integration costs, which were
treated as significant financial
event in 2000, and as a result
these costs do not appear in the
adjusted business unit results
above.
There were no significant
financial events that affected
this business unit in 2001. The
results in the discussion below
exclude significant financial
events.
2002
Key performance indicators
For the full year, net new money
inflows totaled CHF 16.6 billion,
down from the 2001 result of CHF
24.6 billion. Excluding the net
outflow of over CHF 8 billion
related to the Italian tax
amnesty, the net new money result
was essentially unchanged.
International clients invested
net new money of CHF 19.1 billion
in 2002,
down by only CHF 4.1
billion from a year earlier
despite the Italian tax amnesty.
This excellent underlying result
in these difficult markets was
due to the continued success of
our European wealth management
initiative as well as significant
inflows from clients in Asia and
the Americas.
In the year to 31 December
2002, invested assets fell 13% to
CHF 688 billion, mainly due to
the steep drop in global equity
markets as well as the 17% drop
in the US dollar against the
Swiss franc. Some 38% of Private
Banking's invested assets are
denominated in US dollars.
Gross margin on invested
assets remained resilient and
rose by 1 basis point to 98 basis
44
Table of Contents
points. Assets as well as
revenues fell in 2002 from the
already depressed 2001 levels.
The split of the margin remained
unchanged from 2001 with 72% of
the margin stemming from
recurring revenue and 28% from
transactional fees.
Over the full year, the
pre-goodwill cost/ income ratio
increased from 54% in 2001 to 60%
in 2002, reflecting the ongoing
investment in our European
wealth management initiative
as well as the strong decline in
asset-based revenues. Excluding
the European wealth management
initiative, our cost/income ratio
increased from 48% in 2001 to 53%
in 2002.
European wealth management
Early in 2001 we launched the
European wealth management
initiative, designed to expand
our market share in the five
countries of France, Germany,
Italy, Spain and the UK, key
markets that cover about 80% of
Europe's investable assets. Our
strategy is focused on wealthy
clients, with services designed
primarily for those with more
than EUR 500,000 of investable
assets, developed with a clear
commitment to open architecture
and the provision of a full range
of "best-of-breed" investment
products.
Progress so far has been
promising with net new money
inflows into our domestic European
network for full-year 2002
totaling CHF 7.6 billion, up 36%
from last year's intake of CHF 5.6
billion. The inflow in 2002
reflects an annual growth rate in
net new money of 48%. For
full-year 2002, income from our
European wealth management
initiative was CHF 186 million,
33% or CHF 46 million above the
2001 level, reflecting the success
of our business expansion program.
We hired a total of 181
client advisors in 2002, bringing
the total at 31 December 2002 to
551. We remain committed to
growing our presence in our
European target markets and will
continue to invest in qualified
advisory staff at a rate
determined by the market
environment and business
opportunities.
Results
Private Banking's full-year 2002
pre-tax profit, at CHF 2,774
million, fell 19% from 2001 due to
the steep decline in asset-based
revenues which could not be fully
compensated by cost reductions as
we continue to invest in our
European wealth management
initiative.
45
Table of Contents
Review of Business Group Performance
UBS Wealth Management & Business Banking
Personnel as well as general and
administrative expenses increased
due to this strategic initiative.
Operating income
Full-year operating income was
CHF 7,251 million, down 5% from
CHF 7,659 million in 2001. Both
non-recurring transaction
revenues and recurring
asset-based revenues fell from
2001.
Operating expenses
At CHF 4,477 million, full-year
operating expenses for 2002 rose
5% from 2001, reflecting
investments in our European
wealth management initiative.
Both personnel expenses,
which rose 7% to CHF 2,083
million, as well as general and
administrative expenses, up 6% at
CHF 2,158 million, increased
chiefly because of the
investments in this initiative.
Full-year depreciation fell
in 2002 by 17% to CHF 125 million
because of lower charges for
information technology equipment,
which is increasingly being
leased instead of bought, while
goodwill amortization was CHF 111
million, up 2% from 2001.
Headcount
Headcount, at 10,488 on 31
December 2002, increased by 239,
mainly due to the hiring of
experienced client advisors for
the buildup of European wealth
management activities. Overall,
the number of client advisors
increased by 8% to 3,291 at the
end of 2002 and represented 31%
of all Private Banking's staff.
2001
Key performance indicators
Net new money inflows in 2001, at
CHF 24.6 billion, were CHF 23.4
billion higher than in 2000,
demonstrating our success in
re-energizing our asset-gathering
performance, as well as our
determined focus on growing our
wealth management franchise.
In the year to 31 December
2001, invested assets fell a
modest 1% despite the poor
performance of securities
markets, reflecting strong net
new money growth and a relatively
conservative asset mix.
The gross margin fell from
105 basis points in 2000 to 97
basis points in 2001, clearly
reflecting reduced transaction
volumes, especially compared to
the exuberant market environment
in the early part of 2000.
The pre-goodwill cost/income
ratio increased by four
percentage points from 50% in
2000 to 54% in 2001, reflecting
the costs of our investments in
the European wealth management
initiative, and weaker
transaction volumes.
European wealth management
In 2001, our domestic European
network had net new money inflows
of CHF 5.6 billion, despite the
relatively difficult market
conditions. Opening new offices
and hiring new staff is a key
component of the initiative.
Hiring plans progressed well in
2001, with the number of client
advisors in our five target
countries rising to 370 on 31
December 2001, an increase of 208
for the year. A further 40 newly
hired advisors started on 1
January 2002, bringing our total
hiring in 2001 to 248.
Results
Weaker markets than in 2000 and
the costs of investing in the
European wealth management
initiative brought full-year
pre-tax profits in
46
Table of Contents
2001 down 17% from 2000 to CHF
3,414 million, despite a
continued focus on controlling
operating costs.
Operating income
Full-year operating income was
CHF 7,659 million, down 8% from
the record CHF 8,367 million in
2000. This was driven by falling
transaction-based revenues,
reflecting the much less active
markets in 2001. Asset-based
revenues fell only very slightly
compared to 2000, despite lower
average assets, reflecting our
success in providing added value
services to our clients.
Operating expenses
At CHF 4,245 million, operating
expenses in 2001 were nearly
unchanged from 2000. Personnel
expenses fell by 4% to CHF 1,947
million in 2001, reflecting lower
performance-related
compensation despite a 4% increase in
head-count during the year.
General and administrative
expenses increased 1% from CHF
2,019 million in 2000 to CHF
2,038 million in 2001,
principally reflecting the cost
of investments in new product
development, premises and systems
in support of the European wealth
management initiative.
Depreciation increased from
CHF 145 million in 2000 to CHF
151 million in 2001, reflecting
increased investment in IT and
premises.
Headcount
At 31 December 2001, Private
Banking employed 10,249
professionals, a 4% increase
compared with year-end 2000,
driven by recruitment of client
advisors and support personnel
for the European wealth
management initiative. At 31
December 2001, client advisors
represented around 30% of Private
Banking's staff.
47
Table of Contents
Review of Business Group Performance
UBS Wealth Management & Business Banking
Business Banking Switzerland
Business unit reporting
CHF million, except where indicated
% change from
For the year ended
31.12.02
31.12.01
31.12.00
31.12.01
Private clients
3,014
3,185
3,520
(5
)
Corporate clients
2,148
2,263
2,217
(5
)
Other areas
332
344
216
(3
)
Income
5,494
5,792
5,953
(5
)
Credit loss expense
1
(286
)
(567
)
(750
)
(50
)
Total operating income
5,208
5,225
5,203
0
Personnel expenses
2,727
2,878
3,121
(5
)
General and administrative expenses
159
396
379
(60
)
Depreciation
355
465
416
(24
)
Amortization of goodwill and other intangible assets
0
0
26
Total operating expenses
3,241
3,739
3,942
(13
)
Business unit performance before tax
1,967
1,486
1,261
32
Business unit performance before tax and goodwill
2
1,967
1,486
1,287
32
KPIs
Invested assets (CHF billion)
205
215
239
(5
)
Net
new money (CHF billion)
3, 4
3.7
9.2
2.7
Cost/income ratio (%)
5
59
65
66
Cost/income
ratio before goodwill (%)
2, 5
59
65
66
Non-performing loans/gross loans outstanding (%)
3.6
4.8
5.5
Impaired loans/gross loans outstanding (%)
6.0
7.7
9.4
Additional information
% change from
As at or for the year ended
31.12.02
31.12.01
31.12.00
31.12.01
Deferred releases included in credit loss expense
1
240
115
109
Client assets (CHF billion)
494
544
(9
)
Regulatory equity allocated (average)
5,700
5,850
7,550
(3
)
Fair value of employee stock options granted
38
6
Headcount (full-time equivalents)
18,442
19,220
20,437
(4
)
1
In management accounts, statistically derived actuarial expected
loss adjusted by deferred releases rather than the net IFRS actual
credit loss is reported in the Business Groups (see Note 2 to the
Financial Statements). Deferred releases represent amortization of
historical differences between actual credit losses and actuarial
expected loss (for more information, please refer to pages 39 and 40
of the UBS Financial Report 2002).
2
Excludes the amortization of goodwill and other intangible
assets.
3
Excludes interest and dividend
income.
4
Calculated using the former
definition of assets under management up to and including second
quarter 2001.
5
Operating expenses/operating income before credit loss
expense.
6
For informational purposes only. These pre-tax amounts have
not been recorded in the Income statement. For details on the fair
value calculation, refer to Note 32e to the Financial Statements.
Components of Operating Income
Business Banking Switzerland derives its operating income principally from:
As a result, Business Banking Switzerland's
operating income is affected by movements in interest rates,
fluctuations in invested assets, client activity levels, investment
performance and changes in market conditions.
–
net interest income from its loan
portfolio and customer deposits;
–
fees for investment management
services;
–
transaction fees.
48
Table of Contents
Significant financial events
There were no significant
financial events that affected
this business unit in 2002, 2001
or 2000.
2002
Key performance indicators
Invested assets fell from CHF 215
billion in 2001 to CHF 205
billion in 2002 as negative
market developments and the
weakening of major currencies
against the Swiss franc were only
partially offset by positive net
new money inflows. In 2002,
Business Banking Switzerland
attracted net new money of CHF
3.7 billion, down from CHF 9.2
billion in 2001. This drop was
due to smaller inflows from large
corporate client accounts — a
business traditionally subject to
volatile inflows and outflows.
For full-year 2002, the
cost/income ratio was a record
low 59%, 6 percentage points
below the previous year's ratio
of 65%, reflecting the drop in
total operating expenses to the
lowest level since 1999.
Business Banking
Switzerland's loan portfolio
decreased to CHF 139 billion at
31 December 2002 from CHF 146
billion at 31 December 2001,
driven by lower volumes in the
corporate clients area and the
further reduction in the recovery
portfolio from CHF 12 billion at
31 December 2001 to CHF 8.6
billion at 31 December 2002. This
positive development was also
reflected in the key credit
quality ratios: the
non-performing loan ratio
declined to 3.6% from 4.8%, while
the ratio of impaired loans to
gross loans saw a further
improvement, falling to 6.0% from
7.7%.
Full-year interest income in
2002 was below the previous year
mainly due to lower interest
margins on savings and cash
accounts as well as the fall in
the US dollar, which caused the
Swiss franc equivalent of US
dollar interest rate revenues to
drop.
Results
In 2002, full-year pre-tax profit
was a record CHF 1,967 million,
up 32% from 2001, achieved
despite declining revenues in
difficult market conditions, due
to continued tight management of
our cost base and lower credit
loss expenses. Personnel expenses
dropped due to lower
performance-related compensation
as well as a drop in headcount
whereas general and
administrative expenses reached
their lowest level since 1999.
Operating income
Full-year operating income was
CHF 5,208 million, almost
unchanged from 2001's level of
CHF 5,225 million. Interest
income fell because of continued
pressure on margins of liability
products. Trading and
transactional income also
declined, reflecting the
difficult market environment,
although these developments were
mostly offset by lower credit
loss expenses, which fell to CHF
49
Table of Contents
Review of Business Group Performance
UBS Wealth Management & Business Banking
286 million in 2002, down 50%
from CHF 567 million in 2001.
This drop reflects the continued
success in improving the quality
of our loan portfolio through the
implementation of risk-adjusted
pricing and the deferred benefit
of the prior year's better than
expected credit performance.
Income from
Private Clients
declined from CHF 3,185 million
in 2001 to CHF 3,014 million in
2002, reflecting mainly a decline
in interest income due to lower
margins of liability products due
to lower market rates. In
addition, fee income decreased as
a result of a lower asset base
and weaker client activity.
Income from
Corporate
Clients
declined 5% from CHF
2,263 million in 2001 to CHF
2,148 million in 2002 reflecting
lower interest, fee and trading
income due to the weak financial
markets.
Income from
Other
areas
dropped by 3% to CHF 332 million
in 2002 from CHF 344 million in
2001 mainly due to a methodology
change regarding the treatment of
revenues from correspondent
banking clients.
Operating expenses
Full-year 2002 operating expenses
decreased 13% from CHF 3,739
million in 2001 to CHF 3,241
million and were at their lowest
level since 1999.
Personnel expenses dropped
5% from CHF 2,878 million in 2001
to CHF 2,727 million in 2002, due
to lower headcount.
General and administrative
expenses, at CHF 159 million,
continued to drop and were 60%
lower than the CHF 396 million
recorded in 2001. This drop
reflects our continuous efforts
to control costs as well as
higher usage of services, mainly
IT, provided to other business
units. Overall, the very low
level of general and
administrative expenses is
explained by the integrated
business model of UBS through
which Business Banking
Switzerland provides a
significant number of services to
other business units of the
Group, mainly Private Banking. In
accounting terms, the costs for
these services are charged to the
receiving unit as general and
administrative
expenses, offset by lower
general and administrative
expenses in the provider unit.
Depreciation for full-year
2002 dropped to CHF 355 million
from CHF 465 million in 2001 as
information technology equipment
is increasingly being leased
instead of bought.
Headcount
Business Banking Switzerland's
headcount was 18,442 on 31
December 2002, a decline of 778
or 4% from 31 December 2001, as
we continued to streamline
processes and structures.
2001
Key performance indicators
In 2001, Business Banking
Switzerland attracted net new
money of CHF 9.2 billion, a clear
improvement over 2000's CHF 2.7
billion, reflecting improved
flows from both private clients
and corporate clients, where
flows can be larger and more
volatile. Invested assets were
CHF 215 billion as of 31 December
2001.
Business Banking Switzerland
continued to focus successfully
on stringent cost control
measures reflected in a one
percentage point decline in the
full year's pre-goodwill
cost/income ratio from 66% in
2000 to 65% in 2001. This
resulted from reductions in
headcount and in
performance-related compensation
expenses.
Business Banking
Switzerland's loan portfolio
decreased from CHF 150 billion at
31 December 2000 to CHF 146
billion at 31 December 2001,
driven by reductions in the more
volatile business with banks and
the further reduction in the
recovery portfolio from CHF 15
billion to CHF 12 billion.
The strength of the Swiss
economy in the early part of 2001
and our continued successful
recovery efforts were reflected
in an improvement in key asset
quality ratios since the end of
2000. The non-performing loans to
total loans ratio decreased from
5.5% to 4.8% while the ratio of
impaired loans to gross loans
further improved from 9.4% to
7.7%.
50
Table of Contents
Results
Business Banking Switzerland
enjoyed a very strong year,
despite the much more difficult
market conditions, with profit
before tax in 2001 up 18%
compared to 2000, at CHF 1,486
million. The implementation of
risk-adjusted pricing and the
strength of the Swiss economy in
2000 and early 2001 led to a
significant increase in credit
quality, while operating expenses
have remained under tight
control, falling 5% compared to
2000.
Operating income
Operating income in 2001 was up
CHF 22 million from 2000 at CHF
5,225 million, principally
reflecting the reduction in
credit loss expense partially
offset by the effect of weaker
markets in 2001 on fee and
commission income.
Business Banking Switzerland
has improved the quality of its
loan portfolio considerably in
recent years, principally through
the introduction of risk-adjusted
pricing, leading to a lower
adjusted expected loss charge in
2001 compared to 2000. In
2001, we introduced a new
process for calculating the
adjusted expected loss charged to
the Business Groups, under which
the difference between the actual
IFRS credit losses and the
actuarial expected loss calculated
for management reporting purposes
is charged or credited back to the
business units over a three-year
period, so that the risks and
rewards over the cycle are better
reflected in their results. Since
actual credit losses in Business
Banking Switzerland have recently
been lower than the adjusted
expected loss charge, this
deferral process has also resulted
in a lower adjusted expected loss
charge (see pages 39 and 40 for
further details).
Together these effects led
to a credit loss expense of CHF
567 million in 2001, down 24%
from CHF 750 million in 2000.
Income from
Private Clients
declined from CHF 3,520 million
in 2000 to CHF 3,185 million in
2001 due to lower fee income,
reflecting lower market activity
levels as well as lower interest
income because of liability
margin pressure.
Income from
Corporate
Clients
increased by 2% from CHF
2,217 million in 2000 to CHF
2,263 million in 2001, reflecting
higher income due to a change in
the treatment of interest on
impaired loans (previously
recorded as a reduction in credit
loss expense), which more than
offset lower interest and fee
income due to the weaker
financial markets.
Income from
Other
areas
increased by 59% from CHF 216
million in 2000 to CHF 344
million in 2001 reflecting higher
disposal revenues (the sale of
TicketCorner) and higher one-off
revenues from minority holdings.
Operating expenses
Operating expenses remain under
strict control, totaling CHF
3,739 million in 2001, CHF 203
million lower than in 2000.
General and administrative
expenses in 2001, at CHF 396
million, were 4% higher than in
2000, principally reflecting
higher liability risk provisions,
partially offset by lower IT
outsourcing costs and the
continued effect of our efforts
to control costs.
Personnel expenses declined
by CHF 243 million compared to
2000, to CHF 2,878 million,
reflecting a fall in headcount of
1,217 since the end of 2000, and
lower performance-related pay.
Over the full year, the
compensation ratio in Business
Banking Switzerland was 50%, down
from 52% in 2000.
Depreciation increased 12%
from 2000, to CHF 465 million,
principally reflecting
cancellation of previously
capitalized software projects as
a result of cost control
measures. Goodwill amortization
dropped from CHF 26 million in
2000 to zero in 2001, reflecting
the writeoff of goodwill on a
credit card portfolio in 2000.
Headcount
Business Banking Switzerland's
headcount declined by a further
6% in 2001, from 20,437 on 31
December 2000 to 19,220 on 31
December 2001, as the cost
control effects from the
systematic implementation of the
strategic projects portfolio
and the benefits of the merger
between Union Bank of Switzerland
and Swiss Bank Corporation
continued to be realized.
51
Table of Contents
Review of Business Group Performance
UBS Global Asset Management
UBS Global Asset Management
John A. Fraser
Chairman and CEO
UBS Global Asset Management
Pre-tax profit in 2002 was CHF 187 million, down 33% from 2001. The
declines in equity markets throughout 2002 resulted in lower invested
asset levels and subsequently, lower asset-based revenues. This
decrease was partially offset by ongoing initiatives to control costs.
Business Group reporting
CHF million, except where indicated
% change from
For the year ended
31.12.02
31.12.01
31.12.00
31.12.01
Institutional fees
899
1,174
1,242
(23
)
Wholesale Intermediary fees
1,054
1,044
836
1
Total operating income
1,953
2,218
2,078
(12
)
Personnel expenses
946
1,038
941
(9
)
General and administrative expenses
513
569
434
(10
)
Depreciation
37
46
49
(20
)
Amortization of goodwill and other intangible assets
270
286
267
(6
)
Total operating expenses
1,766
1,939
1,691
(9
)
Business Group performance before tax
187
279
387
(33
)
Business Group performance before tax and goodwill
1
457
565
654
(19
)
KPIs
Cost/income ratio (%)
2
90
87
81
Cost/income ratio before goodwill (%)
1, 2
77
75
69
Institutional
Invested assets (CHF billion)
279
3
328
323
(15
)
Net new money (CHF billion)
4
(0.6
)
6.2
(70.8
)
5
Gross margin on invested assets (bps)
6
29
37
38
(22
)
Wholesale Intermediary
Invested assets (CHF billion)
278
3
344
319
(19
)
Net new money (CHF billion)
4
(1.8
)
28.7
2.9
5
Gross margin on invested assets (bps)
6
34
32
36
6
Additional information
% change from
As at
31.12.02
31.12.01
31.12.00
31.12.01
Client assets (CHF billion)
557
672
(17
)
Regulatory equity allocated (average)
1,750
1,850
1,550
(5
)
Fair value of employee stock options granted
44
7
Headcount (full-time equivalents)
3,346
3,281
2,860
2
1
Excludes the
amortization of goodwill and other intangible assets.
2
Operating expenses/operating income.
3
In the second quarter 2002
invested assets of CHF 7.7 billion were transferred from Mutual Funds
(now renamed Wholesale Intermediary). Prior years are shown according
to the old classification.
4
Excludes interest and
dividend income.
5
Calculated using the former definition of assets under
management.
6
Income/average invested
assets.
7
For informational purposes only. These
pre-tax amounts have not been recorded in the Income statement.
For details on the fair value calculation, refer to Note 32e to the Financial
Statements.
52
Table of Contents
Components of Operating Income
UBS Global Asset Management
generates its revenue from the
asset management services it
provides to institutional and
wholesale intermediary clients. Fees
charged to institutional clients
and wholesale intermediary
clients are based on the market
value of invested assets and on
successful investment
performance. As a result, UBS
Global Asset Management's
revenues are affected by changes
in market and currency valuation
levels as well as flows of client
funds, and relative investment
performance.
Significant financial events
There were no significant
financial events that affected
this Business Group in 2002, 2001
or 2000.
2002
Key performance indicators
For 2002, the pre-goodwill
cost/income ratio was 77%, up 2
percentage points from a year
earlier. The increase was
primarily due to lower invested
asset values, which resulted in
lower asset-based revenues. Those
developments, however, were
partially offset by lower
operating expenses prompted by
ongoing initiatives to control
costs.
Institutional
Institutional invested assets, at
CHF 279 billion on 31 December
2002, declined 15% from their
level on 31 December 2001. The
decrease in assets was due to the
decline seen in financial markets
during the year as well as the
drop of the US dollar against the
Swiss franc over the year.
For full-year 2002, the
outflow of net new money was CHF
0.6 billion. This is a
disappointing figure compared to
the net new money inflow of CHF
6.2 billion recorded in 2001.
Strong inflows into equity
mandates were more than offset by
outflows from alternative asset
and fixed income mandates.
Full-year gross margin was
29 basis points, a decrease of 8
basis points from 2001 due to
lower performance fees and a
lower proportion of assets in
alternative investments.
Wholesale Intermediary
Invested assets stood at CHF 278
billion on 31 December 2002, down
from CHF 344 billion on 31
December 2001. The decline was
primarily the result of negative
currency impacts and declining
markets as well as slightly
negative net new money.
For full-year 2002, the
outflow of net new money was CHF
1.8 billion compared to an inflow
of CHF 28.7 billion in 2001. The
outflow was largely due to CHF
7.0 billion in money market
funds, primarily in the Americas.
Inflows of CHF 3.2 billion into
equity and private market
mandates globally in all business
areas as well as an inflow of CHF
3.0 billion into alter-
53
Table of Contents
Review of Business Group Performance
UBS Global Asset Management
native investments, primarily
at GAM, largely offset the
outflow.
The gross margin rose to 34
basis points in 2002 from 32
basis points in 2001 as a result
of the asset mix improving
towards higher margin asset
classes.
Investment capabilities and performance
Global equity markets ended the
year in significantly negative
territory with the US market, as
measured by the S&P 500, posting
its first consecutive three-year
decline since the Second World
War. Markets outside the US have
now fallen further from peak to
trough than in their most
significant previous contraction
in the mid-1970s. Contributing to
the erosion of equity values was
the investor realization that any
recovery would not be as robust as
hoped, both with regard to
economic fundamentals and
earnings.
The majority of UBS Global
Asset Management funds finished
the year strongly, well above
benchmark in the fourth quarter
2002. The Global Equity Composite
led the way, beating
MSCI World
Equity Free Index
benchmark
returns for the year, 3- and
5-year periods by
significant
margins. The UK Balanced Equity
portfolio continued to perform
well against the
FTSE All-Share
Index
for the same periods and
our US Equity Composite surpassed
the
Wilshire 5000
benchmark by
more than 5 percentage points in
2002. It also remains ahead of
the benchmark for 3-, and 5-year
periods. Emerging equities also
showed good results for the year
and have also outperformed their
benchmark, the
MSCI Emerging
Equity Markets Free Index
, for
each of the past 3- and 5-year
periods as well.
The deteriorating global
economy and a flight to quality by
equity investors provided the
backdrop for a rally in the global
sovereign bond market during the
year. UBS Global Asset
Management's Global Bond Composite
exceeded the
Salomon WGBI
index
for the year and the 3-year period
as well, but trailed the index for
5-year annualized returns. The US
Bond Composite also exceeded the
Lehman US Aggregate Index
for the
3-, and 5-year periods. Credit
research has been strong, with the
Global Aggregate Composite
finishing well ahead of the
Lehman
Global Aggregate
in 2002, but
Emerging Markets Debt ended the
year poorly, albeit preserving its
3- and 5-year outperformance
against the
JP Morgan EMBI Global
index.
Balanced portfolios also
fared well this past year, as
exemplified by the Global
Multi-Asset Fund, which
outperformed the
Multiple Markets
Index
by 4.6 percentage points.
Security selection within the
component asset classes and
currency strategies favoring the
euro at the expense of the US
dollar were primarily
responsible. In the 1-, 3-, and
5-year periods, returns continued
to be significantly ahead of the
benchmark.
Results
UBS Global Asset Management
reported for full-year 2002 a
pre-tax profit of CHF 187
million, a decrease of 33% from
2001's pre-tax profit of CHF 279
million. The declines in equity
markets experienced throughout
2002 resulted in lower invested
asset levels and subsequently,
lower asset-based revenues. These
developments were partially
offset by ongoing initiatives to
control
costs. Over the year, personnel
expenses decreased due to a
decline in incentive compensation
while general and administrative
54
Table of Contents
expenses fell due to lower IT and
premises expenditures.
Operating income
In full-year 2002, operating
income declined CHF 265 million,
or 12%, to CHF 1,953 million,
primarily due to the declines in
financial markets during the year
feeding through to asset-based
revenues and the US dollar's
weakening against the Swiss
franc.
Institutional revenues fell
to CHF 899 million in full-year
2002 from CHF 1,174 million a
year earlier due to the US
dollar's weakening against the
Swiss franc, lower performance
fees at O'Connor, and the effect
of market declines on asset-based
revenues.
For full-year 2002,
Wholesale Intermediary revenues,
at CHF 1,054 million, increased
slightly from CHF 1,044 million a
year earlier due to an increase
in higher margin assets invested
with GAM.
Operating expenses
For full-year 2002, operating
expenses declined to CHF 1,766
million from CHF 1,939 million a
year earlier, primarily due to
cost saving initiatives.
Personnel expenses were CHF
946 million in 2002, CHF 92
million lower than in 2001,
reflecting lower incentive-based
compensation partially offset by
higher severance expenses.
General and administrative
expenses fell to CHF 513 million
from CHF 569 million in the same
period, reflecting a weaker US
dollar, and lower project-related
expenses.
Over the year, depreciation
decreased from CHF 46 million to
CHF 37 million as some assets
became fully depreciated.
Amortization declined CHF 16
million to CHF 270 million,
reflecting the drop in the US
dollar against the Swiss franc.
Headcount
Headcount, at 3,346 on 31
December 2002, was up from 3,281
on 31 December 2001. The increase
of 2% primarily reflects
additional headcount at GAM and a
reclassification from contractors
to employees at O'Connor.
2001
Key performance indicators
Invested assets increased 5%
during the year from CHF 642
billion on 31 December 2000 to
CHF 672 billion on 31 December
2001. Net new money was CHF 34.9
billion for the year, reflecting
the recognition of strong
relative investment performance
and business development efforts.
The pre-goodwill cost/income
ratio rose from 69% in 2000 to
75% in 2001, principally
reflecting the higher cost/income
ratio of the Brinson Advisors
(now rebranded UBS Global Asset
Management) business transferred
from UBS PaineWebber at the start
of the year.
Institutional
Institutional invested assets
increased from CHF 323 billion on
31 December 2000 to CHF 328
billion
on 31 December 2001. This 2%
increase was due to CHF 6.2
billion in net new money and a CHF
34 billion increase in invested
assets from the acquisition of RT
Capital (now rebranded UBS Global
Asset Management) which more than
offset negative market
performance.
Net new money in 2001 was
CHF 6.2 billion, a great
improvement from the net outflows
of CHF 70.8 billion in 2000, as
clients start to recognize the
success of our integrated global
invest-
55
Table of Contents
Review of Business Group Performance
UBS Global Asset Management
ment management platform,
which delivered strong
relative investment
performance in both 2001 and
2000.
Full-year gross margin was 37
basis points, a decrease of 1
basis point from 2000, primarily
due to lower performance fees in
O'Connor and the addition of the
lower margin Brinson Advisors
business.
Wholesale Intermediary
Wholesale Intermediary's invested
assets increased CHF 25 billion,
from CHF 319 billion at 31
December 2000 to CHF 344 billion
at 31 December 2001, driven by net
new money. Market performance was
limited to a negative impact on
invested assets of less than 1%.
Net new money of CHF 28.7
billion in 2001, compared to CHF
2.9 billion in 2000, reflected
much better asset-gathering
performance in both Europe and
the Americas, particularly in
fixed income mandates.
The gross margin in 2001
decreased 4 basis points to 32
basis points due to the addition
of Brinson Advisors, which has a
high proportion of lower margin
money market funds, partially
offset by the introduction of a
new pricing structure for UBS
Investment Funds.
Results
Pre-tax profit of CHF 279 million
in 2001 was 28% lower than 2000.
Despite market declines and lower
performance fees in the O'Connor
business, income increased as a
result of the new investment funds
pricing structure introduced in
2001, the acquisition of RT
Capital and the inclusion of
Brinson Advisors. This was more
than offset by higher personnel
expenses and general and
administrative expenses driven by
spending on growth initiatives,
the integration of Brinson
Advisors and the acquisition of RT
Capital in third quarter.
Operating income
Operating income increased CHF
140 million, or 7%, from 2000 to
CHF 2,218 million in 2001, as a
result of the inclusion of
Brinson Advisors, the new pricing
structure introduced this year
for investment funds and the
acquisition of RT Capital. These
effects were partially offset by
lower performance fees at
O'Connor, our alternative
investment business, and the
effect on asset-based revenues of
market declines in 2001 and
institutional asset outflows in
2000 which led to lower average
assets compared to 2000.
Institutional income fell 5%
in 2001 compared to 2000, to CHF
1,174 million, while Wholesale
Intermediary revenue increased
25% from 2000 to CHF 1,044
million in 2001.
Operating expenses
Operating expenses increased 15%
to CHF 1,939 million in 2001,
driven by the addition of Brinson
Advisors and RT Capital.
General and administrative
expenses increased 31% from CHF
434 million in 2000 to CHF 569
million in 2001, principally
reflecting the addition of
Brinson Advisors.
Personnel expenses increased
10% from CHF 941 million in 2000
to CHF 1,038 million in 2001,
again mostly due to the addition
of Brinson Advisors, which more
than offset a considerable
decline in performance-related
compensation.
Depreciation decreased 6%
from CHF 49 million in 2000 to
CHF 46 million in 2001.
Amortization of goodwill and
other intangible assets increased
7% to CHF 286 million in 2001,
reflecting the effect of the
acquisition RT Capital.
Headcount
Headcount increased by 421 in
2001, from 2,860 at 31 December
2000 to 3,281 at 31 December
2001, mostly due to the
integration of Brinson Advisors
and RT Capital.
56
Table of Contents
Review of Business Group Performance
UBS Warburg
UBS Warburg
John P. Costas
Chairman and CEO
UBS Warburg
1
In management
accounts,
statistically
derived
actuarial
expected loss
adjusted by
deferred
releases rather
than the net
IFRS actual
credit loss is
reported in the
Business Groups
(see Note 2 to
the Financial
Statements).
2
Excludes the
amortization of
goodwill and
other
intangible
assets.
3
Operating
expenses/operating
income before
credit loss
expense.
4
Excludes interest and dividend income.
5
For
informational
purposes only.
These pre-tax
amounts have not
been recorded in
the Income
statement. For
details on the
fair value
calculation,
refer to Note
32e to the
Financial
Statements.
6
Excludes
significant
financial
events:
Personnel
expenses, CHF
86 million,
General and
administrative
expenses, CHF
13 million and
Depreciation,
CHF 7 million
(all
PaineWebber
integration
costs).
Corporate and Institutional Clients net profit before tax in 2002, at
CHF 3,129 million, was 17% lower than in 2001. Market conditions
remained challenging, although our Fixed Income, Rates and Currencies
business held up well. UBS Capital recorded a pre-tax loss of CHF
1,761 million, with challenging market conditions and a slowdown in
corporate activity leading to deteriorating valuations in all markets
and industries.
Business Group reporting
CHF million, except where indicated
% change from
For the year ended
31.12.02
31.12.01
31.12.00
31.12.01
Income
12,498
14,715
18,240
(15
)
Credit loss expense
1
(128
)
(112
)
(243
)
14
Total operating income
12,370
14,603
17,997
(15
)
Personnel expenses
7,878
8,354
9,451
(6
)
General and administrative expenses
2,378
2,650
2,755
(10
)
Depreciation
382
456
564
(16
)
Amortization of goodwill and other intangible assets
364
402
192
(9
)
Total operating expenses
11,002
11,862
12,962
(7
)
Business Group performance before tax
1,368
2,741
5,035
(50
)
Business Group performance before tax and goodwill
2
1,732
3,143
5,227
(45
)
Additional information
Cost/income ratio (%)
3
88
81
71
Cost/income ratio before goodwill (%)
2, 3
85
78
70
Net new money (CHF billion)
4
0.5
0.1
Invested assets (CHF billion)
3
1
1
200
Client assets (CHF billion)
133
109
22
Regulatory equity allocated (average)
13,100
14,300
10,800
(8
)
Fair value of employee stock options granted
582
5
Business Group reporting adjusted for Significant Financial Events
CHF million, except where indicated
% change from
For the year ended
31.12.02
31.12.01
31.12.00
31.12.01
Income
12,498
14,715
18,240
(15
)
Credit loss expense
1
(128
)
(112
)
(243
)
14
Total operating income
12,370
14,603
17,997
(15
)
Personnel expenses
7,878
8,354
9,365
6
(6
)
General and administrative expenses
2,378
2,650
2,742
6
(10
)
Depreciation
382
456
557
6
(16
)
Amortization of goodwill and other intangible assets
364
402
192
(9
)
Total operating expenses
11,002
11,862
12,856
(7
)
Business Group performance before tax
1,368
2,741
5,141
(50
)
Business Group performance before tax and goodwill
2
1,732
3,143
5,333
(45
)
Additional information
Cost/income ratio (%)
3
88
81
70
Cost/income ratio before goodwill (%)
2, 3
85
78
69
57
Table of Contents
Review of Business Group Performance
UBS Warburg
Corporate and Institutional Clients
Business Unit reporting
CHF million, except where indicated
% change from
For the year ended
31.12.02
31.12.01
31.12.00
31.12.01
Investment Banking
1
1,915
2,541
2,700
(25
)
Equities
5,625
6,422
10,300
(12
)
Fixed Income, Rates and Currencies
2
6,490
6,350
4,590
2
Non-core business
70
274
280
(74
)
Income
14,100
15,587
17,870
(10
)
Credit loss expense
3
(128
)
(112
)
(243
)
14
Total operating income
13,972
15,475
17,627
(10
)
Personnel expenses
4
7,784
8,258
9,223
5
(6
)
General and administrative expenses
2,314
2,586
2,695
5
(11
)
Depreciation
381
454
555
5
(16
)
Amortization of goodwill and other intangible assets
364
402
190
(9
)
Total operating expenses
10,843
11,700
12,663
(7
)
Business unit performance before tax
3,129
3,775
4,964
(17
)
Business unit performance before tax and goodwill
6
3,493
4,177
5,154
(16
)
KPIs
Compensation ratio (%)
7
55
53
52
Cost/income ratio (%)
8
77
75
71
Cost/income ratio before goodwill (%)
6, 8
74
72
70
Non-performing loans/gross loans outstanding (%)
1.6
2.6
2.8
Impaired loans/gross loans outstanding (%)
3.2
5.4
5.6
Average VaR (10-day 99%)
275
252
242
9
Additional information
% change from
As at or for the year ended
31.12.02
31.12.01
31.12.00
31.12.01
Deferred releases included in credit loss expense
3
(2
)
38
36
Regulatory equity allocated (average)
12,550
13,600
10,250
(8
)
Fair value of employee stock options granted
567
9
Headcount (full-time equivalents)
15,964
15,562
15,262
3
1
Formerly Corporate
Finance.
2
Formerly Fixed Income and Foreign
Exchange.
3
In management accounts, statistically derived actuarial
expected loss adjusted by deferred releases rather than the net IFRS
actual credit loss is reported in the Business Groups (see Note 2 to
the Financial Statements). Deferred releases represent amortization of
historical differences between actual credit losses and actuarial
expected loss (for more information, please refer to pages 39 and 40
of the UBS Financial Report 2002).
4
Includes retention payments in
respect of the PaineWebber acquisition. 2002: CHF 54 million, 2001:
CHF 46 million, 2000: CHF 11 million
5
Excludes significant financial
events: Personnel expenses, CHF 86 million, General and administrative
expenses, CHF 13 million and Depreciation, CHF 7 million (all
PaineWebber integration costs).
6
Excludes the amortization of
goodwill and other intangible assets.
7
Personnel expenses/operating
income before credit loss expense.
8
Operating expenses/operating income before credit loss
expense.
9
For informational purposes only. These pre-tax amounts have not been
recorded in the Income statement. For details on the fair value
calculation, refer to Note 32e to the Financial Statements.
58
Table of Contents
Components of Operating Income
The Corporate and Institutional
Clients unit generates operating
income from:
–
gains and losses on market
making, proprietary, and
arbitrage positions.
–
commissions on
agency transactions and spreads
or markups on principal
transactions;
As a result, Corporate and
Institutional Clients' operating
income is affected by movements in market conditions, interest rate swings, the level of
trading activity in primary and
secondary markets and the extent
of merger and acquisition
activity. These and other
factors have had, and may in the future have, a significant impact on results of operations
from year to year.
–
fees from debt
and equity capital markets
transactions, leveraged finance,
and the structuring of
derivatives and complex
transactions;
–
mergers and
acquisitions and other advisory
fees;
–
interest income on
principal transactions and from
the loan portfolio; and
Significant financial events
PaineWebber integration costs
were treated as a significant
financial event in 2000, and are
not reflected in adjusted
business unit results on the
previous page. The amounts
involved were personnel expenses
of CHF 86 million, general and
administrative expenses of CHF 13
million, and depreciation of CHF
7 million.
There were no significant
financial events that affected
this business unit in 2002 or
2001. The results in the
discussion below exclude
significant financial events.
2002
Key performance indicators
Our performance in 2002 reflects
the worldwide downturn in market
conditions. However, as a result
of our strong client franchise
and continuing efforts to manage
costs, results have proven
relatively resilient.
We continue to maintain a
tight focus on cost management in
light of the current operating
environment. Over the full year,
the pre-goodwill cost/income
ratio increased slightly to 74%
from 72% in 2001.
Our compensation ratio in
2002 was 55%, a slight increase
on the 53% recorded in 2001,
reflecting the relatively strong
performance of many of our
businesses compared to
competitors and to market
conditions.
Average Value at Risk (VaR)
for Corporate and Institutional
Clients increased from CHF 252
million in 2001 to CHF 275
million in 2002, remaining within
the normal ranges.
Total loans increased by 2%
from CHF 61 billion on 31 December
2001 to CHF 62 billion on 31
December 2002, due to an increase
in short-term money market
deposits although this was
partially offset by repayments
from European multi-
59
Table of Contents
Review of Business Group Performance
UBS Warburg
nationals, reflecting the
continued reduction of our
non-core commercial lending
activities as well as the
drop in the US dollar against
the Swiss franc.
Continued successful recovery
efforts led the ratio of impaired
loans to total loans to fall from
5.4% on 31 December 2001 to 3.2%
at the end of 2002. The
non-performing loans to total
loans ratio declined from 2.6% to
1.6% over the same period.
Results
UBS Warburg's Corporate and
Institutional Clients business
unit reported 2002 pre-tax profit
of CHF 3,129 million, a decrease
of 17% from 2001, reflecting
difficult economic conditions,
particularly for the investment
banking and equities businesses.
This was partially offset by the
strong result of our fixed
income, rates and currencies
business. Over the full year,
overall expenses dropped by 7%
reflecting lower personnel
expenses driven by a reduction in
incentive compensation as well as
the success of our continued cost
containment initiatives.
Operating income
Full-year revenues of CHF 14,100
million were 10% lower than in
2001.
Investment Banking
revenues
for the full-year dropped by 25%
from CHF 2,541 million to CHF
1,915 million in 2002, due to
much lower corporate activity,
which translated into a 22% drop
in the global fee pool compared
to 2001.
Equities
revenues for the
full-year were also lower than in
2001, down from CHF 6,422 million
to CHF 5,625 million, reflecting
falling indices worldwide and
much lower market activity.
Full-year primary revenues
remained flat, because of market
share gains in the US and in
Asia, which compensated for the
drop in overall market activity.
Over the full year
Fixed
Income, Rates and Currencies
revenues increased 2% to CHF 6,490
million, primarily due to
substantial growth in our Emerging
Markets and Principal Finance
businesses, offset by reductions
in our Interest Rates and Foreign
Exchange business lines. Revenues
related to gains in credit default
swaps economic hedging credit
exposures in the loan book also
positively impacted the result.
Our foreign exchange business
increased volumes and spreads
compared to 2001.
Non-core
revenues in 2002,
at CHF 70 million, were 74% lower
than in 2001 reflecting our
continued reduction of our
non-core lending portfolio.
Operating expenses
Total operating expenses dropped
by 7% from 2001 to CHF 10,843
million in 2002. The underlying
decline in 2002 is even more
marked than these figures would
suggest as the 2002 results
include a provision of CHF 90
million (USD 65 million) for the
US equity research settlement and
a CHF 72 million charge for the
restructuring of our Energy
trading business. The significant
60
Table of Contents
underlying reduction of 9% from
last year's expense levels
reflects the continuing success of
our cost containment initiatives
accentuated by the drop of the US
dollar against the Swiss franc.
In total, personnel expenses
in 2002, at CHF 7,784 million,
were CHF 474 million or 6% lower
than 2001, mainly driven by a
reduction in incentive
compensation in line with lower
revenues and the weaker US dollar.
Full-year general and
administrative expenses were CHF
2,314 million in 2002, down 11%
from 2001's CHF 2,586 million, as
cost saving programs implemented
during the course of 2002 helped
to lower IT and other costs,
particularly travel, advertising
costs and professional fees.
In full-year 2002,
depreciation declined to CHF 381
million from CHF 454 million a
year earlier, reflecting our cost
control initiatives, which helped
to lower charges for new computer
workstations and other IT-related
equipment. Amortization of
goodwill and other intangibles
fell 9% for the full-year,
reflecting the fact that various
assets became fully amortized in
2002.
Headcount
Headcount, at 15,964 on 31
December 2002, increased by 402
or 3% from 31 December 2001
reflecting the expansion in our
fixed income, rates
and currency area (which includes
UBS Warburg Energy) as well as
the transfer of the prime
brokerage and Australian private
clients businesses from UBS
PaineWebber.
2001
Key performance indicators
Corporate and Institutional
Clients measures its expense base
primarily in terms of percentage
of
revenues, looking at both
personnel costs and non-personnel
costs on this basis.
The pre-goodwill cost/income
ratio of 72% in 2001, was up
slightly from 70% in 2000 as a
result of the reduced revenues in
difficult market conditions. The
ratio of personnel costs to
income was 53% in 2001, only a
slight increase on the 52%
recorded in 2000, comparing
favorably with our peer group.
Average VaR for Corporate
and Institutional Clients
increased only slightly from CHF
242 million in 2000 to CHF 252
million in 2001. In general,
market risk exposures stayed
within the normal ranges. There
was, however, a short-term but
significant increase in VaR in
December 2001 resulting from
sizeable client-driven equity
transactions. The need for a
temporary increase in limits was
anticipated and pre-approved by
the Group Executive Board. The
trades were successfully executed
and the risk reduced to normal
levels.
Total loans decreased by 18%
from CHF 74 billion at 31 December
2000 to CHF 61 billion at 31
December 2001, due to a reduction
in Japanese government exposures,
and repayments from European
multinationals, reflecting the
continued reduction of our
commercial lending risk profile.
Continued successful
recovery efforts led the ratio of
impaired loans to total loans to
fall from 5.6% at 31 December
2000 to 5.4% at the end of 2001.
The non-performing loans to total
loans ratio declined from 2.8% to
2.6% over the same period.
Results
We recorded a strong performance
in 2001, relative to the much
weaker markets this year. Pre-tax
profit in 2001 was CHF 3,775
million, a decline of 24% over
2000, our best year ever.
Equities and Investment Banking
both suffered from the economic
downturn and the consequent
weakness in their global markets,
while the Fixed Income, Rates and
Currencies business delivered
record results, driven by
interest rate reductions and
increased volatility, and
supported by the expansion of
businesses acquired from
Paine-Webber. Investment Banking
continued to outperform 2000 in
terms of market share, with
full-year analysis showing us
with a 4.4% share of fees,
compared to 3.6% in 2000.
61
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Review of Business Group Performance
UBS Warburg
Operating income
Operating income of CHF 15,475
million in 2001 was 12% lower
than in 2000.
Investment Banking
revenues
were CHF 2,541 million in 2001,
6% lower than in 2000, as our
improved share of fees in
2001 was more than offset by the
general contraction experienced
in corporate finance in 2001.
Equities
revenues for 2001
were also lower than in 2000,
down 38% from CHF 10,300 million
to CHF 6,422 million in 2001.
This decline principally reflects
reduced trading revenues, driven
by the lack of mergers and
acquisitions activity and
increased volatility, together
with a cautious approach to risk
in difficult market conditions.
Commission revenues have been
broadly consistent with levels in
2000, reflecting the breadth and
depth of our client franchise.
Fixed Income, Rates and
Currencies
performed very
strongly in 2001, with revenues
up 38% from 2000, at CHF 6,350
million. This reflects the effect
of interest rate reductions,
which led to increased issuance
and higher volatility, and the
inclusion of businesses taken
over from PaineWebber.
Non-core
revenues in 2001
were 2% lower than in 2000, at
CHF 274 million.
Operating expenses
Personnel expenses declined 10%,
from CHF 9,223 million in 2000 to
CHF 8,258 million in 2001, driven
by reductions in incentive
compensation in line with labor
market conditions and full-year
results.
General and administrative
expenses in 2001 were 4% lower
than in 2000, at CHF 2,586
million, reflecting the impact of
cost control measures put in place
during 2001. (Fourth quarter 2001
general and administrative
expenses were 27% lower than in
fourth quarter 2000.)
Depreciation
fell 18% from 2000 to CHF 454
million in 2001, driven by
reductions in IT expenditure as a
result of cost control
initiatives.
Amortization of goodwill and
other intangibles increased by CHF
212 million to CHF 402 million in
2001 mainly driven by additional
goodwill amortization due to the
acquisition of PaineWebber.
Headcount
Headcount at 31 December 2001
remained little changed, at
15,562 compared to 15,262 at the
end of 2000. We did not engage in
widespread headcount reductions
that might have had a long-term
detrimental impact on our client
franchises, but upgraded staff
quality in selected areas.
62
Table of Contents
UBS Capital
Business unit reporting
CHF million, except where indicated
% change from
For the year ended
31.12.02
31.12.01
31.12.00
31.12.01
Total operating income
(1,602
)
(872
)
370
(84
)
Personnel expenses
94
96
142
(2
)
General and administrative expenses
64
64
47
0
Depreciation
1
2
2
(50
)
Amortization of goodwill and other intangible assets
0
0
2
Total operating expenses
159
162
193
(2
)
Business unit performance before tax
(1,761
)
(1,034
)
177
(70
)
Business unit performance before tax and goodwill
1
(1,761
)
(1,034
)
179
(70
)
KPIs
Value creation (CHF billion)
(1.4
)
(1.4
)
0.6
0
% change from
As at
31.12.02
31.12.01
31.12.00
31.12.01
Investment (CHF billion)
2
3.1
5.0
5.5
(38
)
Additional information
% change from
As at
31.12.02
31.12.01
31.12.00
31.12.01
Portfolio fair value (CHF billion)
3.8
5.6
6.9
(32
)
Regulatory equity allocated (average)
550
700
550
(21
)
Fair value of employee stock options granted
15
3
Headcount (full-time equivalents)
73
128
129
(43
)
1
Excludes the
amortization of goodwill and other intangible assets.
2
Historic cost of investments made, less divestments and impairments.
3
For informational purposes only. These pre-tax amounts have not been
recorded in the Income statement. For details on the fair value
calculation, refer to Note 32e to the Financial Statements.
Components of Operating Income
UBS Capital's primary source of
operating income is capital
gains from the disposal or sale
of its investments, which are
recorded at the time of ultimate
divestment. As a result,
appreciation in fair market
value is recognized as operating
income only at the time of sale.
The level of annual operating
income from UBS Capital is
directly
affected by the level
of investment disposals that
take place during the year.
Similarly, depreciation in fair
market value is only recognized
against operating income if an
investment becomes permanently
impaired and has to be written
down. Writedowns of the value of
its investments can negatively
affect UBS Capital's operating
income.
63
Table of Contents
Review of Business Group Performance
UBS Warburg
Significant financial events
There were no significant
financial events that affected
this business unit in 2002, 2001
or 2000.
2002
Key performance indicators
The level of our private equity
investments was CHF 3.1 billion
on 31 December 2002, a decline of
38% from CHF 5.0 billion on 31
December 2001. This reduction
reflects writedowns made on
direct investments and third
party funds, as well as
successfully executed exits. In
full-year 2002, write-downs
included in operating income
totaled CHF 1.7 billion, up from
CHF 1.1 billion a year earlier.
The fair value of the
portfolio on 31 December 2002 was
CHF 3.8 billion, down from CHF
5.6 billion on 31 December 2001,
reflecting divestments in the
portfolio and value reductions
for existing investments. The
level of net unrealized gains was
CHF 0.8 billion on 31 December
2002, up from CHF 0.6 billion on
31 December 2001.
Results
Full-year results for UBS Capital
reflect continued tough economic
conditions, impacting private
equity valuations across a range
of sectors, a factor that was
compounded by the prolonged
downturn suffered by all major
equity markets. The challenging
economic environment has
adversely affected many of the
companies in the portfolio while
the continued hostile climate for
divestments has restricted
capital gains from exit
opportunities. Against this
background, UBS Capital posted a
pre-tax loss in 2002 of CHF 1,761
million, CHF 727 million worse
than in 2001.
Total operating income for
2002 was negative CHF 1,602
million, compared to negative CHF
872 million in 2001. Challenging
economic conditions have led to
deteriorating valuations in all
markets and industries. The level
of writedowns in the portfolio
has therefore been high and there
have been few opportunities to
make significant divestments in
2002.
Personnel expenses in 2002
were CHF 94 million, down from
CHF 96 million in 2001. This
reflects falling headcount and
lower performance-related
incentive payments. General and
administrative expenses remained
unchanged at CHF 64 million.
2001
Full-year results for UBS Capital
reflect the very challenging
market in 2001, with few
opportunities for divestments, and
writedowns of several investments
as a result of the problems caused
for some of our investment
companies by the deteriorating
economic conditions. The pre-tax
loss for 2001 was CHF 1,034
million, compared to a pre-tax
profit of CHF 177 million in 2000.
64
Table of Contents
Key performance indicators
UBS Capital's private equity
investments decreased to CHF 5.0
billion on 31 December 2001 from
CHF 5.5 billion at the end of
2000, with the decline due to
writedowns on the book value of
investments, as well as a small
number of divestments during the
year, which more than offset
drawdowns of previously committed
investments and the low level of
other new investments during the
year.
The fair value of the
portfolio at the end of December
2001 was CHF 5.6 billion, down
19% from CHF 6.9 billion on 31
December 2000. The fair value
included net unrealized gains of
CHF 0.6 billion. Value reduction
during 2001 was CHF 1.4 billion,
compared to value creation of CHF
0.6 billion in 2000.
Results
UBS Capital recorded an operating
loss of CHF 872 million in 2001,
compared to operating income of
CHF 370 million in 2000.
Challenging markets and the
continued slowdown in corporate
activity meant that there were
few opportunities for significant
divestments in 2001, while weak
economic conditions led to
deteriorating valuations across a
range of industry sectors,
resulting in a high level of
writedowns of investments in the
portfolio.
Personnel expenses were CHF
96 million in 2001, down from CHF
142 million in 2000,
reflecting lower incentive
compensation which is driven by
realized gains on divestments.
General and administrative
expenses were CHF 64 million, up
from CHF 47 million in 2000, due
principally to professional fees
relating to our strategic review
of the business.
65
Table of Contents
Review of Business Group Performance
UBS PaineWebber
UBS PaineWebber
Joseph J. Grano, Jr.
Chairman and CEO, UBS PaineWebber
Mark B. Sutton
President and Chief Operating Officer
UBS PaineWebber
UBS PaineWebber's pre-tax loss adjusted for SFEs in 2002 was CHF 566
million, with the depreciation of the US dollar against the Swiss
franc weighing on results. Excluding acquisition costs, operating
pre-tax profit was CHF 632 million compared to CHF 693 million a year
earlier.
Business Group
reporting
1
CHF million, except where indicated
% change from
For the year ended
31.12.02
31.12.01
31.12.00
31.12.01
Income
5,561
6,391
1,214
(13
)
Credit loss expense
2
(13
)
(18
)
(3
)
(28
)
Total operating income
5,548
6,373
1,211
(13
)
Personnel expenses
3
4,245
5,019
1,098
(15
)
General and administrative expenses
1,263
1,441
344
(12
)
Depreciation
149
124
42
20
Amortization of goodwill and other intangible assets
1,691
502
84
237
Total operating expenses
7,348
7,086
1,568
4
Business Group performance before tax
(1,800
)
(713
)
(357
)
152
Business Group performance before tax and goodwill
4
(109
)
(211
)
(273
)
(48
)
Business Group performance before tax
and acquisition costs
12
632
693
(72
)
(9
)
KPIs
Invested assets (CHF billion)
584
769
765
(24
)
Net new money (CHF billion)
5
18.5
33.2
14.5
6
Interest and dividend income (CHF billion)
7
17.9
21.5
(17
)
Cost/income ratio (%)
8
132
111
129
Cost/income ratio before goodwill (%)
4, 8
102
103
122
Recurring fees
9
2,199
2,366
434
(7
)
Financial advisors (full-time equivalents)
8,857
8,718
8,731
2
Additional information
% change from
As at
31.12.02
31.12.01
31.12.00
31.12.01
Client assets (CHF billion)
650
841
(23
)
Regulatory equity allocated (average)
7,450
8,550
9,200
(13
)
Fair value of employee stock options granted
73
10
Headcount (full-time equivalents)
19,563
20,413
21,567
(4
)
66
Table of Contents
Business Group reporting adjusted for Significant Financial Events
CHF million, except where indicated
% change from
For the year ended
31.12.02
31.12.01
31.12.00
31.12.01
Income
5,561
6,391
1,214
(13
)
Credit loss expense
2
(13
)
(18
)
(3
)
(28
)
Total operating income
5,548
6,373
1,211
(13
)
Personnel expenses
3
4,245
5,019
1,098
(15
)
General and administrative expenses
1,263
1,441
344
(12
)
Depreciation
149
124
42
20
Amortization of goodwill and other intangible assets
457
11
502
84
(9
)
Total operating expenses
6,114
7,086
1,568
(14
)
Business Group performance before tax
(566
)
(713
)
(357
)
(21
)
Business Group performance before tax and goodwill
4
(109)
(211
)
(273
)
(48
)
Business Group performance before tax and
acquisition costs
12
632
693
(72
)
(9
)
KPIs
Gross margin on invested assets (bps)
13
82
84
67
(2
)
Gross margin on invested assets before
acquisition costs (bps)
12, 13
88
90
71
(2
)
Cost/income ratio (%)
8
110
111
129
Cost/income ratio before goodwill (%)
4, 8
102
103
122
Cost/income ratio before acquisition costs (%)
8, 12
89
90
105
1
Business Groups results include PaineWebber from the date of
acquisition, 3 November 2000.
2
In management accounts, statistically
derived actuarial expected loss adjusted by deferred releases rather
than the net IFRS actual credit loss is reported in the Business
Groups (see Note 2 to the Financial Statements).
3
Includes retention
payments in respect of the PaineWebber acquisition. 2002: CHF 351
million, 2001: CHF 436 million, 2000: CHF 117 million.
4
Excludes the
amortization of goodwill and other intangible assets.
5
Excludes the
interest and dividend income noted below.
6
Calculated using the
former definition of assets under management.
7
For purposes of
comparison with US peers.
8
Operating expenses/operating income before
credit loss expense.
9
Asset-based and advisory revenues including fees from mutual funds,
wrap fee products and insurance products. Comparative amounts for 2001
and 2000 have been restated.
10
For informational purposes only. These
pre-tax amounts have not been recorded in the Income statement. For
details on the fair value calculation, refer to Note 32e to the
Financial Statements.
11
Excludes significant financial event:
Writedown of PaineWebber brand of CHF 1,234 million.
12
Acquisition
costs include goodwill and intangible asset amortization and related
funding, net of risk-free return on the corresponding equity
allocated, and retention payments.
13
Income/average invested assets.
Components of Operating Income
UBS PaineWebber principally
derives its operating income
from:
These fees are based on the market value of invested assets transaction-related activity. As
a result, operating income is affected by such factors as fluctuations in invested assets,
change in market conditions, investment performance and inflows and outflows of client
funds, and investor activity levels.
–
fees for financial
planning and wealth management
services
–
fees for discretionary management services and
–
transaction-related fees.
67
Table of Contents
Review of Business Group Performance
UBS PaineWebber
Significant financial events
The pre-tax non-cash writedown of
CHF 1,234 million for the value
of the PaineWebber brand that was
held as an intangible asset on
our balance sheet was treated as
a significant financial event in
2002 and is therefore not
reflected in the adjusted
Business Group results on the
previous page. The writedown
followed a strategic decision
announced in November 2002 to
move all our businesses to the
single UBS brand. The new brand
structure will be implemented in
June 2003.
There were no significant
financial events that affected
this Business Group in 2001 or
2000. The results in the
discussion below exclude
significant financial events.
PaineWebber
UBS PaineWebber became part of
UBS following the merger between
UBS and Paine Webber Group, Inc.,
which was completed on 3 November
2000. At the merger, it became a
business unit of UBS Warburg. On
1 January 2002, UBS PaineWebber
became a separate Business Group
within UBS.
The merger was accounted for
using purchase accounting, so the
results shown for UBS
Paine-Webber for 2000 reflect the
inclusion of the PaineWebber
businesses only for the period
from 3 November 2000 until 31 December 2000.
Results for 2001 and 2002 reflect
a full-year's contribution.
2002
Key performance indicators
At the end of 2002, UBS
PaineWebber had CHF 584 billion
in invested assets, compared to
CHF 769 billion on 31 December
2001. This decline of 24% was
partly due to the effect of the
US dollar's weakening against the
Swiss franc. Excluding the impact
of currency fluctuations,
invested assets fell 8% during
the year, mainly due to US equity
market declines although that was
partially offset by net new money
inflows.
Net new money in 2002 was
CHF 18.5 billion, 44% below the
CHF 33.2 billion result reported
for 2001. The decline reflects
weaker investor sentiment, as
well as the closure of the
Japanese domestic private client
business, resulting in outflows
of approximately CHF 1.6 billion.
The gross margin on invested
assets was 82 basis points for
full-year 2002, down from 84
basis points in 2001. The gross
margin on invested assets before
acquisition costs (goodwill, net
funding costs and retention
payments) was 88 basis points,
down from 90 basis points in
2001. Revenues declined more than
invested assets due to lower
customer activity levels. This
was partially offset by higher
revenues from our municipal
securities business which had a
record result in 2002.
The cost/income ratio before
acquisition costs was 89% for
full-year 2002, compared to 90%
in 2001. The improvement in the
cost/income ratio
68
Table of Contents
is a direct
result of cost management
initiatives implemented in 2002,
among them reductions in
non-financial advisor headcount,
professional fees, advertising
and office-related costs.
In 2002, recurring fees were
CHF 2,199 million compared to CHF
2,366 million a year earlier
because of the weakening of
the US dollar against the Swiss
franc. Excluding currency
translation effects, recurring
fees rose 2% in 2002 from a year
earlier. The increase is due to
higher account-based fees and
higher recurring fees in the
municipal securities business.
These increases were offset by
lower asset-based fees, which
fell in line with the decline in
asset levels.
We continue to invest in our
distribution channels and
advisory personnel. In 2002, the
number of financial advisors rose
by 139 from 8,718 to 8,857 with
recruiting and retention success
partially offset by higher
attrition rates among less
experienced and less productive
financial advisors.
Results
In 2002, political, economic and
financial uncertainty continued
to adversely affect investor
activity. The UBS Index of
Investor Optimism dropped
significantly during 2002,
reached an all-time low in
October and only slightly
recovered by the end of the year.
Daily average client transaction
volumes were 10% lower than in
2001.
Because our business is
almost entirely conducted in US
dollars, comparisons of 2002
results to 2001 are affected by
the depreciation of the US dollar
versus the Swiss franc.
Over the full year, UBS
PaineWebber reported a pre-tax
loss of CHF 566 million in 2002
compared to a loss of CHF 713
million in 2001. Performance
before tax and acquisition costs
showed a profit of CHF 632
million in 2002 compared to CHF
693 million a year earlier.
Excluding the effects of currency
movements, 2002 performance
before tax and acquisition costs
was 3% higher than in 2001.
Despite a decline in
transactional revenues and lower
asset-based revenues following
further market drops, strict cost
management discipline enabled us
to improve our full-year
operating performance. Excluding
the USD 15 million (CHF 21
million) equity research
settlement charge, full-year
results in USD terms would have
improved by 6% over 2001. On a US
dollar basis, performance was the
third best ever for our US
private clients business behind
1999 and 2000.
69
Table of Contents
Review of Business Group Performance
UBS PaineWebber
Operating income
For full-year 2002, total
operating income was CHF 5,548
million, compared to CHF 6,373
million in 2001. Excluding the
effects of currency translation,
operating income declined
approximately 5% from 2001. This
decline in operating income is
attributable to lower asset-based
fees, a drop in levels of customer
activity, lower margin lending,
the transfer of prime brokerage
business to UBS
Warburg and the closure of the
Japanese domestic private client
business. These declines were
partially offset by increased
revenues in the municipal
securities business, which had a
record year.
Operating expenses
Total operating expenses fell 14%
to CHF 6,114 million in 2002 from
CHF 7,086 million in 2001.
Excluding the effects of the
weaker US dollar against the
Swiss franc, operating expenses
declined 5% from 2001, reflecting
lower performance-driven
compensation and lower retention
expenses. In addition, cost
management initiatives
implemented during the course of
2002, the transfer of the prime
brokerage business to UBS Warburg
and the closure of the Japanese
domestic private client
businesses helped to reduce
overall expenses.
Personnel expenses dropped
15% from CHF 5,019 million in
2001 to CHF 4,245 million in
2002. Excluding the effects of
currency translation, personnel
expenses were 7% lower than 2001,
reflecting lower
performance-driven compensation
due to a decline in revenues, a
fall in non-financial advisor
headcount, the transfer of the
prime brokerage business to UBS
Warburg, the closure of the
Japanese domestic private client
business and lower retention
expenses.
General and administrative
expenses fell 12% from CHF 1,441
million in 2001 to CHF 1,263
million in 2002. Excluding the
impact of the falling US dollar
against the Swiss franc, general
and administrative expenses
dropped by 4% compared to 2001
due to the cost management
initiatives implemented during
the course of 2002, reducing our
professional fees, advertising,
travel and other office-related
costs. In addition, general and
administrative expenses were
reduced by the transfer of prime
brokerage business to UBS Warburg
and the closure of the Japanese
private client businesses. This
was partially offset by the
equity research settlement charge
of CHF 21 million.
Depreciation increased CHF
25 million to CHF 149 million in
2002 from CHF 124 million in
2001. Excluding currency
movements, the increase in
depreciation of 32% was due to
higher technology equipment
charges. Goodwill and other
intangible amortization dropped
from CHF 502 million in 2001 to
CHF 457 million in 2002 as a
result of the weakening US dollar
against the Swiss franc.
Headcount
UBS PaineWebber's headcount
decreased 4% during the year to
19,563 reflecting our continued
cost management initiatives.
Non-financial advisor headcount
was down by 989 or 8% compared to
end of 2001. Further, we closed
our Japanese domestic private
client business and transferred
the prime brokerage business to
UBS Warburg. At the same time we
expanded our financial advisor
headcount by 139, reflecting our
continued aim to extend the reach
of our business.
2001
Comparisons of full-year 2001
results to full-year 2000 reflect
the very different scale of this
Business Group prior to the
acquisition of Paine-Webber in
November 2000.
Key performance indicators
At the end of 2001, UBS
PaineWebber had CHF 769 billion
of invested assets, compared to
CHF 765 billion at 31 December
2000, a change of 1%, with
negative market performance
during the year nearly offset by
strong net new money flows.
Net new money for the year
was CHF 33.2 billion, compared to
CHF 14.5 billion in 2000, more
than half of which was earned in
the last quarter of 2000 after
the integration of Paine-
70
Table of Contents
Webber. UBS PaineWebber's ability
to continue to generate high
levels of net new money despite
the uncertain markets in 2001
reflects the strength of its
client franchise amongst high net
worth individuals in the US.
Gross margin on invested
assets before acquisition costs
(retention payments and goodwill
amortization) increased to 90
basis points, from 71 basis
points in 2000, reflecting the
addition of PaineWebber. Gross
margin in the pre-existing
business for the nine months to
30 September 2000, before the
addition of PaineWebber was 36
basis points. The gross margin
fell slightly during 2001,
reflecting the effect of
uncertain markets on transaction
volumes.
The cost/income ratio before
acquisition costs was 90% in 2001
compared to 105% in 2000. Until
the addition of PaineWebber, the
pre-existing business was loss
making, reflecting the relatively
early stage of its business
development. Cost control has
remained a strong focus during
the year, with the cost/income
ratio in fourth quarter 2001 the
same as in fourth quarter 2000.
Recurring fees were CHF
2,366 million in 2001. This
metric was not tracked prior to
the integration of PaineWebber in
November 2000. During 2001,
recurring fees declined 6% to CHF
566 million in fourth quarter
2001 compared to CHF 601 million
in first quarter 2001, due to the
effects of market depreciation on
client assets -recurring fees are
priced based on the asset level
at the end of the prior quarter.
At the end of December 2001,
UBS PaineWebber had 8,718
financial advisors, a number
virtually unchanged from the end
of 2000. Although we continued to
recruit and train new financial
advisors in 2001, the difficult
market conditions led to higher
turnover amongst the least
productive advisors.
Results
Pre-tax loss for 2001 was CHF 713
million. Excluding acquisition
costs, UBS PaineWebber posted a
profit of CHF 693 million, a
strong result relative to our
peers, achieved against a
particularly poor market
environment, with two successive
years of market declines in the US
for the first time since the late
1970s leading to much lower
transaction volumes. In 2000, UBS
PaineWebber incurred a loss of
CHF 357 million — excluding
acquisition costs the loss was CHF
72 million.
Operating income
Operating income for the year was
CHF 6,373 million, compared to
CHF 1,211 million in 2000.
Revenues were resilient during
2001, declining just 12% from
first quarter to fourth quarter,
despite recession and market
uncertainty in the US.
Operating expenses
Total operating expenses were CHF
7,086 million in 2001 compared to
CHF 1,568 million in 2000.
UBS PaineWebber implemented
a number of cost control
initiatives in 2001, aimed at
reducing discretionary
expenditure and support costs,
while protecting the business's
ability to serve its clients to
the highest standards.
Personnel expenses were CHF
5,019 million in 2001, compared
to CHF 1,098 million in 2000,
reflecting the completely
different scale of the business.
Expenses in 2001 included CHF 436
million of retention payments for
key UBS PaineWebber staff,
compared to CHF 117 million in
2000. Through 2001 personnel
expenses reduced, from CHF 1,296
million in first quarter to CHF
1,200 million in fourth quarter,
reflecting lower
performance-related and variable
compensation and a reduction of
support headcount.
General and administrative
expenses were CHF 1,441 million
in 2001, compared to CHF 344
million in 2000. Cost control
efforts drove expenses down
during 2001, with fourth quarter
general and administrative
expenses 3% lower than in first
quarter.
Depreciation expenses were
CHF 124 million in 2001, compared
to CHF 42 million in 2000,
reflecting the addition of
PaineWebber. Amortization of
goodwill and other intangible
assets increased from CHF 84
million to CHF 502 million,
reflecting the amortization costs
due to the PaineWebber
acquisition.
Headcount
Headcount decreased 5% in 2001
from 21,567 at 31 December 2000
to 20,413 at 31 December 2001. We
continued to monitor market
conditions, but prudent cost
control in previous years meant
that we have not needed to make
franchise-threatening cuts to our
headcount. Financial advisor
headcount is almost unchanged
from 2000, but we continued to
implement efficiency measures to
help manage support head-count
downwards.
71
Table of Contents
Review of Business Group Performance
Corporate Center
Corporate Center
Business Group reporting
CHF million, except where indicated
% change from
For the year ended
31.12.02
31.12.01
31.12.00
31.12.01
Income
1,387
800
385
73
Credit loss recovery
1
249
236
1,161
6
Total operating income
1,636
1,036
1,546
58
Personnel expenses
645
592
522
9
General and administrative expenses
601
537
754
12
Depreciation
473
372
320
27
Amortization of goodwill and other intangible assets
24
24
43
0
Total operating expenses
1,743
1,525
1,639
14
Business Group performance before tax
(107
)
(489
)
(93
)
(78
)
Business Group performance before tax and goodwill
2
(83
)
(465
)
(50
)
(82
)
Additional information
% change from
As at
31.12.02
31.12.01
31.12.00
31.12.01
Regulatory equity allocated (average)
9,400
8,250
12,300
14
Fair value of employee stock options granted
32
3
Headcount (full-time equivalents)
1,185
1,132
986
5
Business Group reporting adjusted for Significant Financial Events
CHF million, except where indicated
% change from
For the year ended
31.12.02
31.12.01
31.12.00
31.12.01
Income
1,315
4
800
385
64
Credit loss recovery
1
249
236
1,161
6
Total operating income
1,564
1,036
1,546
51
Personnel expenses
645
592
490
5
9
General and administrative expenses
601
537
604
5
12
Depreciation
473
372
320
27
Amortization of goodwill and other intangible assets
24
24
43
0
Total operating expenses
1,743
1,525
1,457
14
Business Group performance before tax
(179
)
(489
)
89
(63
)
Business Group performance before tax and goodwill
2
(155
)
(465
)
132
(67
)
1
In order to show the relevant Business Group performance over time,
adjusted expected loss figures rather than the net IFRS actual credit
loss expenses are reported for all Business Groups. The difference
between the adjusted expected loss figures and the net IFRS actual
credit loss expenses recorded at Group level is reported in the
Corporate Center (see Note 2 to the Financial Statements).
2
Excludes
the amortization of goodwill and other intangible assets.
3
For
informational purposes only. These pre-tax amounts have not been
recorded in the Income statement. For details on the fair value
calculation, refer to Note 32e to the Financial Statements.
4
Excludes
significant financial event: Income, CHF 72 million (Gain on disposal
of Klinik Hirslanden).
5
Excludes significant financial events:
Personnel expenses, CHF 32 million (PaineWebber integration costs);
General and administrative expenses, CHF 150 million (Net additional
provision relating to the US Global Settlement).
72
Table of Contents
Significant financial events
There were no significant
financial events in Corporate
Center in 2001.
Significant financial events
booked in Corporate Center in
2002 and 2000 were:
–
Operating income of CHF 72
million from the sale of
Klinik Hirslanden in 2002.
–
Personnel expenses of CHF 32
million relating to the
integration of PaineWebber
into UBS in 2000.
–
General and administrative
costs of CHF 150 million in
2000 in connection with the
US Global Settlement of World
War II-related claims.
None of these events are
reflected in the adjusted
Business Group results in the
table on the previous page. The
results in the discussion below
exclude significant financial
events.
2002
Results
Corporate Center recorded a
pre-tax loss of CHF 179 million in
2002, compared to the pre-tax loss
of CHF 489 million in 2001.
Operating income
UBS Group recorded an actual
credit loss of CHF 206 million in
2002 and CHF 498 million in 2001.
The difference between adjusted
expected losses charged to the
business units and the actual
credit loss expense recognized in
the Group Financial Statements is
booked as credit loss expense or
recovery in the Corporate Center.
In 2002, the actual loss was lower
than the overall adjusted credit
loss expense charged to the
business units, resulting in a
credit loss recovery in Corporate
Center of CHF 249 million,
compared to a credit loss recovery
of CHF 236 million in 2001.
Full-year total operating
income increased by 51% from CHF
1,036 million in 2001 to CHF
1,564 million in 2002. This was
primarily due to higher interest
income at Group Treasury, gains
from the sale of financial
investments and an unrealized
gain on derivatives used to
economically hedge interest rate
risk related to structured notes
issued. These developments,
however, were partially offset by
writedowns on financial
investments.
Operating expenses
Total operating expenses were CHF
1,743 million in 2002, 14% higher
than in 2001.
Over the full year,
personnel expenses increased by
9% from CHF 592 million in 2001
to CHF 645 million in 2002,
mainly reflecting higher expenses
at Klinik Hirslanden, although
that was partially offset by
lower performance-related
compensation.
General and administrative
expenses for 2002, at CHF 601
million, were CHF 64 million
higher than in 2001. This was
mainly due to higher provisions
for legal cases, advertising
expenditures and higher expenses
at Klinik Hirslanden.
At CHF 473 million in 2002,
depreciation increased by 27%
compared to a year earlier. This
was mainly due to higher software
depreciation which was previously
capitalized as well as higher
depreciation levels for Klinik
Hirslanden.
Headcount
Headcount increased 5% during
2002 to 1,185 at 31 December
2002, reflecting hiring in Group
Human Resources and Group
Controller areas as well as
transfers of staff from the
Business Groups.
2001
Results
Corporate Center recorded a
pre-tax loss of CHF 489 million in
2001, compared to a pre-tax profit
of CHF 89 million in 2000,
adjusted for significant financial
events.
Operating income
The credit loss expense or
recovery booked in Corporate
Center represents the difference
between the adjusted expected
losses charged to the business
units and the actual credit loss
recognized in the Group income
statement. UBS
Group's credit loss expense
increased to CHF 498 million in
2001, compared to a recovery of
CHF 130 million in 2000. For both
2000 and 2001, actual credit loss
was less than the charge to the
business units, resulting in a
credit loss recovery in Corporate
Center of CHF 236 million in
2001, compared to a recovery of
CHF 1,161 million in 2000.
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Table of Contents
Review of Business Group Performance
Corporate Center
Operating income decreased
by CHF 510 million from 2000 to
CHF 1,036 million in 2001,
principally reflecting the swing
in the credit loss results,
offset by higher income from
treasury activities.
Operating expenses
Total operating expenses were CHF
1,525 million in 2001, 5% higher
than in 2000.
In 2001 personnel expenses
were CHF 592 million, an increase
of 21% compared to 2000, driven
by severance payments and the
full-year cost of senior
management and other additional
personnel added through the
PaineWebber merger.
General and administrative
expenses for 2001, at CHF 537
million, were CHF 67 million
lower
than in 2000. This was due
to lower corporate real estate
costs and lower professional fees
connected to the US Global
Settlement of World War
II-related claims, offset by
higher IT costs and one-off
charges relating to the
bankruptcy of SAir Group.
Headcount
Headcount increased 15% during
2001 to 1,132 at 31 December
2001, driven by the transfer of
International Mobility Program
participants to Corporate Center
headcount and the transfer of
human resources staff from UBS
Warburg. The International
Mobility Program provides
outstanding young employees of
UBS with opportunities for work
experience overseas.
74
Table of Contents
75
Table of Contents
76
Table of Contents
77
Table of Contents
UBS Group Financial Statements
Table of Contents
Financial Statements
Table of Contents
Financial Statements
80
UBS Group Income Statement
80
UBS Group Balance Sheet
81
UBS Group Statement of Changes in Equity
82
UBS Group Statement of Cash Flows
84
Notes to the Financial Statements
86
1
Summary of Significant Accounting Policies
86
2a
Segment Reporting by Business Group
96
2b
Segment Reporting by Geographic Location
99
Income Statement
100
3
Net Interest and Trading Income
100
4
Net Fee and Commission Income
101
5
Other Income
101
6
Personnel Expenses
102
7
General and Administrative Expenses
102
8
Earnings per Share (EPS) and Shares Outstanding
103
Balance Sheet: Assets
104
9a
Due from Banks and Loans
104
9b
Allowances and Provisions for Credit Losses
105
9c
Impaired Loans
105
9d
Non-Performing Loans
106
10
Securities Borrowing, Securities Lending,
Repurchase and Reverse Repurchase Agreements
107
11
Trading Portfolio
108
12
Financial Investments
109
13
Investments in Associates
110
14
Property and Equipment
111
15
Goodwill and Other Intangible Assets
111
16
Other Assets
113
Balance Sheet: Liabilities
114
17
Due to Banks and Customers
114
18
Debt Issued
114
19
Other Liabilities
120
20
Provisions
120
21
Income Taxes
120
22
Minority Interests
122
23
Derivative Instruments
122
78
Table of Contents
Off-Balance Sheet Information
127
24
Fiduciary Transactions
127
25
Commitments and Contingent Liabilities
127
26
Operating Lease Commitments
129
Additional Information
130
27
Pledged Assets
130
28
Litigation
130
29
Financial Instruments Risk Position
130
a)
Market Risk
131
(a)(i)
Overview
131
(a)(ii)
Interest Rate Risk
131
(a)(iii)
Currency Risk
133
(a)(iv)
Equity Risk
135
(a)(v)
Issuer Risk
135
b)
Credit Risk
135
c)
Liquidity Risk
138
d)
Capital Adequacy
139
30
Fair Value of Financial Instruments
141
31
Retirement Benefit Plans and Other Employee Benefits
143
32
Equity Participation Plans
147
a)
Equity Participation Plans Offered
147
b)
UBS Share Awards
148
c)
UBS Option Awards
149
d)
Compensation Expense
150
e)
Pro-Forma Net Income
150
33
Related Parties
151
34
Post-Balance Sheet Events
153
35
Significant Subsidiaries and Associates
153
36
Acquisition of Paine Webber Group, Inc.
157
37
Currency Translation Rates
157
38
Swiss Banking Law Requirements
157
39
Reconciliation to US GAAP
160
40
Additional Disclosures Required under
US GAAP and SEC Rules
172
Report of the Group Auditors
177
79
Table of Contents
UBS Group Financial Statements
Financial Statements
Financial Statements
UBS Group Income Statement
CHF million, except per share data
% change from
For the year ended
Note
31.12.02
31.12.01
31.12.00
31.12.01
Operating income
Interest income
3
39,963
52,277
51,745
(24
)
Interest expense
3
(29,417
)
(44,236
)
(43,615
)
(33
)
Net interest income
10,546
8,041
8,130
31
Credit loss (expense)/recovery
(206
)
(498
)
130
(59
)
Net interest income after credit loss
expense
10,340
7,543
8,260
37
Net fee and commission income
4
18,221
20,211
16,703
(10
)
Net trading income
3
5,572
8,802
9,953
(37
)
Other income
5
(12
)
558
1,486
Total operating income
34,121
37,114
36,402
(8
)
Operating expenses
Personnel expenses
6
18,524
19,828
17,163
(7
)
General and administrative expenses
7
7,072
7,631
6,765
(7
)
Depreciation of property and equipment
14
1,521
1,614
1,608
(6
)
Amortization of goodwill and
other intangible assets
15
2,460
1,323
667
86
Total operating expenses
29,577
30,396
26,203
(3
)
Operating profit before tax and
minority interests
4,544
6,718
10,199
(32
)
Tax expense
21
678
1,401
2,320
(52
)
Net profit before minority interests
3,866
5,317
7,879
(27
)
Minority interests
22
(331
)
(344
)
(87
)
(4
)
Net profit
3,535
4,973
7,792
(29
)
Basic earnings per share (CHF)
8
2.92
3.93
6.44
(26
)
Basic earnings per share before
goodwill (CHF)
1
8
4.73
4.97
7.00
(5
)
Diluted earnings per share (CHF)
8
2.87
3.78
6.35
(24
)
Diluted earnings per share before
goodwill (CHF)
1
8
4.65
4.81
6.89
(3
)
1
Excludes the amortization of goodwill and other intangible assets.
80
Table of Contents
UBS Group Balance Sheet
% change from
CHF million
Note
31.12.02
31.12.01
31.12.01
Assets
Cash and balances with central banks
4,271
20,990
(80
)
Due from banks
9
32,468
27,526
18
Cash collateral on securities borrowed
10
139,052
162,938
(15
)
Reverse repurchase agreements
10
294,086
269,256
9
Trading portfolio assets
11
371,436
397,886
(7
)
Positive replacement values
23
82,092
73,447
12
Loans
9
211,647
226,545
(7
)
Financial investments
12
8,391
28,803
(71
)
Accrued income and prepaid expenses
6,453
7,554
(15
)
Investments in associates
13
705
697
1
Property and equipment
14
7,869
8,695
(9
)
Goodwill and other intangible assets
15
13,696
19,085
(28
)
Other assets
16, 21
8,952
9,875
(9
)
Total assets
1,181,118
1,253,297
(6
)
Total subordinated assets
1
3,652
2,732
34
Liabilities
Due to banks
17
83,178
106,531
(22
)
Cash collateral on securities lent
10
36,870
30,317
22
Repurchase agreements
10
366,858
368,620
0
Trading portfolio liabilities
11
106,453
105,798
1
Negative replacement values
23
81,282
71,443
14
Due to customers
17
306,876
333,781
(8
)
Accrued expenses and deferred income
15,331
17,289
(11
)
Debt issued
18
129,411
156,218
(17
)
Other liabilities
19, 20, 21
12,339
15,658
(21
)
Total liabilities
1,138,598
1,205,655
(6
)
Minority interests
22
3,529
4,112
(14
)
Shareholders' equity
Share capital
1,005
3,589
(72
)
Share premium account
12,638
14,408
(12
)
Net gains/(losses) not recognized in the income statement,
net of tax
(159
)
(193
)
18
Retained earnings
32,638
29,103
12
Treasury shares
(7,131
)
(3,377
)
(111
)
Total shareholders' equity
38,991
43,530
(10
)
Total liabilities, minority interests and shareholders' equity
1,181,118
1,253,297
(6
)
Total subordinated liabilities
10,102
13,818
(27
)
1
The subordinated assets for 2001 have been restated to include
the subordinated traded assets of CHF 2,325 million.
81
Table of Contents
1
On 16 July
2001, UBS made a
distribution to
shareholders of
CHF 1.60 per
share, paid in
the form of a
reduction in the
par value of its
shares, from CHF
10.00 to CHF
8.40. At the
same time, UBS
split its share
3 for 1,
resulting in a
new par value of
CHF 2.80 per
share. On 10
July 2002 UBS
made a
distribution of
CHF 2.00 to
shareholders
which reduced
the par value
from CHF 2.80 to
CHF 0.80.
2
Included are
gains and losses
from
match-funding of
net investments
in foreign
entities as
follows: CHF 849
million net gain
for 2002 and CHF
43 million net
loss for 2001.
3
Opening
adjustments to
reflect the
adoption of IAS
39 (see Note 1:
Summary of
Significant
Accounting
Policies).
4
Dividends
declared per
share were CHF
1.50 in 2000 and
CHF 1.83 in
1999, both paid
in the year
2000.
UBS Group Financial Statements
Financial Statements
UBS Group Statement of Changes in Equity
CHF million
For the year ended
31.12.02
31.12.01
31.12.00
Issued and paid up share capital
Balance at the beginning of the year
3,589
4,444
4,309
Issue of share capital
6
12
135
Capital repayment by par value reduction
1
(2,509
)
(683
)
Cancellation of second trading line treasury shares (2000 Program)
(184
)
Cancellation of second trading line treasury shares (2001 Program)
(81
)
Balance at the end of the year
1,005
3,589
4,444
Share premium
Balance at the beginning of the year
14,408
20,885
14,437
Premium on shares issued and warrants exercised
157
80
139
Net premium/(discount) on treasury share and own equity derivative
activity
282
(239
)
(391
)
Share premium increase due to PaineWebber acquisition
4,198
Borrow of own shares to be delivered
5,895
Settlement of own shares to be delivered
(2,502
)
(3,393
)
Cancellation of second trading line treasury shares (2000 Program)
(3,816
)
Cancellation of second trading line treasury shares (2001 Program)
(2,209
)
Balance at the end of the year
12,638
14,408
20,885
Net gains/(losses) not recognized in the income statement, net of taxes
Foreign currency translation
Balance at the beginning of the year
(769
)
(687
)
(442
)
Movements during the year
2
(80
)
(82
)
(245
)
Subtotal — balance at the end of the year
(849
)
(769
)
(687
)
Net unrealized gains/(losses) on available for sale investments, net of taxes
Balance at the beginning of the year
1,035
0
Change in accounting policy
1,577
3
Net unrealized gains/(losses) on available for sale investments
(144
)
(139
)
Impairment charges reclassified to the income statement
635
47
Gains reclassified to the income statement
(600
)
(461
)
Losses reclassified to the income statement
20
11
Subtotal — balance at the end of the year
946
1,035
Change in fair value of derivative instruments
designated as cash flow hedges, net of taxes
Balance at the beginning of the year
(459
)
0
Change in accounting policy
(380
)
3
Net unrealized gains/(losses) on the revaluation of cash flow hedges
(11
)
(316
)
Net (gains)/losses reclassified to the income statement
214
237
Subtotal — balance at the end of the year
(256
)
(459
)
Balance at the end of the year
(159
)
(193
)
(687
)
Retained earnings
Balance at the beginning of the year
29,103
24,191
20,327
Change in accounting policy
(61
)
3
Balance at the beginning of the year (restated)
29,103
24,130
20,327
Net profit for the year
3,535
4,973
7,792
Dividends paid
1, 4
(3,928
)
Balance at the end of the year
32,638
29,103
24,191
Treasury shares, at cost
Balance at the beginning of the year
(3,377
)
(4,000
)
(8,023
)
Acquisitions
(8,313
)
(13,506
)
(16,330
)
Disposals
2,269
10,129
20,353
Cancellation of second trading line treasury shares (2000 Program)
4,000
Cancellation of second trading line treasury shares (2001 Program)
2,290
Balance at the end of the year
(7,131
)
(3,377
)
(4,000
)
Total shareholders' equity
38,991
43,530
44,833
82
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UBS Group Statement of Changes in Equity (continued)
Shares issued
Number of shares
% change from
For the year ended
31.12.02
31.12.01
31.12.00
31.12.01
Balance at the beginning of the year
1,281,717,499
1,333,139,187
1,292,679,486
(4
)
Issue of share capital
3,398,869
3,843,661
4,459,701
(12
)
Issue of share capital due to
PaineWebber acquisition
36,000,000
Cancellation of second trading line
treasury shares (2000 Program)
(55,265,349
)
Cancellation of second trading line
treasury shares (2001 Program)
(28,818,690
)
Balance at the end of the year
1,256,297,678
1,281,717,499
1,333,139,187
(2
)
Treasury shares
Number of shares
% change from
For the year ended
31.12.02
31.12.01
31.12.00
31.12.01
Balance at the beginning of the year
41,254,951
55,265,349
110,621,142
(25
)
Acquisitions
110,710,741
162,818,045
257,121,477
1
(32
)
Disposals
(25,965,908
)
(121,563,094
)
(312,477,270
)
1
(79
)
Cancellation of second trading line
treasury shares (2000 Program)
(55,265,349
)
Cancellation of second trading line
treasury shares (2001 Program)
(28,818,690
)
Balance at the end of the year
97,181,094
41,254,951
55,265,349
136
1
Number of shares in 2000 has been adjusted.
During the year a total of 28,818,690 shares acquired under the second
trading line buyback program 2001 were cancelled. At 31 December 2002,
a maximum of 9,590,918 shares can be issued against the exercise of
options from former PaineWebber employee option plans. These shares are
shown as conditional share capital in the UBS AG (Parent Bank)
disclosure. Out of the total number of 97,181,094 treasury shares,
74,035,080 shares (CHF 5,416 million) were acquired under the second
trading line buyback program 2002 and are earmarked for cancellation.
The Board of Directors will propose to the Annual General Meeting on 16
April 2003 to reduce the issued number of shares and the share capital
by the number of shares purchased for cancellation. All issued shares
are fully paid.
83
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UBS Group Financial Statements
Financial Statements
UBS Group Statement of Cash Flows
CHF million
For the year ended
31.12.02
31.12.01
31.12.00
Cash flow from/(used in) operating activities
Net profit
3,535
4,973
7,792
Adjustments to reconcile net profit
to cash flow from/(used in) operating activities
Non-cash items included in net profit and other adjustments:
Depreciation of property and equipment
1,521
1,614
1,608
Amortization of goodwill and other intangible assets
2,460
1,323
667
Credit loss expense/(recovery)
206
498
(130
)
Equity in income of associates
(7
)
(72
)
(58
)
Deferred tax expense/(benefit)
(509
)
292
544
Net loss/(gain) from investing activities
986
513
(730
)
Net (increase)/decrease in operating assets:
Net due from/to banks
(22,382
)
27,306
(915
)
Reverse repurchase agreements and
cash collateral on securities borrowed
(944
)
(60,536
)
(81,054
)
Trading portfolio and net
replacement values
21,967
(78,456
)
11,553
Loans/due to customers
(11,537
)
42,813
12,381
Accrued income, prepaid expenses and other assets
2,875
(424
)
6,923
Net increase/(decrease) in operating liabilities:
Repurchase agreements, cash collateral on securities lent
4,791
80,006
50,762
Accrued expenses and other liabilities
(4,754
)
(5,235
)
3,313
Income taxes paid
(572
)
(1,742
)
(959
)
Net cash flow
from/(used in) operating activities
(2,364
)
12,873
11,697
Cash flow from/(used in)
investing activities
Investments in subsidiaries and associates
(60
)
(467
)
(9,729
)
Disposal of subsidiaries and associates
984
95
669
Purchase of property and equipment
(1,763
)
(2,021
)
(1,640
)
Disposal of property and equipment
67
380
335
Net (investment in)/divestment
of financial investments
2,153
(5,770
)
(8,770
)
Net cash flow from/(used in) investing activities
1,381
(7,783
)
(19,135
)
Cash flow from/(used in) financing activities
Net money market
paper issued/(repaid)
(26,206
)
24,226
10,125
Net movements in treasury shares and own equity derivative activity
(5,605
)
(6,038
)
(647
)
Capital issuance
6
12
15
Capital repayment by par value reduction
(2,509
)
(683
)
Dividends paid
(3,928
)
Issuance of long-term debt
17,132
18,233
14,884
Repayment of long-term debt
(14,911
)
(18,477
)
(24,640
)
Increase in minority interests
0
1,291
2,683
Dividend payments to/and purchase from minority interests
(377
)
(461
)
(73
)
Net cash flow from/(used in) financing activities
(32,470
)
18,103
(1,581
)
Effects of exchange
rate differences
(462
)
(304
)
112
Net increase/(decrease) in cash equivalents
(33,915
)
22,889
(8,907
)
Cash and cash
equivalents, beginning of the year
116,259
93,370
102,277
Cash and cash
equivalents, end of the year
82,344
116,259
93,370
Cash and cash
equivalents comprise:
Cash and balances
with central banks
4,271
20,990
2,979
Money market
paper
1
46,183
69,938
66,454
Due from banks
maturing in less than three months
31,890
25,331
23,937
Total
82,344
116,259
93,370
1
Money market paper is included in the Balance sheet under Trading
portfolio assets and Financial investments. CHF 10,475 million, CHF
29,895 million and CHF 28,395 million were pledged at 31 December 2002,
31 December 2001 and 31 December 2000, respectively.
84
Table of Contents
UBS Group Statement of Cash Flows (continued)
Significant non-cash investing and financing activities
CHF million
For the year ended
31.12.02
31.12.01
31.12.00
Paine Webber Group, Inc. acquisition
Value of shares issued (121,741,710 shares issued)
0
0
10,246
Value of options issued (18,975,810 options issued)
0
0
992
Solothurner Bank SOBA, Solothurn, deconsolidation
Investments in associates
0
0
1
Property and equipment
0
0
77
Debt issued
0
0
493
Hyposwiss, Zurich, deconsolidation
Financial investments
53
0
0
Property and equipment
18
0
0
Debt issued
63
0
0
Hirslanden Holding AG, Zurich, deconsolidation
Financial investments
3
0
0
Property and equipment
718
0
0
Goodwill and other intangible assets
15
0
0
Consolidation of special purpose entities
Debt issued
2,322
0
0
85
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Notes to the Financial Statements
Note 1  Summary of Significant Accounting Policies
a) Basis of accounting
UBS AG and subsidiaries ("UBS" or
the "Group") provide a broad
range of financial services
including advisory services,
underwriting, financing, market
making, asset management,
brokerage, and retail banking on
a global level. The Group was
formed on 29 June 1998 when Swiss
Bank Corporation and Union Bank
of Switzerland merged. The merger
was accounted for using the
uniting of interests method of
accounting.
The consolidated financial
statements of the Group (the
"Financial Statements") are
prepared in accordance with
International Financial Reporting
Standards ("IFRS") and stated in
Swiss francs (CHF), the currency
of the country in which UBS AG is
incorporated. On 11 February 2003
the Board of Directors approved
them for issue.
b) Use of estimates in the preparation of Financial Statements
In preparing the Financial
Statements, management is
required to make estimates and
assumptions that affect reported
income, expenses, assets,
liabilities and disclosure of
contingent assets and
liabilities. Use of available
information and application of
judgement are inherent in the
formation of estimates. Actual
results in the future could
differ from such estimates and
the differences may be material
to the Financial Statements.
c) Consolidation
The Financial Statements comprise
those of the parent company (UBS
AG), its subsidiaries and certain
special purpose entities,
presented as a single economic
entity. The effects of
intra-group transactions are
eliminated in preparing the
Financial Statements.
Subsidiaries and special purpose
entities which are directly or
indirectly controlled by the
Group are consolidated.
Subsidiaries acquired are
consolidated from the
date
control is transferred to the
Group. Subsidiaries to be
divested are consolidated up to
the date of disposal. Temporarily
controlled entities that are
acquired and held with a view to
their subsequent disposal, are
recorded as Financial
investments.
Assets held in an agency or
fiduciary capacity are not assets
of the Group and are not reported
in the Financial Statements.
Equity and net income
attributable to minority
interests are shown separately in
the Balance sheet and Income
statement, respectively.
Investments in associates in
which the Group has a significant
influence are accounted for under
the equity method of accounting.
Significant influence is normally
evidenced when UBS owns 20% or
more of a company's voting
rights. Investments in associates
are initially recorded at cost
and the carrying amount is
increased or decreased to
recognize the Group's share of
the investee's profits or losses
after the date of acquisition.
Investments in associates for
which significant influence is
intended to be temporary because
the investments are acquired and
held exclusively with a view to
their subsequent disposal, are
recorded as Financial
investments.
The Group sponsors the
formation of companies, which may
or may not be directly or
indirectly owned subsidiaries,
for the purpose of asset
securitization transactions and
structured debt issuance, and to
accomplish certain narrow and
well defined objectives. These
companies may acquire assets
directly or indirectly from UBS
or its affiliates. Some of these
companies are bankruptcy-remote
entities whose assets are not
available to satisfy the claims
of creditors of the Group or any
of its subsidiaries. Such
companies are consolidated in the
Group's Financial Statements when
the substance of the relationship
between the Group and the company
indicates that the company is
controlled by the Group. Certain
transactions of consolidated
enti-
86
Table of Contents
ties meet the criteria for
derecognition of financial
assets. Derecognition of a
financial asset takes place when
the Group loses control of the
contractual rights that comprise
the financial asset. These
transactions do not affect
the consolidation status of an
entity.
d) Foreign currency translation
Foreign currency transactions are
recorded at the rate of exchange
on the date of the transaction.
At the balance sheet date,
monetary assets and liabilities
denominated in foreign currencies
are reported using the closing
exchange rate. Exchange
differences arising on the
settlement of transactions at
rates different from those at the
date of the transaction, and
unrealized foreign exchange
differences on unsettled foreign
currency monetary assets and
liabilities, are recognized in
the income statement.
Exchange differences on
non-monetary financial assets are
a component of the change in
their fair value. Depending on
the classification of a
non-monetary financial asset,
exchange differences are either
recognized in the income
statement (applicable for example
for equity securities held for
trading), or within Shareholder's
equity if non-monetary financial
assets are classified as
available-for-sale financial
investments.
When preparing consolidated
financial statements, assets and
liabilities of foreign entities
are translated at the exchange
rates at the balance sheet date,
while income and expense items
are translated at weighted
average rates for the period.
Differences resulting from the
use of closing and weighted
average exchange rates and from
revaluing a foreign entity's
opening net asset balance at
closing rate are recognized
directly in Foreign currency
translation within Shareholders'
equity.
e) Business and geographical segments
The Group is organized on a
worldwide basis into four
Business Groups and the Corporate
Center. This organizational
structure is the basis upon which
the Group reports its primary
segment information.
Segment income, segment
expenses and segment performance
include transfers between
business segments and between
geographical segments. Such
transfers are accounted for at
prices in line with charges to
unaffiliated customers for
similar services.
f) Cash and cash equivalents
Cash and cash equivalents consist
of Cash and balances with central
banks, balances included in Due
from banks that mature in less
than three months, and Money
market paper included in Trading
portfolio assets and Financial
investments.
g) Fee income
Brokerage fees earned from
executing securities transactions
are recorded when the service has
been provided. Portfolio and
other management, advisory and
other service fees are recognized
based on the terms of the
applicable service contracts.
Asset management fees related to
investment funds are recognized
ratably over the period the
service is provided. The same
principle is applied for fees
earned for wealth management,
financial planning and custody
services that are
continuously provided over an
extended period of time.
Transaction-related fees earned
from merger and acquisition and
other advisory services,
securities underwriting, fund
raising, and from other
investment banking and similar
services that have a
non-recurring character, are
recognized at the time the
service has been completed.
h) Securities borrowing and lending
Securities borrowed and
securities lent are recorded at
the amount of cash collateral
advanced or received, plus
accrued interest.
Securities borrowed and
securities received as collateral
under securities lending
transactions are not recognized
in the balance sheet unless
control of the contractual rights
that comprise these securities
received is gained. Securities
lent and securities provided as
collateral under securities
borrowing transactions are not
derecognized from the balance
sheet unless control of the
contractual rights that comprise
these securities transferred is
relinquished. The Group monitors
the market value of the
securities borrowed and lent on a
daily basis and provides or
requests additional collateral in
accordance with the underlying
agreements.
Fees and interest received
or paid are recorded as interest
income or interest expense, on an
accrual basis.
i) Repurchase and reverse repurchase transactions
Securities purchased under
agreements to resell (reverse
repurchase agreements) and
securities
87
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
sold
under agreements to
repurchase (repurchase
agreements) are generally
treated as collateralized
financing transactions
and are carried at the
amounts of cash advanced
or received, plus accrued
interest.
Securities received under
reverse repurchase agreements and
securities delivered under
repurchase agreements are not
recognized in the balance sheet
or derecognized from the balance
sheet, unless control of the
contractual rights that comprise
these securities is relinquished.
The Group monitors the market
value of the securities received
or delivered on a daily basis,
and provides or requests
additional collateral in
accordance with the underlying
agreements.
Interest earned on reverse
repurchase agreements and
interest incurred on repurchase
agreements is recognized as
interest income or interest
expense, over the life of each
agreement.
The Group offsets reverse
repurchase agreements and
repurchase agreements with the
same counterparty for
transactions covered by legally
enforceable master netting
agreements when net or
simultaneous settlement is
intended.
j) Trading portfolio
Trading portfolio assets consist
of money market paper, other debt
instruments, including traded
loans, equity instruments and
precious metals
which are owned by the Group
("long" positions). Obligations
to deliver trading securities
sold but not yet purchased are
reported as Trading portfolio
liabilities. Trading portfolio
liabilities consist of money
market paper, other debt
instruments and equity
instruments which the Group has
sold to third parties but does
not own ("short" positions).
The trading portfolio is
carried at fair value, which
includes valuation allowances for
instruments for which liquid
markets do not exist. Gains and
losses realized on disposal or
redemption and unrealized gains
and losses from changes in the
fair value of trading portfolio
assets or liabilities are
reported as Net trading income.
Interest and dividend income and
expense on trading portfolio
assets or liabilities are
included in Interest and dividend
income or Interest and dividend
expense, respectively.
The Group uses settlement
date accounting when recording
trading portfolio transactions.
It recognizes from the date the
transaction is entered into
(trade date) in the income
statement
any unrealized profits
and losses arising from revaluing
that contract to fair value.
Subsequent to the trade date,
when the transaction is
consummated (settlement date) a
resulting financial asset or
liability is recognized on the
balance sheet at the fair value
of the consideration given or
received plus the change in fair
value of the contract since the
trade date. When the Group
becomes party to a sales contract
of a financial asset classified
in its trading portfolio it
derecognizes the asset on the day
of its transfer.
The determination of fair
values of trading portfolio
assets or liabilities is based on
quoted market prices in active
markets or dealer price
quotations, pricing models (using
assumptions based on market and
economic conditions), or
management's estimates, as
applicable.
k) Loans originated by the Group
Loans originated by the Group
include loans where money is
provided directly to the
borrower, other than those that
are originated with the intent to
be sold immediately or in the
short term, which are recorded as
Trading portfolio assets. A
participation in a loan from
another lender is considered to
be originated by the Group,
provided it is funded on the date
the loan is originated by the
lender. Purchased loans are
classified either as Financial
investments available for sale,
or as Trading portfolio assets,
as appropriate.
Loans originated by the
Group are recognized when cash is
advanced to borrowers. They are
initially recorded at cost, which
is the fair value of the cash
given to originate the loan,
including any transaction costs,
and are subsequently measured at
amortized cost using the
effective interest rate method.
Interest on loans originated
by the Group is included in
Interest earned on loans and
advances and is recognized on an
accrual basis. Fees and direct
costs relating to loan
origination, financing or
restructuring and to loan
commitments are deferred and
amortized to Interest earned on
loans and advances over the life
of the loan using the
straight-line method which
approximates the effective
interest rate method. Fees
received for commitments which
are not expected to result in a
loan are included in
Credit-related fees and
commissions over the commitment
period. Loan syndication fees
where UBS does not retain a
portion of the syndicated loan
are credited to commission
income.
88
Table of Contents
l) Allowance and provision for credit losses
An allowance for credit losses is
established if there is objective
evidence that the Group will be
unable to collect all amounts due
on a claim according to the
original contractual terms or the
equivalent value. A "claim" means
a loan, a commitment such as a
letter of credit, guarantee or
commitment to extend credit, or a
derivative or other credit
product.
An allowance for credit
loss is reported as a reduction
of the carrying value of a claim
on the balance sheet, whereas for
an off-balance sheet item such as
a commitment a provision for
credit loss is reported in Other
liabilities. Additions to the
allowances and provisions for
credit losses are made through
credit loss expense.
Allowances and provisions
for credit losses are evaluated
at a counterparty-specific and/or
country-specific level based on
the following principles:
Counterparty-specific: A claim is
considered impaired when
management determines that it is
probable that the Group will not
be able to collect all amounts
due according to the original
contractual terms or the
equivalent value.
Individual credit exposures
are evaluated based upon the
borrower's character, overall
financial condition, resources
and payment record; the prospects
for support from any financially
responsible guarantors; and,
where applicable, the realizable
value of any collateral.
The estimated recoverable
amount is the present value of
expected future cash flows which
may result from restructuring or
liquidation. Impairment is
measured and allowances for
credit losses are established for
the difference between the
carrying amount and its estimated
recoverable amount.
If there are indications of
significant probable losses in
the portfolio that have not been
specifically identified,
allowances for credit losses
would also be provided for on a
portfolio basis.
Upon impairment the accrual
of interest income based on the
original terms of the claim is
discontinued, but the increase of
the present value of impaired
claims due to the passage of time
is reported as interest income.
An impaired loan is
classified as non-performing when
the contractual payments of
principal and/or interest are in
arrears for 90 days or more.
All impaired claims are
reviewed and analyzed at least
annually. Any subsequent changes
to the
amounts and timing of the
expected future cash flows
compared to the prior estimates
will result in a change in the
allowance for credit losses and
be charged or credited to credit
loss expense.
An allowance for an
impairment is reversed only when
the credit quality has improved
such
that there is reasonable
assurance of timely collection of
principal and interest in
accordance with the original
contractual terms of the claim
agreement.
A write-off is made when all
or part of a claim is deemed
uncollectible or forgiven.
Write-offs are charged against
previously established allowances
for credit losses or directly to
credit loss expense and reduce the
principal amount of a claim.
Recoveries in part or in full of
amounts previously written off are
credited to credit loss expense.
Country-specific: Where, in
management's opinion, it is
probable that some claims may be
affected by systemic crisis,
transfer restrictions or
non-enforceability, specific
country allowances for probable
losses are established. They are
based on country-specific
scenarios, taking into
consideration the nature of the
individual exposures, but
excluding those amounts covered
by counterparty-specific
allowances.
m) Securitizations
The Group securitizes various
consumer and commercial financial
assets, which generally results in
the sale of these assets to
special-purpose vehicles which, in
turn issue securities to
investors. Financial assets are
partially or wholly derecognized
when the Group gives up control of
the contractual rights that
comprise the financial asset.
Interests in the securitized
financial assets may be retained
in the form of senior or
subordinated tranches,
interest-only strips or other
residual interests ("retained
interests"). Retained interests
are primarily recorded in Trading
portfolio assets and carried at
fair value. The determination of
fair values of retained interest
is generally based on quoted
market prices or to a lesser
extent by determining the present
value of expected future cash
flows using pricing models that
incorporate management's best
estimates of critical assumptions
which may include credit losses,
discount rates, yield curves and
other factors.
Gains or losses on
securitization depend in part on
the carrying amount of the
transferred
89
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
financial assets,
allocated between the
financial assets
derecognized and the
retained interests based
on their relative fair
values at the date of the
transfer. Gains or losses
on securitization are
recorded in Net trading
income.
n) Financial investments
Financial investments are
classified as available-for-sale
and recorded on a settlement date
basis. Management determines the
appropriate classification of its
investments at the time of the
purchase. Financial investments
consist of money market paper,
other debt instruments and equity
instruments, including private
equity investments.
Available-for-sale financial
investments may be sold in
response to needs for liquidity
or changes
in interest rates, foreign
exchange rates or equity prices.
Available-for-sale financial
investments are carried at fair
value. Unrealized gains or losses
on available-for-sale investments
are reported in Shareholders'
equity, net of applicable taxes,
until such investment is sold,
collected or otherwise disposed
of, or until such investment is
determined to be impaired.
The determination of fair
values of available-for-sale
financial investments is
generally based on quoted market
prices in active markets, dealer
price quotations, discounted
expected cash flows using market
rates commensurate with the
credit quality and maturity of
the investment or based upon
review of the investee's
financial results, condition and
prospects including comparisons
to similar companies for which
quoted market prices are
available.
If an available-for-sale
investment is determined to be
impaired, the cumulative
unrealized loss previously
recognized in Shareholders'
equity is included in net profit
or loss for the period and
reported in Other income. A
financial investment is
considered impaired if its cost
exceeds the recoverable amount.
For non-quoted equity
investments, the recoverable
amount is determined by applying
recognized valuation techniques.
The standard method applied is
based on multiple of earnings
observed in the market for
comparable companies. For quoted
financial investments, the
recoverable amount is determined
by reference to the market price.
They are considered impaired if
objective evidence indicates that
the decline in market price has
reached a level that recovery of
the cost
value cannot be
reasonably expected within the
foreseeable future.
On disposal of an
available-for-sale investment,
the accumulated unrealized gain
or loss included in Shareholders'
equity is transferred to net
profit or loss for the period and
reported in Other income. Gains
and losses on disposal are
determined using the average cost
method.
Interest and dividend income
on available-for-sale financial
investments is included in
Interest and dividend income from
financial investments.
o) Property and equipment
Property and equipment includes
bank-occupied properties,
investment properties, software,
IT and communication and other
machines and equipment.
Bank-occupied property is
defined as property held by the
Group for use in the supply of
services or for administrative
purposes whereas investment
property is defined as property
held by the Group to earn rentals
and/or for capital appreciation.
If a property of the Group
includes a portion that is
bank-occupied and another portion
that is held to earn rentals or
for capital appreciation, the
classification is based on whether
or not these portions can be sold
separately. If both portions of
the property can be sold
separately these portions are
accounted for as bank-occupied
property and investment property,
respectively. If the portions
cannot be sold separately, the
whole property is
classified as bank-occupied
property unless the portion used
by the bank is minor. The
classification of property is
reviewed on a regular basis to
account for major changes in its
usage.
Software development costs
are capitalized when they meet
certain criteria relating to
identifiability, it is probable
that future economic benefits
will flow to the enterprise, and
the cost can be measured
reliably. Internally developed
software meeting these criteria
and purchased software are
classified in Property and
equipment on the balance sheet.
Property and equipment is
carried at cost less accumulated
depreciation and accumulated
impairment losses. Property and
equipment is periodically
reviewed for impairment.
Property and equipment is
depreciated on a straight-line
basis over its estimated useful
life as follows:
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Table of Contents
Properties, excluding land
Not exceeding 50 years
Other machines and equipment
Not exceeding 10 years
IT, software and communication
Not exceeding 3 years
Property formerly
bank-occupied or leased to third
parties under an operating lease,
which the Group has decided to
dispose of and foreclosed
property are defined as
Properties held for resale and
disclosed in Other assets. They
are carried at the lower of cost
or recoverable value.
When the cost model is
applied, IAS 40, Investment
Property, requires the disclosure
of the investment property's fair
value (see Note 14) and how fair
value is determined. UBS employs
internal real estate experts who
determine the fair value of
investment property by applying
recognized valuation techniques.
In cases where prices of recent
market transactions of comparable
objects are available, fair value
is determined by reference to
these transactions.
p) Goodwill and other intangible assets
Goodwill represents the excess of
the cost of an acquisition over
the fair value of the Group's
share of net identifiable assets
of the acquired entity at the
date of acquisition.
Other intangible assets are
comprised of separately
identifiable intangible items
arising from acquisitions and
certain purchased trademarks and
similar items.
Goodwill and other
intangible assets are recognized
as assets and are amortized using
the straight-line basis over
their estimated useful economic
life, not exceeding 20 years. At
each balance sheet date, goodwill
and other intangible assets are
reviewed for indications of
impairment or changes in
estimated future benefits. If
such indications exist an
analysis is performed to assess
whether the carrying amount of
goodwill or other intangible
assets is fully recoverable. A
write-down is made if the
carrying amount exceeds the
recoverable amount.
q) Income taxes
Income tax payable on profits,
based on the applicable tax laws
in each jurisdiction, is
recognized as an expense in the
period in which
profits arise. The tax effects of
income tax losses available for
carry-forward are recognized as
an asset when it is probable that
future taxable profit will be
available against which those
losses can be utilized.
Deferred tax liabilities are
recognized for temporary
differences between the carrying
amounts of assets and liabilities
in the Group balance sheet and
their amounts as measured for tax
purposes, which will result in
taxable amounts in future
periods. Deferred tax assets are
recognized for temporary
differences which will result in
deductible amounts in future
periods, but only to the extent
it is probable that sufficient
taxable profits will be available
against which these differences
can be utilized.
Deferred tax assets and
liabilities are measured at the
tax rates that are expected to
apply in the period in which the
asset will be realized or the
liability will be settled based
on enacted rates.
Current and deferred tax
assets and liabilities are offset
when they arise from the same tax
reporting group and relate to the
same tax authority and when the
legal right to offset exists.
Current and deferred taxes
are recognized as income tax
benefit or expense except for (i)
deferred taxes recognized or
disposed of upon the acquisition
or disposal of a subsidiary, and
(ii) unrealized gains or losses
on available for sale investments
and changes in fair value of
derivative instruments designated
as cash flow hedges, which are
recorded net of taxes in Gains or
losses not recognized in the
income statement within
Shareholders' equity.
r) Debt issued
Debt issued is initially measured
at cost, which is the fair value
of the consideration received,
net of transaction costs
incurred. Subsequent measurement
is at amortized cost, using the
effective interest rate method to
amortize cost at inception to the
redemption value over the life of
the debt.
Combined debt instruments
that are related to non-UBS AG
equity instruments, foreign
exchange, credit instruments or
indices are considered structured
instruments. The embedded
derivative is separated from the
host contract and accounted for as
a stand-alone derivative if the
criteria for separation are met.
The host contract is subsequently
measured at amortized cost.
Debt instruments with
embedded derivatives that are
related to UBS AG shares or to a
derivative instrument that has
UBS AG shares as underlying are
separated into a liability and an
equity component at issue date,
if they will be physically
settled. Initially, a portion of
the net proceeds from issuing the
combined debt instru-
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UBS Group Financial Statements
Notes to the Financial Statements
ment
are allocated to the
equity component based on
its fair value and
reported in Share premium
account. The
determination of fair
values is generally based
on quoted market prices
or option pricing models.
Subsequent changes in
fair value of the
separated equity
component are not
recognized. The remaining
amount is allocated to
the liability component
and reported as Debt
issued. The liability
component is subsequently
measured at amortized
cost. However, if the
combined instrument or
the embedded derivative
related to UBS AG shares
is cash settled or the
holder of the hybrid
instrument has the right
to require cash
settlement, then the
separated derivative is
accounted for as a
trading instrument with
changes in fair value
recorded in income.
It is the Group's policy to
hedge the fixed interest rate
risk on debt issues (except for
certain subordinated long-term
notes issues, see Note 30a) and
apply fair value hedge
accounting. The effect is such
that when hedge accounting is
applied to fixed rate debt
instruments, the carrying value
of debt issues is adjusted for
changes in fair value related to
the hedged exposure rather than
carried at amortized cost. See v)
Derivative instruments for
further discussion.
Own bonds held as a result
of market making activities or
deliberate purchases in the
market are treated as a
redemption of debt. A gain or
loss on redemption is recorded
depending on whether the
repurchase price of the bond was
lower or higher than its carrying
value in the books. A subsequent
sale of own bonds in the market
is treated as a re-issuance of
debt.
Interest expense on debt
instruments is included in
Interest on debt issued.
s) Treasury shares
UBS AG shares held by the Group
are classified in Shareholders'
equity as Treasury shares and
accounted for at weighted average
cost. The difference between the
proceeds from sales of treasury
shares and their cost (net of
tax, if any) is classified as
Share premium.
Contracts that require
physical settlement or net share
settlement in UBS AG shares or
provide the Group with a choice
to physically settle are
classified as Shareholders'
equity and reported as Share
premium. Upon settlement of such
contracts the proceeds received
less cost (net of tax, if any),
are reported as Share premium.
Contracts on UBS AG shares
that require net cash settlement
or provide the counterparty with
a choice of net cash settlement
are classified as trading
instruments, with the changes in
fair value reported in the income
statement.
t) Retirement benefits
The Group sponsors a number of
retirement benefit plans for its
employees worldwide. These plans
include both defined benefit and
defined contribution plans and
various other retirement benefits
such as post-employment medical
benefits. Group contributions to
defined contribution plans are
expensed when employees have
rendered services in exchange for
such contributions, generally in
the year of contribution.
The Group uses the projected
unit credit actuarial method to
determine the present value of
its defined benefit plans and the
related current service cost and,
where applicable, past service
cost.
The principal actuarial
assumptions used by the actuary
are set out in Note 32.
The Group recognizes a
portion of its actuarial gains
and losses as income or expenses
if the net cumulative
unrecognized actuarial gains and
losses at the end of the previous
reporting period exceeded the
greater of:
a)
10% of present value of the
defined benefit obligation at
that date (before deducting plan
assets); and
b)
10% of the fair value of any plan assets at that date.
The unrecognized actuarial
gains and losses exceeding the
greater of the two values are
recognized in the income
statement over the expected
average remaining working lives
of the employees participating in
the plans.
If an excess of the fair
value of the plan assets over the
present value of the defined
benefit obligation cannot be
recovered fully through refunds
or reductions in future
contributions, no gain is
recognized solely as a result of
deferral of an actuarial loss or
past service cost in the current
period or no loss is recognized
solely as a result of deferral of
an actuarial gain in the current
period.
u) Equity participation plans
The Group provides various equity
participation plans in the form
of stock plans and stock option
plans. UBS generally uses the
intrinsic
92
Table of Contents
value method of
accounting for such awards.
Consequently, compensation
expense is measured as the
difference between the quoted
market price of the stock at the
grant date less the amount, if
any, that the employee is
required to pay, or by the excess
of stock price over option strike
price, if any. The Group's policy
is to recognize compensation
expense for equity awards at the
date of grant.
v) Derivative instruments and hedging
All derivative instruments of the
Group are carried at fair value
on the balance sheet and are
reported as Positive or Negative
replacement values. Fair values
are obtained from quoted market
prices, dealer price quotations,
discounted cash flow models and
option pricing models, which
incorporate current market and
contractual prices for the
underlying instrument, time to
expiry, yield curves and
volatility of the underlying. The
Group offsets positive and
negative replacement values with
the same counter-party for
transactions covered by legally
enforceable master netting
agreements, as explained in Note
23.
Where the Group enters into
derivatives for trading purposes,
realized and unrealized gains and
losses are recognized in Net
trading income.
The Group also uses
derivative instruments as part of
its asset and liability
management activities to manage
exposures to interest rate,
foreign currency and credit
risks, including exposures
arising from forecast
transactions. The Group applies
either fair value or cash flow
hedge accounting when
transactions meet the specified
criteria to obtain hedge
accounting treatment.
At the time a financial
instrument is designated as a
hedge, the Group formally
documents the relationship
between the hedging
instrument(s) and hedged
item(s), including its risk
management objectives and its
strategy in undertaking the hedge
transaction, which must be in
accordance with the Group's risk
management policies, together
with the methods that will be
used to assess the effectiveness
of the hedging relationship.
Accordingly, the Group formally
assesses, both at the inception
of the hedge and on an ongoing
basis, whether the hedging
derivatives have been "highly
effective" in offsetting changes
in the fair value or cash flows
of the hedged items. A hedge is
normally regarded as highly
effective if, at inception and
throughout its
life, the Group
can expect changes in the fair
value or cash flows of the hedged
item to be almost fully offset by
the changes in the fair value or
cash flows of the hedging
instrument, and actual results
are within a range of 80% to
125%. In the case of hedging a
forecast transaction, the
transaction must be highly
probable and must present an
exposure to variations in cash
flows that could ultimately
affect reported net profit or
loss. The Group discontinues
hedge accounting when it is
determined that a derivative is
not, or has ceased to be, highly
effective as a hedge; when the
derivative expires, or is sold,
terminated, or exercised; when
the hedged item matures or is
sold or repaid; or when a
forecast transaction is no longer
deemed highly probable.
"Hedge ineffectiveness"
represents the amount by which
the changes in the fair value of
the hedging derivative differ
from changes in the fair value of
the hedged item or the amount by
which changes in the cash flow of
the hedging derivative differ
from changes (or expected
changes) in the cash flow of the
hedged item. Such gains and
losses are recorded in current
period earnings, as are gains and
losses on components of a hedging
derivative that are excluded from
assessing hedge effectiveness.
For qualifying fair value
hedges, the change in fair value
of the hedging derivative is
recognized in net profit and
loss. Those changes in fair value
of the hedged item which are
attributable to the risks hedged
with the derivative instrument
are reflected in an adjustment to
the carrying value of the hedged
item, which is also recognized in
net profit or loss. If the hedge
relationship is terminated for
reasons other than the
derecognition of the hedged item,
the difference between the
carrying value of the hedged item
at that point and the value at
which it would have been carried
had the hedge never existed (the
"unamortized fair value
adjustment"), is, in the case of
interest bearing instruments,
amortized to net profit or loss
over the remaining term of the
original hedge, while for
non-interest bearing instruments
that amount is immediately
recognized in earnings. If the
hedged instrument
is derecognized, e.g. is
sold or repaid, the unamortized
fair value adjustment is
recognized immediately in net
profit and loss.
A fair valuation gain or
loss associated with the
effective portion of a derivative
designated as a cash flow hedge
is recognized initially in Share-
93
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UBS Group Financial Statements
Notes to the Financial Statements
holders' equity. When the
cash flows that the
derivative is hedging
(including cash flows
from transactions that
were only forecast when
the derivative hedge was
effected) materialize,
resulting in income or
expense, then the
associated gain or loss
on the hedging derivative
is simultaneously
transferred from
Shareholders' equity to
the corresponding income
or expense line item.
If a cash flow hedge for a
forecast transaction is deemed to
be no longer effective, or the
hedge relationship is terminated,
the cumulative gain or loss on
the hedging derivative previously
reported in Shareholders' equity
remains in Shareholders' equity
until the committed or forecast
transaction occurs, at which
point it is transferred from
Shareholders' equity to net
trading income.
Derivative instruments
transacted as economic hedges but
not qualifying for hedge
accounting are treated in the
same way as derivative
instruments used for trading
purposes, i. e. realized and
unrealized gains and losses are
recognized in Net trading income.
In particular, the Group has
entered into economic hedges of
credit risk within the loan
portfolio using credit default
swaps to which it does not apply
hedge accounting. In the event
that the Group recognizes an
impairment on a loan that is
economically hedged in this way,
the impairment is recognized in
Credit loss expense whereas the
gain on the credit default swap
is recorded in Net trading income
- see Note 23 for additional
information.
A derivative may be
embedded in a "host contract".
Such combinations are known as
hybrid instruments and arise
predominantly from the issuance
of certain structured debt
instruments. If the host contract
is not carried at fair value with
changes in fair value reported in
net profit or loss, the embedded
derivative is separated from the
host contract and accounted for
as a stand-alone derivative
instrument at fair value if, and
only if: the economic
characteristics and risks of the
embedded derivative are not
closely related to the economic
characteristics and risks of the
host contract and the embedded
derivative actually meets the
definition of a derivative.
w) Earnings per Share (EPS)
Basic earnings per share is
calculated by dividing the net
profit or loss for the period
attributable to ordinary
shareholders by the weighted
average
number of ordinary shares
outstanding during the period.
Diluted earnings per share
is computed using the same method
as for basic EPS, but the
determinants are adjusted to
reflect the potential
dilution that could occur if
options, warrants, convertible
debt securities or other
contracts to issue ordinary
shares were converted or
exercised into ordinary shares.
x) Comparability
Amended IAS 19, Employee Benefits
The Group adopted in 2002 the
amended standard IAS 19 "Employee
Benefits". The amendments
introduce an asset ceiling
provision that applies for
defined benefit plans that have a
surplus of plan assets over
benefit obligations. The
implementation of the amended
standard had no material impact.
IFRIC Interpretations
Interpretations of the
International Financial Reporting
Interpretations Committee (IFRIC)
became effective during 2002 but
had no impact on the Group's
Financial Statements.
Segment Reporting
As at 1 January 2002, UBS
PaineWebber was separated from
UBS Warburg and became a
stand-alone Business Group. Note
2 to these Group Financial
Statements reflects the new
Business Group structure.
Comparative prior year amounts
have been restated to conform to
the current year presentation.
IAS 39, Recognition and Measurement of Financial Instruments
The Group adopted IAS 39
prospectively as at 1 January
2001. The Standard provides
comprehensive guidance on
accounting for financial
instruments.
Upon adoption, the Group
decided to record unrealized
gains and losses arising from
changes in the fair value of
available-for-sale financial
investments directly in
Shareholders' equity until such
investment is disposed of or
until such investment is
determined to be impaired.
As a result of the adoption
of IAS 39, the following
adjustments or changes in
classification occurred:
Gains/losses not recognized in
the income statement is a new
component of Shareholders'
94
Table of Contents
equity
as at 1 January 2001. It includes
unrealized gains and losses on
available for sale financial
investments and on derivatives
designated as cash flow hedges as
well as Foreign currency
translation. The opening
adjustment as at 1 January 2001
to financial investments recorded
as available for sale was a net
unrealized gain of CHF 1,769
million (CHF 1,577 million net of
taxes), and for derivatives
designated as cash flow hedges an
unrealized net loss of CHF 506
million (CHF 380 million net of
taxes).
Available-for-sale financial
investments were previously
carried at the lower of cost or
market value and private equity
investments were carried at cost
less write-downs for impairments
in value. Reductions of the
carrying amount of
available-for-sale financial
investments and private equity
investments and reversals of such
reductions as well as gains and
losses on disposal are included
in Other income. As at 1 January
2001 these financial investments
are now classified as
available-for-sale financial
investments and carried at fair
value. Changes in fair value are
reported in Gains/losses not
recognized in the income
state-
ment within Shareholders'
equity until these investments
are disposed of. At the time an
available-for-sale financial
investment is determined to be
impaired, the cumulative
unrealized loss previously
recognized in Shareholders'
equity is included in net profit
or loss for the period.
The opening adjustment to
Retained earnings, a net debit of
CHF 61 million as at 1 January
2001, consisted of CHF 19 million
reflecting the impact of adopting
the new hedge accounting rules
and CHF 42 million reflecting the
impact of remeasuring assets to
either amortized cost or fair
value as required under IAS 39.
Properties held for resale
include properties formerly
bank-occupied or leased to third
parties under an operating lease,
which the Group has decided to
dispose of, and foreclosed
properties which the Group
received in satisfaction of a
secured loan and which it does
not intend to occupy. As at 1
January 2001, Properties held for
resale in the amount of CHF 984
million were reclassified from
Financial investments to Other
assets. Comparative amounts have
been reclassified accordingly.
95
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 2a Segment Reporting by Business Group
Based on our integrated business
model, UBS is organized into the
four Business Groups: UBS Wealth
Management & Business Banking,
UBS Global Asset Management, UBS
Warburg and UBS PaineWebber, and
our Corporate Center.
UBS Wealth Management &
Business Banking
UBS Wealth Management & Business
Banking comprises two business
units.
Private Banking offers a
comprehensive range of products
and services individually
tailored to affluent
international and Swiss clients,
operating from offices around the
world.
Business Banking Switzerland
provides individual and corporate
clients in Switzerland with a
complete portfolio of banking and
securities services, focused on
customer service excellence,
profitability and growth, by
using a multi-channel
distribution.
The two business units share
technological and physical
infrastructure, and have joint
departments supporting major
functions such as e-commerce,
financial planning and wealth
management, investment policy and
strategy.
UBS Global Asset Management
UBS Global Asset Management
provides investment products and
services to institutional
investors and wholesale
intermediaries around the globe.
Clients include corporate and
public
pension plans, financial
institutions and advisors,
central banks as well as
charities, foundations and
individual investors.
UBS Warburg
UBS Warburg operates globally as
a client-driven investment
banking and securities firm with
two business units.
Corporate and Institutional
Clients provides innovative
products, research, advice and
complete access to the world's
capital markets for
intermediaries, governments,
corporate and institutional
clients and other parts of UBS.
UBS Capital is the private
equity business unit of UBS
Warburg, investing UBS and third
party funds, primarily in
unlisted companies.
UBS PaineWebber
UBS PaineWebber is a US financial
services firm providing
sophisticated wealth management
services to affluent US clients
through a highly trained
financial advisor network.
Corporate Center
Corporate Center ensures that the
Business Groups operate as a
coherent and effective whole with
a common set of values and
principles in such areas as risk
management, financial reporting,
marketing and communications,
funding, capital and balance
sheet management and management
of foreign exchange earnings.
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Table of Contents
Note 2a Segment Reporting by Business Group
The Business Group results are presented on a management reporting basis.
Internal charges and transfer pricing adjustments are reflected in the
performance of each business. Revenue sharing agreements are used to allocate
external customer revenues to a Business Group on a reasonable basis.
Transactions between Business Groups are conducted at arm's length. The segment
reporting for all periods reflects the changes in the structure implemented
during 2002. Prior year amounts have been restated to conform to current year
presentation.
For the year ended 31 December 2002
UBS Wealth
UBS
Management &
Global Asset
UBS
UBS
Corporate
CHF million
Business Banking
Management
Warburg
PaineWebber
Center
UBS Group
Income
1
12,928
1,953
12,498
5,561
1,387
34,327
Credit loss expense
2
(314
)
0
(128
)
(13
)
249
(206
)
Total operating income
12,614
1,953
12,370
5,548
1,636
34,121
Personnel expenses
4,810
946
7,878
4,245
645
18,524
General and administrative expenses
2,317
513
2,378
1,263
601
7,072
Depreciation
480
37
382
149
473
1,521
Amortization of goodwill and other intangible
assets
3
111
270
364
1,691
24
2,460
Total operating expenses
7,718
1,766
11,002
7,348
1,743
29,577
Business Group performance before tax
4,896
187
1,368
(1,800
)
(107
)
4,544
Tax expense
678
Net profit before minority interests
3,866
Minority interests
(331
)
Net profit
3,535
Other information as at 31 December 2002
4
Total assets
310,722
4,428
933,962
39,610
(107,604
)
1,181,118
Total liabilities and minority interests
302,272
2,937
921,446
33,225
(117,753
)
1,142,127
Capital expenditure
380
20
473
185
705
1,763
1
Impairments on private equity and other financial investments for the year
ended 31 December 2002 were as follows: UBS Wealth Management & Business
Banking CHF 32 million; UBS Global Asset Management CHF 1 million; UBS Warburg
CHF 1,703 million; Corporate Center CHF 208 million.
2
In order to show the
relevant Business Group performance over time, adjusted expected loss figures
rather than the IFRS actual net credit loss expense are reported for each
Business Group. The adjusted expected loss is the statistically derived
actuarial expected loss which reflects the inherent counterparty and country
risks in the respective portfolios, plus the deferred releases representing the
amortized historical differences between actual credit losses and actuarial
expected loss. The difference between the adjusted expected loss figures and
the IFRS actual net credit loss expense recorded at Group level for financial
reporting purposes is reported in the Corporate Center. The Business Group
breakdown of the net credit loss expense for financial reporting purposes of
CHF 206 million for the year ended 31 December 2002 is as follows: UBS Wealth
Management & Business Banking CHF 241 million
expense, UBS Warburg CHF 35 million recovery, UBS PaineWebber CHF 15 million
expense and Corporate Center CHF 15 million recovery.
3
For further information
about goodwill and other intangible assets by Business Group, please see Note
15: Goodwill and Other Intangible Assets.
4
The funding surplus or requirement
is reflected in each Business Group and adjusted in Corporate Center.
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Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
For the year ended 31 December 2001
UBS Wealth
UBS
Management &
Global Asset
UBS
UBS
Corporate
CHF million
Business Banking
Management
Warburg
PaineWebber
Center
UBS Group
Income
1
13,488
2,218
14,715
6,391
800
37,612
Credit loss expense
2
(604
)
0
(112
)
(18
)
236
(498
)
Total operating income
12,884
2,218
14,603
6,373
1,036
37,114
Personnel expenses
4,825
1,038
8,354
5,019
592
19,828
General and administrative expenses
2,434
569
2,650
1,441
537
7,631
Depreciation
616
46
456
124
372
1,614
Amortization of goodwill and other intangible assets
109
286
402
502
24
1,323
Total operating expenses
7,984
1,939
11,862
7,086
1,525
30,396
Business Group performance before tax
4,900
279
2,741
(713
)
(489
)
6,718
Tax expense
1,401
Net profit before minority interests
5,317
Minority interests
(344
)
Net profit
4,973
Other information as at 31 December 2001
3
Total assets
313,800
6,335
1,005,397
39,747
(111,982
)
1,253,297
Total liabilities and minority interests
304,988
4,367
992,272
31,556
(123,416
)
1,209,767
Capital expenditure
540
37
337
296
811
2,021
1
Impairments on private equity and other financial investments for the year
ended 31 December 2001 were as follows: UBS Wealth Management & Business
Banking CHF 109 million; UBS Global Asset Management CHF 3 million; UBS Warburg
CHF 1,143 million; Corporate Center CHF
39 million.
2
In order to show the
relevant Business Group performance over time, adjusted expected loss figures
rather than the IFRS actual net credit loss expense are reported for each
Business Group. The adjusted expected loss is the statistically derived
actuarial expected loss which reflects the inherent counterparty and country
risks in the respective portfolios, plus the deferred releases representing the
amortized historical differences between actual credit losses and actuarial
expected loss. The difference between the adjusted expected loss figures and
the IFRS actual net credit loss expense recorded at Group level for financial
reporting purposes is reported in the Corporate Center. The Business Group
breakdown of the net credit loss expense for financial reporting purposes of
CHF 498 million for the year ended 31 December 2001 is as follows: UBS Wealth
Management & Business Banking CHF 123 million expense, UBS Warburg CHF 360
million expense and UBS PaineWebber CHF 15 million
expense.
3
The funding
surplus or requirement is reflected in each Business Group and adjusted in
Corporate Center.
For the year ended 31 December 2000
UBS Wealth
UBS
Management &
Global Asset
UBS
UBS
Corporate
CHF million
Business Banking
Management
Warburg
PaineWebber
Center
UBS Group
Income
1
14,355
2,078
18,240
1,214
385
36,272
Credit loss expense/recovery
2
(785
)
0
(243
)
(3
)
1,161
130
Total operating income
13,570
2,078
17,997
1,211
1,546
36,402
Personnel expenses
5,151
941
9,451
1,098
522
17,163
General and administrative expenses
2,478
434
2,755
344
754
6,765
Depreciation
633
49
564
42
320
1,608
Amortization of goodwill and other intangible assets
81
267
192
84
43
667
Total operating expenses
8,343
1,691
12,962
1,568
1,639
26,203
Business Group performance before tax
5,227
387
5,035
(357
)
(93
)
10,199
Tax expense
2,320
Net profit before minority interests
7,879
Minority interests
(87
)
Net profit
7,792
Other information as at 31 December 2000
3
Total assets
281,984
7,558
817,264
50,691
(69,945
)
1,087,552
Total liabilities and minority interests
272,173
5,787
803,159
41,826
(80,226
)
1,042,719
1
Impairments on private equity and other financial investments for the year
ended 31 December 2000 were as follows: UBS Warburg CHF 442 million; Corporate
Center CHF 65 million.
2
In order to show the relevant Business Group
performance over time, adjusted expected loss figures rather than the IFRS
actual net credit loss
expense are reported for each Business Group. The adjusted expected loss is the
statistically derived actuarial expected loss which reflects the inherent
counterparty and country risks in the respective portfolios, plus the deferred
releases representing the amortized historical differences between actual
credit losses and actuarial expected loss. The difference between the adjusted
expected loss figures and the IFRS actual net credit loss expense recorded at
Group level for financial reporting purposes is reported in the Corporate
Center. The Business Group breakdown of the net credit loss recovery for
financial reporting purposes of CHF 130 million for the year ended 31 December
2000 is as follows: UBS Wealth Management & Business Banking CHF 695 million
recovery, UBS Warburg CHF 562 million expense and UBS PaineWebber CHF 3 million
expense.
3
The funding surplus or requirement is reflected in each Business
Group and adjusted in Corporate Center.
98
Table of Contents
Note 2b Segment Reporting by Geographic Location
The geographic analysis of total assets is based on customer domicile
whereas operating income and capital expenditure is based on the
location of the office in which the transactions and assets are
recorded. Because of the global nature of financial markets the
Group's business is managed on an integrated basis worldwide, with a
view to profitability by product line. The geographical analysis of
operating income, total assets, and capital expenditure is provided in
order to comply with IFRS, and does not reflect the way the Group is
managed. Management believes that analysis by Business Group, as shown
in Note 2a to these Financial Statements, is a more meaningful
representation of the way in which the Group is managed.
For the year ended 31 December 2002
Total operating income
Total assets
Capital expenditure
CHF million
Share %
CHF million
Share %
CHF million
Share %
Switzerland
14,307
42
174,878
15
885
51
Rest of Europe
6,837
20
256,110
22
199
11
Americas
11,055
32
669,823
56
635
36
Asia/Pacific
1,909
6
78,270
7
44
2
Africa/Middle East
13
0
2,037
0
0
0
Total
34,121
100
1,181,118
100
1,763
100
For the year ended 31 December 2001
Total operating income
Total assets
Capital expenditure
CHF million
Share %
CHF million
Share %
CHF million
Share %
Switzerland
14,223
38
195,321
16
1,039
52
Rest of Europe
7,411
20
236,775
19
303
15
Americas
13,587
37
691,157
55
630
31
Asia/Pacific
1,859
5
126,725
10
48
2
Africa/Middle East
34
0
3,319
0
1
0
Total
37,114
100
1,253,297
100
2,021
100
For the year ended 31 December 2000
Total operating income
Total assets
Capital expenditure
CHF million
Share %
CHF million
Share %
CHF million
Share %
Switzerland
15,836
44
211,851
19
1,135
43
Rest of Europe
10,907
30
305,342
28
311
12
Americas
6,976
19
474,617
44
1,169
44
Asia/Pacific
2,626
7
87,831
8
36
1
Africa/Middle East
57
0
7,911
1
8
0
Total
36,402
100
1,087,552
100
2,659
100
99
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Income Statement
Note 3 Net Interest and Trading Income
Net interest Income
CHF million
% change from
For the year ended
31.12.02
31.12.01
31.12.00
31.12.01
Interest income
Interest earned on loans and advances
11,600
16,955
20,413
(32
)
Interest earned on securities borrowed and
reverse repurchase agreements
11,184
18,337
19,088
(39
)
Interest and dividend income from financial investments
165
453
402
(64
)
Interest and dividend income from trading portfolio
17,014
16,532
11,842
3
Total
39,963
52,277
51,745
(24
)
Interest expense
Interest on amounts due to banks and customers
6,383
14,088
15,660
(55
)
Interest on securities lent and repurchase agreements
10,081
14,517
14,915
(31
)
Interest and dividend expense from trading portfolio
8,366
7,815
5,309
7
Interest on debt issued
4,587
7,816
7,731
(41
)
Total
29,417
44,236
43,615
(33
)
Net interest income
10,546
8,041
8,130
31
Net trading income
CHF million
% change from
For the year ended
31.12.02
31.12.01
31.12.00
31.12.01
Equities
2,638
4,026
7,754
(34
)
Fixed income
1
1,061
2,731
912
(61
)
Foreign exchange and other
1,873
2,045
1,287
(8
)
Net trading income
5,572
8,802
9,953
(37
)
1
Includes commodities trading income.
Net interest and trading income
CHF million
% change from
For the year ended
31.12.02
31.12.01
31.12.00
31.12.01
Net interest income
10,546
8,041
8,130
31
Net trading income
5,572
8,802
9,953
(37
)
Total net interest and trading income
16,118
16,843
18,083
(4
)
Breakdown by business activity:
Net income from interest margin products
5,275
5,694
5,430
(7
)
Net income from trading activities
10,605
11,529
12,642
(8
)
Net income from treasury activities
1,667
1,424
762
17
Other
1
(1,429
)
(1,804
)
(751
)
21
Total net interest and trading income
16,118
16,843
18,083
(4
)
1
Principally external funding costs of the Paine Webber Group, Inc. acquisition.
100
Table of Contents
Note 4 Net Fee and Commission Income
CHF million
% change from
For the year ended
31.12.02
31.12.01
31.12.00
31.12.01
Underwriting fees
2,134
2,158
1,434
(1
)
Corporate finance fees
848
1,339
1,772
(37
)
Brokerage fees
5,987
6,445
5,742
(7
)
Investment fund fees
4,033
4,276
2,821
(6
)
Fiduciary fees
300
355
351
(15
)
Custodian fees
1,302
1,356
1,439
(4
)
Portfolio and other management and advisory fees
4,065
4,650
3,666
(13
)
Insurance-related and other fees
417
538
111
(22
)
Total securities trading and investment activity fees
19,086
21,117
17,336
(10
)
Credit-related fees and commissions
275
307
310
(10
)
Commission income from other services
1,006
946
802
6
Total fee and commission income
20,367
22,370
18,448
(9
)
Brokerage fees paid
1,349
1,281
1,084
5
Other
797
878
661
(9
)
Total fee and commission expense
2,146
2,159
1,745
(1
)
Net fee and commission income
18,221
20,211
16,703
(10
)
Note 5 Other Income
CHF million
% change from
For the year ended
31.12.02
31.12.01
31.12.00
31.12.01
Gains/losses from disposal of associates
and subsidiaries
Net gain from disposal of:
Consolidated subsidiaries
228
3
57
Investments in associates
0
0
26
Total
228
3
83
Financial investments available for sale
Net gain from disposal of:
Private equity investments
273
454
919
(40
)
Other financial investments
457
256
162
79
Impairment charges on private equity investments
and other financial investments
(1,944
)
(1,294
)
(507
)
(50
)
Total
(1,214
)
(584
)
574
(108
)
Net income from investments in property
90
68
96
32
Equity in income of associates
7
72
58
(90
)
Other
877
999
675
(12
)
Total other income
(12
)
558
1,486
101
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 6 Personnel Expenses
CHF million
% change from
For the year ended
31.12.02
31.12.01
31.12.00
31.12.01
Salaries and bonuses
14,219
15,238
13,523
(7
)
Contractors
579
729
725
(21
)
Insurance and social contributions
939
984
959
(5
)
Retirement benefit expenses
676
603
475
12
Other personnel expenses
2,111
2,274
1,481
(7
)
Total personnel expenses
18,524
19,828
17,163
(7
)
Note 7 General and Administrative Expenses
CHF million
% change from
For the year ended
31.12.02
31.12.01
31.12.00
31.12.01
Occupancy
1,354
1,314
979
3
Rent and maintenance of machines and equipment
665
632
520
5
Telecommunications and postage
1,019
1,213
914
(16
)
Administration
819
906
750
(10
)
Marketing and public relations
453
574
480
(21
)
Travel and entertainment
600
700
656
(14
)
Professional fees
568
667
660
(15
)
IT and other outsourcing
1,036
1,224
1,246
(15
)
Other
558
401
560
39
Total general and administrative expenses
7,072
7,631
6,765
(7
)
102
Table of Contents
Note 8 Earnings per Share (EPS) and Shares Outstanding
% change from
For the year ended
31.12.02
31.12.01
31.12.00
31.12.01
Basic Earnings (CHF million)
Net profit
3,535
4,973
7,792
(29
)
Amortization of goodwill and other intangible assets
2,179
2
1,323
667
65
Net profit before goodwill amortization
1
5,714
6,296
8,459
(9
)
Diluted Earnings (CHF million)
Net profit
3,535
4,973
7,792
(29
)
Less: profit on own equity derivative contracts
deemed dilutive
(20
)
(99
)
(14
)
80
Net profit for diluted EPS
3,515
4,874
7,778
(28
)
Amortization of goodwill and other intangible assets
2,179
2
1,323
667
65
Net profit for diluted EPS before goodwill
amortization
1
5,694
6,197
8,445
(8
)
Weighted average shares outstanding
Weighted average shares outstanding
1,208,586,678
1,266,038,193
1,209,087,927
(5
)
Potentially dilutive ordinary shares resulting from
options and warrants outstanding
3
14,796,264
22,539,745
16,489,773
(34
)
Weighted average shares outstanding for
diluted EPS
1,223,382,942
1,288,577,938
1,225,577,700
(5
)
Earnings per share (CHF)
Basic EPS
2.92
3.93
6.44
(26
)
Basic EPS before goodwill amortization
1
4.73
4.97
7.00
(5
)
Diluted EPS
2.87
3.78
6.35
(24
)
Diluted EPS before goodwill amortization
1
4.65
4.81
6.89
(3
)
1
Excludes the amortization of goodwill and other intangible assets.
2
Includes an income tax benefit of CHF 281 million for the writedown of
the PaineWebber brandname.
3
Total equivalent shares outstanding on
options that were not dilutive for the respective periods but could
potentially dilute earnings per share in the future were 75,385,368,
28,741,886 and 27,524,280 for the years ended 31 December 2002, 31
December 2001 and 31 December 2000, respectively.
Shares outstanding
% change from
As at
31.12.02
31.12.01
31.12.00
31.12.01
Total ordinary shares issued
1,256,297,678
1,281,717,499
1,333,139,187
(2
)
Own shares to be delivered
28,444,788
Second trading line treasury shares
2000 program
55,265,349
2001 program
23,064,356
2002 first program
67,700,000
2002 second program
6,335,080
Other treasury shares
23,146,014
18,190,595
0
27
Total treasury shares
97,181,094
41,254,951
55,265,349
136
Shares outstanding
1,159,116,584
1,240,462,548
1,306,318,626
(7
)
103
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Balance Sheet: Assets
Note 9a Due from Banks and Loans
By type of exposure
CHF million
31.12.02
31.12.01
Banks
32,911
28,261
Allowance for credit losses
(443
)
(735
)
Net due from banks
32,468
27,526
Loans
Mortgages
127,869
126,211
Other loans
88,590
107,512
Subtotal
216,459
233,723
Allowance for credit losses
(4,812
)
(7,178
)
Net loans
211,647
226,545
Net due from banks and loans
244,115
254,071
thereof subordinated
115
249
By geographical region
(based on the location of the borrower)
CHF million
31.12.02
31.12.01
Switzerland
151,604
158,996
Rest of Europe
38,131
42,279
Americas
48,412
42,809
Asia/Pacific
10,002
15,986
Africa/Middle East
1,221
1,914
Subtotal
249,370
261,984
Allowance for credit losses
(5,255
)
(7,913
)
Net due from banks and loans
244,115
254,071
By type of collateral
CHF million
31.12.02
31.12.01
Secured by real estate
129,525
128,259
Collateralized by securities
26,769
30,635
Guarantees and other collateral
12,398
20,217
Unsecured
80,678
82,873
Subtotal
249,370
261,984
Allowance for credit losses
(5,255
)
(7,913
)
Net due from banks and loans
244,115
254,071
104
Table of Contents
Note 9b Allowances and Provisions for Credit Losses
Specific
Country risk
allowances and
allowances and
Total
Total
CHF million
provisions
provisions
31.12.02
31.12.01
Balance at the beginning of the year
7,212
1,006
8,218
10,581
Write-offs
(2,508
)
(28
)
(2,536
)
(3,008
)
Recoveries
63
7
70
81
Increase/(decrease) in credit
loss allowance and provision
365
(159
)
206
498
Foreign currency translation and
other adjustments
(247
)
(90
)
(337
)
66
Balance at the end of the year
4,885
736
5,621
8,218
CHF million
31.12.02
31.12.01
As a reduction of Due from banks
443
735
As a reduction of Loans
4,812
7,178
Subtotal
5,255
7,913
Included in other liabilities
related to commitments
and contingent liabilities
366
305
Total allowances and provisions for
credit losses
5,621
8,218
Note 9c Impaired Loans
CHF million
31.12.02
31.12.01
Impaired loans
1, 2
10,365
14,629
Amount of allowance for credit losses related to impaired loans
4,892
7,294
Average impaired loans
3
12,623
16,555
1
All impaired loans have a specific allowance for credit losses.
2
Interest income on impaired loans was CHF 428 million for 2002 and CHF
504 million for 2001.
3
Average balances were calculated from
quarterly data.
105
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 9d Non-Performing Loans
An impaired loan is classified as non-performing when the contractual
payments of principal and/or interest are in arrears for 90 days or
more.
CHF million
31.12.02
31.12.01
Non-performing loans
6,029
8,639
Amount of allowance for credit losses related to non-performing loans
3,485
5,374
Average non-performing loans
1
7,361
9,648
1
Average balances are calculated from quarterly data.
CHF million
31.12.02
31.12.01
Non-performing loans at beginning of the year
8,639
10,452
Net additions/(reductions)
(509
)
1,111
Write-offs and disposals
(2,101
)
(2,924
)
Non-performing loans at the end of the year
6,029
8,639
By type of exposure
CHF million
31.12.02
31.12.01
Banks
311
386
Loans
Mortgages
1,972
2,659
Other
3,746
5,594
Total loans
5,718
8,253
Total non-performing loans
6,029
8,639
By geographical region
(based on the location of the borrower)
CHF million
31.12.02
31.12.01
Switzerland
4,609
6,531
Rest of Europe
379
466
Americas
499
737
Asia/Pacific
300
653
Africa/Middle East
242
252
Total non-performing loans
6,029
8,639
106
Table of Contents
Note 10 Securities Borrowing, Securities Lending, Repurchase and Reverse Repurchase Agreements
The Group enters into collateralized reverse repurchase and repurchase
agreements and securities borrowing and securities lending
transactions that may result in credit exposure in the event that the
counterparty to the transaction is unable to fulfill its contractual
obligations. The Group controls credit risk associated with these
activities by monitoring counterparty credit exposure and collateral
values on a daily basis and requiring additional collateral to be
deposited with or returned to the Group when deemed necessary.
Balance sheet assets
Cash collateral
Reverse
Cash collateral
Reverse
on securities
Repurchase
on securities
Repurchase
borrowed
agreements
borrowed
agreements
CHF million
31.12.02
31.12.02
31.12.01
31.12.01
By counterparty:
Banks
122,764
201,269
155,214
197,902
Customers
16,288
92,817
7,724
71,354
Total
139,052
294,086
162,938
269,256
Balance sheet liabilities
Cash collateral
Cash collateral
on securities
Repurchase
on securities
Repurchase
lent
agreements
lent
agreements
CHF million
31.12.02
31.12.02
31.12.01
31.12.01
By counterparty:
Banks
29,748
200,904
27,640
213,942
Customers
7,122
165,954
2,677
154,678
Total
36,870
366,858
30,317
368,620
Under reverse repurchase and securities borrowing arrangements, the
Group obtains securities on terms which permit it to repledge or resell
the securities to others. Amounts on such terms as at
31 December 2002 and 31 December 2001 were as follows:
CHF million
31.12.02
31.12.01
Securities received under reverse repurchase and/or securities borrowing arrangements
which can be repledged or resold
641,341
592,903
thereof repledged/transferred to others in connection with financing activities or
to satisfy commitments under short sale transactions
530,188
474,963
107
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 11 Trading Portfolio
The Group trades money market paper, debt, equity, precious metals,
foreign currency and derivatives to meet the financial needs of its
customers and to generate revenue through its trading activities. Note
23 provides a description of the various classes of derivatives
together with the related notional
amounts, whereas Note 10 provides further details about cash
collateral on securities borrowed and lent and repurchase and reverse
repurchase agreements.
CHF million
31.12.02
31.12.01
Trading portfolio assets
Money market paper
45,310
63,164
thereof pledged as collateral with central banks
10,475
29,895
Debt instruments
Swiss government and government agencies
1,140
1,246
US Treasury and government agencies
71,884
95,203
Other government agencies
50,296
18,811
Corporate listed
73,268
108,114
Other unlisted
39,613
26,642
Total
236,201
250,016
thereof pledged as collateral
132,221
153,464
thereof can be repledged or resold by the counterparty
92,460
101,517
Equity instruments
Listed
66,150
67,772
Unlisted
4,841
6,367
Total
70,991
74,139
thereof pledged as collateral
18,614
21,264
thereof can be repledged or resold by the counterparty
17,905
19,939
Traded loans
11,533
6,139
Precious metals
7,401
4,428
Total trading portfolio assets
371,436
397,886
Trading portfolio liabilities
Debt instruments
Swiss government and government agencies
1,807
565
US Treasury and government agencies
38,327
25,117
Other government agencies
19,722
12,187
Corporate listed
14,177
10,868
Other unlisted
8,296
30,793
Total
82,329
79,530
Equity instruments
24,124
26,268
Total trading portfolio liabilities
106,453
105,798
108
Table of Contents
Note 12 Financial Investments (available for sale)
CHF million
31.12.02
31.12.01
Money market paper
873
6,774
Other debt instruments
Listed
290
1,194
Unlisted
885
10,348
Total
1,175
11,542
Equity investments
Listed
596
1,949
Unlisted
1,443
1,819
Total
2,039
3,768
Private equity investments
4,304
6,719
Total financial investments
8,391
28,803
thereof eligible for discount at central banks
261
10,370
The following tables show the unrealized gains and losses not recognized in the
income statement for the years ended 2002 and 2001.
Unrealized gains/losses not recognized in the income statement
CHF million
Fair value
Gross gains
Gross losses
Net, before tax
Tax effect
Net, after tax
31 December 2002
Money market paper
873
0
0
0
0
0
Debt securities issued by the
Swiss national government and agencies
16
1
0
1
0
1
Debt securities issued by Swiss local governments
42
2
0
2
0
2
Debt securities issued by US Treasury and agencies
0
0
0
0
0
0
Debt securities issued by foreign governments
and official institutions
81
1
0
1
0
1
Corporate debt securities
964
7
0
7
1
6
Mortgage-backed securities
23
1
0
1
0
1
Other debt securities
49
1
1
0
0
0
Equity securities
2,039
335
31
304
82
222
Private equity investments
4,304
966
223
743
30
713
Total
8,391
1,314
255
1,059
113
946
Unrealized gains/losses not recognized in the income statement
CHF million
Fair value
Gross gains
Gross losses
Net, before tax
Tax effect
Net, after tax
31 December 2001
Money market paper
6,774
1
0
1
0
1
Debt securities issued by the Swiss national government and agencies
36
1
0
1
0
1
Debt securities issued by Swiss local governments
45
1
0
1
0
1
Debt securities issued by US Treasury and agencies
32
2
0
2
1
1
Debt securities issued by foreign governments
and official institutions
10,089
31
1
30
11
19
Corporate debt securities
1,218
4
2
2
0
2
Mortgage-backed securities
5
0
0
0
0
0
Other debt securities
117
0
0
0
0
0
Equity securities
3,768
627
65
562
187
375
Private equity investments
6,719
1,189
539
650
15
635
Total
28,803
1,856
607
1,249
214
1,035
109
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 12 Financial Investments (available for sale) (continued)
Contractual maturities of the investments in debt instruments
1
Within 1 year
1-5 years
5-10 years
Over 10 years
CHF million, except percentages
Amount
Yield (%)
Amount
Yield (%)
Amount
Yield (%)
Amount
Yield (%)
31 December 2002
Swiss national government and agencies
0
0.00
7
4.88
8
3.86
1
4.00
Swiss local governments
8
4.02
30
3.94
4
3.59
0
0.00
Foreign governments and official
institutions
35
4.63
45
3.13
1
6.12
0
0.00
Corporate debt securities
675
2.23
249
2.64
19
3.41
21
8.02
Mortgage-backed securities
4
2.25
15
3.97
4
4.03
0
0.00
Other debt securities
1
4.77
48
2.65
0
0.00
0
0.00
Total fair value
723
394
36
22
1
Money market papers have contractual maturities of less than one year.
Proceeds from sales and maturities of investment securities available for sale,
excluding private equity, were as follows:
CHF million
31.12.02
31.12.01
Proceeds
1,820
27,910
Gross realized gains
479
223
Gross realized losses
(21
)
(28
)
Note 13 Investments in Associates
CHF million
31.12.02
31.12.01
Carrying amount at the beginning of the year
697
880
Additions
51
11
Disposals
(1
)
(216
)
1
Income
24
74
Write-offs
(17
)
(2
)
Dividend paid
(44
)
(48
)
Foreign currency translation
(5
)
(2
)
Carrying amount at the end of the year
705
697
1
Includes a transfer of CHF 172 million to Financial Investments following a
review of the level of influence by the bank over certain investees. The impact
of this reclassification on net profit is immaterial.
110
Table of Contents
Note 14 Property and Equipment
IT, soft-
Other
Bank-
ware and
machines
occupied
Investment
communi-
and
CHF million
properties
properties
1
cation
equipment
31.12.02
31.12.01
Historical cost
Balance at the beginning of the year
9,297
893
5,146
4,143
19,479
18,631
Additions
147
366
811
439
1,763
2,021
Disposals/write-offs
2
(62
)
(747
)
(1,330
)
(449
)
(2,588
)
(715
)
Reclassifications
(34
)
50
51
(53
)
14
(482
)
Foreign currency translation
(41
)
(2
)
(339
)
(336
)
(718
)
24
Balance at the end of the year
9,307
560
4,339
4
3,744
17,950
19,479
Accumulated depreciation
Balance at the beginning of the year
4,039
239
3,932
2,574
10,784
9,721
Depreciation
224
28
926
343
1,521
1,654
Disposals/write-offs
2
(34
)
(100
)
(1,316
)
(336
)
(1,786
)
(403
)
Reclassifications
(10
)
44
(2
)
3
35
(189
)
Foreign currency translation
(9
)
0
(300
)
(164
)
(473
)
1
Balance at the end of the year
4,210
211
3,240
2,420
10,081
10,784
Net book value at the end of the year
3
5,097
349
1,099
1,324
7,869
8,695
1
The fair value of Investment properties was CHF 539 million at 31
December 2002 and CHF 990 million at 31 December 2001.
2
Includes
write-offs of fully depreciated assets.
3
Fire insurance value of
property and equipment is CHF 14,221 million (2001: CHF 15,531
million).
4
Includes accumulated costs for projects in progress of CHF 234 million at
31 December 2002 (CHF 351 million at 31 December 2001).
Note 15 Goodwill and Other Intangible Assets
Goodwill
Other intangible assets
Customer
Brand-
Infra-
lists
CHF million
Total
name
structure
and other
Total
31.12.02
31.12.01
Historical cost
Balance at the beginning of the year
16,819
1,293
1,293
2,387
4,973
21,792
21,166
Additions and reallocations
9
281
0
0
281
290
456
Disposals and other reductions
(98
)
0
0
(17
)
(17
)
(115
)
0
Write-offs
1
0
(1,350
)
0
0
(1,350
)
(1,350
)
(247
)
Foreign currency translation
(2,773
)
(224
)
(224
)
(374
)
(822
)
(3,595
)
417
Balance at the end of the year
13,957
0
1,069
1,996
3,065
17,022
21,792
Accumulated amortization
Balance at the beginning of the year
2,241
76
76
314
466
2,707
1,629
Amortization
930
1,306
54
170
1,530
2,460
1,323
Disposals
(13
)
0
0
(15
)
(15
)
(28
)
0
Write-offs
1
0
(1,350
)
0
0
(1,350
)
(1,350
)
(247
)
Foreign currency translation
(382
)
(32
)
(14
)
(35
)
(81
)
(463
)
2
Balance at the end of the year
2,776
0
116
434
550
3,326
2,707
Net book value at
the end of the year
11,181
0
953
1,562
2,515
13,696
19,085
1
Represents write-offs of fully amortized goodwill and other intangible assets.
111
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 15 Goodwill and Other Intangible Assets (continued)
The following table presents the disclosure of goodwill and other
intangible assets by Business Group for the year ended 31 December
2002.
Balance
Additions
Disposals
at the
and
and
Foreign
Balance
beginning
reallo-
other
currency
at the end
CHF million
of the year
cations
reductions
Amortization
translation
of the year
Goodwill
UBS Wealth Management &
Business Banking
1,305
0
(8
)
(81
)
(213
)
1,003
UBS Global Asset Management
2,926
0
(5
)
(269
)
(467
)
2,185
UBS Warburg
4,950
0
(25
)
(315
)
(817
)
3,793
UBS PaineWebber
5,390
0
(33
)
(264
)
(894
)
4,199
Corporate Center
7
9
(14
)
(1
)
0
1
UBS Group
14,578
9
(85
)
(930
)
(2,391
)
11,181
Other Intangible Assets
UBS Wealth Management &
Business Banking
65
0
(2
)
(30
)
0
33
UBS Global Asset Management
2
0
0
(1
)
0
1
UBS Warburg
390
0
0
(49
)
(63
)
278
UBS PaineWebber
3,942
281
0
(1,427
)
(662
)
2,134
Corporate Center
108
0
0
(23
)
(16
)
69
UBS Group
4,507
281
(2
)
(1,530
)
(741
)
2,515
Until 31 December 2001, goodwill and other intangible assets relating
to the merger of UBS and PaineWebber were reported in the UBS Warburg
Business Group. With the separation of UBS PaineWebber from UBS
Warburg at 1 January 2002, goodwill and other intangible assets have
been allocated to the Business Groups that have benefited from the
merger with PaineWebber. For further information about disclosure by
Business Group, including the amortization of goodwill and other
intangible assets of previous years, please see Note 2a: Segment
Reporting by Business Group.
The estimated, aggregated amortization expenses for Goodwill and Other
intangible assets are as follows:
Other
CHF million
Goodwill
intangible assets
Total
Estimated, aggregated amortization expenses for:
2003
817
189
1,006
2004
769
170
939
2005
738
166
904
2006
702
153
855
2007
646
144
790
2008 and thereafter
7,509
1,693
9,202
Total
11,181
2,515
13,696
112
Table of Contents
Note 16 Other Assets
CHF million
Note
31.12.02
31.12.01
Deferred tax assets
21
2,800
3,449
Settlement and clearing accounts
1,449
1,431
VAT and other tax receivables
436
452
Prepaid pension costs
250
567
Properties held for resale
1,071
844
Other receivables
2,946
3,132
Total other assets
8,952
9,875
113
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Balance Sheet: Liabilities
Note 17 Due to Banks and Customers
CHF million
31.12.02
31.12.01
Due to banks
83,178
106,531
Due to customers in savings and investment accounts
76,884
67,782
Other amounts due to customers
229,992
265,999
Total due to customers
306,876
333,781
Total due to banks and customers
390,054
440,312
Note 18 Debt Issued
The Group issues both CHF and
non-CHF denominated fixed and
floating rate debt. Floating rate
debt generally pays interest
based on the three-month or
six-month London Interbank
Offered Rate (LIBOR).
Subordinated debt securities
are unsecured obligations of the
Group and are subordinated in
right of payment to all present
and future senior indebtedness and
certain other obligations of the
Group. At 31 December 2002 and 31
December 2001, the Group had CHF 9,933
million and CHF 13,571 million,
respectively, in subordinated
debt. Subordinated debt usually
pays interest annually and
provides for single principal
payments upon maturity. At 31
December 2002 and 31 December
2001, the Group had CHF 46,678
million and CHF 43,641 million,
respectively, in unsubordinated
debt (excluding money market
paper).
The Group issues debt with
returns linked to equity,
interest rates, foreign exchange
and credit instruments or
indices. As described in Note
1r),
derivatives embedded in
these instruments are separated
from the host debt contract and
reported as stand-alone
derivatives. The amount recorded
within Debt Issued represents the
host contract after the
separation of the embedded
derivative. At 31 December 2002
and 31 December 2001, the Group
had CHF 1,389 million and CHF
1,397 million, respectively, in
convertible and exchangeable debt
on UBS shares and notes with
warrants attached on UBS shares
outstanding.
In addition the Group uses
interest rate and foreign exchange
derivatives to manage the risks
inherent in certain debt issues.
In the case of interest rate risk
management, the Group applies
hedge accounting as discussed in
Note 1 -Summary of Significant
Accounting Policies and Note 23 -
Derivative Instruments. As a
result of applying hedge
accounting, the carrying value of
debt issued is CHF 1,361 million
higher reflecting changes in fair
value due to interest rate
movements.
114
Table of Contents
PIP
Protected Index Participation
PEP
Protected Equity Participation
GOAL
Geld- oder Aktien-Lieferung (cash or share delivery)
BULS
Bullish Underlying Linked Securities
GROI
Guaranteed Return On Investment
FRN
Floating Rate Note
CLN
Credit Linked Note
Note 18 Debt Issued (continued)
CHF million
31.12.02
31.12.01
Money market paper issued
72,800
99,006
Bonds issued
51,872
51,061
Shares in bond issues of the Swiss Regional or
Cantonal Banks' Central Bond Institutions
517
934
Medium-term notes
4,222
5,217
Total debt issued
129,411
156,218
The following table shows the split between fixed and floating rate
debt issues based on the contractual terms. However it should be noted
that the Group uses interest rate swaps to hedge many of the fixed
rate debt issues, which changes their re-pricing characteristics into
those of floating rate debt.
Contractual maturity date
UBS AG (Parent Bank)
Subsidiaries
Fixed
Floating
Fixed
Floating
Total
CHF million
rate
rate
rate
rate
31.12.02
2003
24,010
244
52,095
70
76,419
2004
4,965
609
1,432
574
7,580
2005
4,998
726
907
382
7,013
2006
3,359
790
8,000
439
12,588
2007
3,166
1,564
1,105
70
5,905
2008-2010
1,714
1,048
2,476
1,949
7,187
Thereafter
2,726
6,672
269
3,052
12,719
Total
44,938
11,653
66,284
6,536
129,411
The table below shows the notional amount and stated interest rate on
the Group's publicly placed bonds prior to the separation of any
embedded derivatives or the application of hedge accounting, where
applicable. As a result, the notional amount shown does not
necessarily correspond to the carrying amount of the debt and the
stated interest rate on the debt does not necessarily reflect the
effective interest rate the Group is paying to service its debt after
the separation of embedded derivatives and the application of hedge
accounting, where applicable.
Publicly placed bond issues of UBS AG (Parent Bank) outstanding as at 31.12.2002
1
Notional
amounts
Early
in millions
Year of
Interest
redemption
in local
issue
rate in %
Remarks
Maturity
option
Currency
currency
2001
16.000
GOAL on Siemens
17.01.2003
EUR
55
2002
0.000
CLN Linked to GECC
18.02.2003
EUR
50
2001
8.000
GOAL on UBS
26.02.2003
CHF
220
2002
11.250
GOAL on Royal Dutch Petroleum
28.02.2003
EUR
95
1993
4.875
subordinated
03.03.2003
CHF
200
2001
8.750
GOAL on General Electric
07.03.2003
USD
125
2001
13.500
GOAL on Nokia Oyj
10.03.2003
EUR
45
2002
0.000
Linked to 30yr OAT
11.03.2003
GBP
50
2002
FRN
CLN Linked to GECC
14.03.2003
USD
100
1997
1.500
Indexed to UBS Currency Portfolio
14.03.2003
EUR
51
Convertible into
1998
FRN
UBS Dutch Corporate Basket
20.03.2003
EUR
57
1993
3.500
subordinated
31.03.2003
CHF
200
1993
4.000
subordinated
31.03.2003
CHF
200
115
Table of Contents
PIP
Protected Index Participation
PEP
Protected Equity Participation
GOAL
Geld- oder Aktien-Lieferung (cash or share delivery)
BULS
Bullish Underlying Linked Securities
GROI
Guaranteed Return On Investment
FRN
Floating Rate Note
CLN
Credit Linked Note
UBS Group Financial Statements
Notes to the Financial Statements
Note 18 Debt Issued (continued)
Publicly placed bond issues of UBS AG (Parent Bank) outstanding as at 31.12.2002
1
Notional
amounts
Early
in millions
Year of
Interest
redemption
in local
issue
rate in %
Remarks
Maturity
option
Currency
currency
2001
0.000
BULS on technology stock basket
10.04.2003
USD
78
2001
0.000
BULS on Celestica and others
28.04.2003
USD
40
2002
9.500
GOAL on UBS
22.05.2003
CHF
110
2001
10.250
GOAL on Deutsche Bank
30.05.2003
EUR
40
2002
9.500
GOAL on DJ Euro Stoxx 50 index
02.06.2003
EUR
50
2001
7.250
GOAL on Aventis
05.06.2003
EUR
75
2001
6.000
GOAL on Total SA
11.06.2003
EUR
45
2001
7.750
GOAL on E.ON AG
17.06.2003
EUR
40
1995
5.250
subordinated
20.06.2003
CHF
200
2001
8.250
GOAL on Pfizer
16.07.2003
USD
70
2002
9.500
GOAL on SUEZ SA (Suez)
04.09.2003
EUR
35
2002
13.000
GOAL on Royal Dutch Petroleum
06.10.2003
EUR
35
2002
FRN
CLN Linked to Allianz AG
24.10.2003
USD
150
1993
3.000
26.11.2003
CHF
200
2002
0.000
Linked to Basket of Common Stock
02.12.2003
USD
63
1994
6.250
subordinated
06.01.2004
USD
300
2002
7.750
GOAL on Novartis
28.01.2004
CHF
100
2002
5.125
GOAL on General Electric Company
30.01.2004
USD
75
2002
6.000
GOAL on Unilever NV
06.02.2004
EUR
40
2002
6.250
GOAL on Nestlé AG
14.05.2004
CHF
100
2001
0.000
Cliquet GROI on NASDAQ 100 Index
27.05.2004
USD
42
1991
4.250
subordinated
25.06.2004
CHF
300
1999
3.500
01.07.2004
EUR
250
2001
1.750
Exchangeable bonds on Yukos
31.08.2004
USD
310
1997
7.380
subordinated
26.11.2004
GBP
250
1995
4.000
subordinated
07.02.2005
CHF
150
1995
5.500
Convertible into Nasdaq 100 Index
10.02.2005
CHF
150
2002
0.000
Equity GROI
07.03.2005
AUD
233
2002
0.500
Convertible into STOXX 50 Index
21.03.2005
EUR
75
1995
5.625
subordinated
13.04.2005
CHF
150
2002
0.000
GROI on FTSE 100 Index
25.04.2005
GBP
46
Principal Protected Note Linked
2002
0.000
to NASDAQ 100-Index
04.05.2005
USD
46
2002
0.000
Exchangeable Bonds on Yukos
19.06.2005
USD
120
1995
8.750
subordinated
20.06.2005
GBP
249
GROI - Australian
2002
0.000
Growth Guaranteed Fund II
21.06.2005
AUD
67
1998
6.750
subordinated
15.07.2005
USD
200
1995
5.250
subordinated
18.07.2005
CHF
200
2002
0.000
Cliquet GROI - Units on SMI Index
25.07.2005
CHF
53
1995
5.000
subordinated
24.08.2005
CHF
250
2002
0.125
Exchangeable Bonds on Yukos
19.09.2005
USD
120
1995
4.500
21.11.2005
CHF
300
2002
0.250
Exchangeable Bonds on Yukos
19.12.2005
USD
160
1999
3.500
Straight Bond
26.01.2006
EUR
650
Equity Exchangeables into
2001
1.000
Euro. Insurance Basket
01.02.2006
01.02.2004
EUR
100
1996
4.250
subordinated
06.02.2006
CHF
250
1996
4.000
14.02.2006
CHF
200
2000
2.500
Straight Bond
29.03.2006
CHF
250
1996
7.250
subordinated
17.07.2006
USD
500
2001
0.000
BULS on S&P 500
01.09.2006
USD
54
116
Table of Contents
PIP
Protected Index Participation
PEP
Protected Equity Participation
GOAL
Geld- oder Aktien-Lieferung (cash or share delivery)
BULS
Bullish Underlying Linked Securities
GROI
Guaranteed Return On Investment
FRN
Floating Rate Note
CLN
Credit Linked Note
Note 18 Debt Issued (continued)
Publicly placed bond issues of UBS AG (Parent Bank) outstanding as at 31.12.2002
1
Notional
amounts
Early
in millions
Year of
Interest
redemption
in local
issue
rate in %
Remarks
Maturity
option
Currency
currency
1996
7.250
subordinated
01.09.2006
USD
150
2001
5.500
GOAL on UBS
02.10.2006
CHF
106
Cliquet GROI-Units
2001
0.000
on Nasdaq 100-Index
19.10.2006
USD
39
2002
FRN
Callable Daily Range Accrual Note
07.11.2006
07.02.2003
USD
56
1995
5.000
subordinated
07.11.2006
CHF
250
2002
FRN
Callable Daily Range Accrual Note
13.11.2006
12.02.2003
USD
40
1996
6.250
subordinated
06.12.2006
EUR
254
2001
0.000
Zero-rate Note O'Connor Fund
29.12.2006
EUR
40
1997
8.000
subordinated
08.01.2007
GBP
242
1997
8.000
subordinated
08.01.2007
GBP
302
1997
5.750
subordinated
12.03.2007
EUR
204
Step-Up Callable
2002
FRN
Daily Range Accrual Note
15.07.2007
15.01.2003
USD
67
2002
1.000
Exchangeable on DJ Euro Stoxx 50E
23.07.2007
EUR
50
2002
FRN
CLN
01.09.2007
USD
50
Exchangeable Bond
2002
0.500
on the S&P 500 Index
05.09.2007
USD
40
Exchangeable Bond
2002
0.500
on the DJ Euro STOXX 50
05.09.2007
EUR
35
2002
0.250
Exchangeable Bond on the SMI
05.09.2007
CHF
75
2002
FRN
Callable Daily Range Accrual Note
02.10.2007
02.01.2003
USD
61
Exchangeable bond
2002
0.500
on Royal Dutch Petroleum
30.10.2007
EUR
100
Principal Protected Notes Linked
2002
0.000
to the S&P 500 Index
07.11.2007
USD
52
2002
7.250
GOAL on Royal Dutch Petroleum
14.11.2007
EUR
150
2002
1.250
Linked to Nikkei 225 Index
28.11.2007
JPY
7,742
2002
5.000
Linked to Nikkei 225 Index
19.12.2007
JPY
5,537
1998
3.500
27.08.2008
CHF
300
1997
5.875
subordinated
18.08.2009
EUR
305
2002
FRN
Callable Daily Range Accrual Note
23.10.2012
23.01.2003
USD
64
1995
7.375
subordinated
15.07.2015
USD
150
1995
7.000
subordinated
15.10.2015
USD
300
1997
7.375
subordinated
15.06.2017
USD
300
1995
7.500
subordinated
15.07.2025
USD
350
1995
8.750
subordinated
18.12.2025
GBP
149
1996
7.750
subordinated
01.09.2026
USD
300
117
Table of Contents
PIP
Protected Index Participation
PEP
Protected Equity Participation
GOAL
Geld- oder Aktien-Lieferung (cash or share delivery)
BULS
Bullish Underlying Linked Securities
GROI
Guaranteed Return On Investment
FRN
Floating Rate Note
CLN
Credit Linked Note
UBS Group Financial Statements
Notes to the Financial Statements
Note 18 Debt Issued (continued)
Publicly placed bond issues of UBS subsidiaries outstanding as at 31.12.2002
1
Notional
amounts
Early
in millions
Year of
Interest
redemption
in local
issue
rate in %
Remarks
Maturity
option
Currency
currency
Brooklands Euro Referenced Linked Notes 2001-1 Ltd
2002
2.594
15.12.2012
EUR
100
2002
3.480
15.12.2012
EUR
75
2002
3.293
23.12.2012
EUR
75
2002
3.893
23.12.2012
EUR
35
2001
FRN
20.12.2013
EUR
50
2001
FRN
20.12.2013
EUR
50
Alpine Partners L.P.
2000
FRN
08.10.2009
08.01.2003
USD
445
North Street
2000
FRN
28.04.2011
USD
40
2002
FRN
28.04.2011
USD
100
2002
FRN
28.04.2011
USD
50
2000
20.000
28.04.2011
USD
43
2000
FRN
30.10.2011
USD
61
2000
18.000
30.10.2011
USD
43
2002
FRN
30.01.2016
USD
40
2002
20.000
30.01.2016
USD
49
2002
FRN
30.01.2016
USD
46
2002
5.160
30.01.2016
USD
61
2002
FRN
30.01.2016
USD
353
2002
FRN
20.08.2030
20.08.2003
USD
100
2001
FRN
30.04.2031
USD
60
2001
FRN
30.04.2031
USD
100
2001
FRN
30.07.2031
USD
100
2001
FRN
30.07.2031
USD
60
UBS Americas Inc. (former PaineWebber)
1993
7.875
17.02.2003
USD
100
2000
1.270
13.03.2003
JPY
9,000
1998
6.320
18.03.2003
USD
45
1998
6.450
01.12.2003
USD
340
1999
FRN
11.05.2004
USD
45
1999
6.375
17.05.2004
USD
525
1995
8.875
15.03.2005
USD
125
1999
2.210
15.03.2005
USD
45
1993
6.500
01.11.2005
USD
200
1996
6.750
01.02.2006
USD
100
1998
6.720
01.04.2008
USD
35
1998
6.730
03.04.2008
USD
43
1998
6.550
15.04.2008
USD
250
1996
7.625
15.10.2008
USD
150
1999
7.625
01.12.2009
USD
275
1994
7.625
17.02.2014
USD
200
Eisberg Finance Ltd.
1998
FRN
15.06.2004
10.10.2003
USD
83
1998
FRN
15.06.2004
10.10.2003
USD
65
1998
FRN
15.06.2004
10.10.2003
USD
41
118
Table of Contents
PIP
Protected Index Participation
PEP
Protected Equity Participation
GOAL
Geld- oder Aktien-Lieferung (cash or share delivery)
BULS
Bullish Underlying Linked Securities
GROI
Guaranteed Return On Investment
FRN
Floating Rate Note
CLN
Credit Linked Note
Note 18 Debt Issued (continued)
Publicly placed bond issues of UBS subsidiaries outstanding as at 31.12.2002
1
Notional
amounts
Early
in millions
Year of
Interest
redemption
in local
issue
rate in %
Remarks
Maturity
option
Currency
currency
UBS Finance N.V., Curaçao
1997
0.000
Zero Coupons
29.01.2027
EUR
226
1998
0.000
Zero Coupons
03.03.2028
03.03.2003
EUR
81
UBS Australia Holdings Ltd.
1999
5.000
European commercial paper
25.02.2004
AUD
104
UBS Warburg AG
1998
0.000
19.12.2005
EUR
56
2001
0.000
30.06.2006
30.06.2003
EUR
505
2001
0.000
30.06.2006
30.06.2003
USD
202
2001
0.000
31.07.2006
30.06.2003
EUR
500
2001
0.000
08.08.2006
EUR
77
2001
0.000
30.09.2006
30.06.2003
USD
200
2001
0.000
30.09.2006
30.06.2003
CHF
200
2002
0.000
31.12.2006
30.06.2003
USD
350
2002
0.000
31.12.2006
30.06.2003
EUR
300
2002
0.000
31.12.2006
30.06.2003
USD
350
2002
0.000
31.12.2006
30.06.2003
EUR
450
2002
0.000
31.12.2006
30.06.2003
EUR
300
2002
0.000
31.12.2006
30.06.2003
EUR
450
2002
0.000
31.12.2006
30.06.2003
USD
250
2002
0.000
31.12.2006
30.06.2003
EUR
250
2002
0.000
31.12.2006
30.06.2003
CHF
250
2002
0.000
31.12.2006
30.06.2003
USD
250
2002
0.000
31.12.2006
30.06.2003
USD
250
2001
0.000
02.01.2007
30.06.2003
EUR
100
2001
0.000
02.01.2007
30.06.2003
EUR
100
2001
0.000
02.01.2007
30.06.2003
EUR
100
2002
0.000
30.03.2007
30.06.2003
EUR
60
2002
0.000
31.12.2007
30.06.2003
EUR
50
2001
0.000
30.09.2011
31.03.2003
EUR
50
2001
0.000
31.12.2011
30.06.2003
EUR
150
2002
0.000
28.09.2012
30.06.2003
EUR
50
1
In this table only publicly placed bonds with a carrying value
exceeding CHF 50 million (prior to the elimination of own bonds held)
have been disclosed. The total carrying amount of the bonds disclosed
in this table is CHF 34,320 million. The total carrying amount of
publicly placed bonds of UBS Group (prior to the elimination of own
bonds held) is CHF 44,759 million of the total bond issues.
119
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 19 Other Liabilities
CHF million
Note
31.12.02
31.12.01
Provisions
20
1,375
1,748
Provision for commitments and contingent liabilities
9b
366
305
Current tax liabilities
2,079
1,799
Deferred tax liabilities
21
2,239
2,827
VAT and other tax payables
613
622
Settlement and clearing accounts
1,354
4,473
Other payables
4,313
3,884
Total other liabilities
12,339
15,658
Note 20 Provisions
Total
Total
CHF million
Operational
Litigation
31.12.02
31.12.01
Balance at the beginning of the year
1,036
712
1,748
2,294
New provisions charged to income
210
478
688
384
Recoveries
16
9
25
95
Provisions applied
(439
)
(463
)
(902
)
(1,115
)
Reclassifications
(9
)
9
0
64
Foreign currency translation
(93
)
(91
)
(184
)
26
Balance at the end of the year
721
654
1,375
1,748
Note 21 Income Taxes
CHF million
For the year ended
31.12.02
31.12.01
31.12.00
Domestic
Current
938
563
1,325
Deferred
(32
)
231
233
Foreign
Current
249
546
451
Deferred
(477
)
61
311
Total income tax expense
678
1,401
2,320
The Group made net tax payments, including domestic and foreign taxes,
of CHF 572 million, CHF 1,742 million and CHF 959 million for the full
years of 2002, 2001 and 2000, respectively.
120
Table of Contents
Note 21 Income Taxes (continued)
The components of operating profit before tax, and the differences
between income tax expense reflected in the financial statements and
the amounts calculated at the Swiss statutory rate of 25% are as
follows:
CHF million
For the year ended
31.12.02
31.12.01
31.12.00
Operating profit before tax
4,544
6,718
10,199
Domestic
6,510
5,565
7,079
Foreign
(1,966
)
1,153
3,120
Income taxes at Swiss statutory rate of 25%
1,136
1,680
2,550
Increase/(decrease) resulting from:
Applicable tax rates differing from Swiss statutory rate
(341
)
(239
)
(336
)
Tax losses not recognized
51
77
164
Previously unrecorded tax losses now recognized
(349
)
(630
)
(655
)
Lower taxed income
(378
)
(499
)
(401
)
Non-deductible goodwill amortization
291
429
159
Other non-deductible expenses
301
134
432
Adjustments related to prior years and other
(122
)
371
245
Change in deferred tax valuation allowance
89
78
162
Income tax expense
678
1,401
2,320
Significant components of the Group's gross deferred income tax assets and liabilities are as follows:
CHF million
31.12.02
31.12.01
Deferred tax assets
Compensation and benefits
1,559
1,778
Allowance for credit losses
84
122
Net operating loss carry forwards
2,883
2,902
Trading assets
330
259
Other
779
1,365
Total
5,635
6,426
Valuation allowance
(2,835
)
(2,977
)
Net deferred tax assets
2,800
3,449
Deferred tax liabilities
Property and equipment
412
449
Investments
430
464
Other provisions
470
571
Trading assets
182
298
Other
745
1,045
Total deferred tax liabilities
2,239
2,827
The change in the balance of net deferred tax assets and deferred tax
liabilities does not equal the deferred tax expense in those years.
This is due to the effect of foreign currency rate changes on tax
assets and liabilities denominated in currencies other than CHF.
Certain foreign branches and subsidiaries of the Group have
deferred tax assets related to net operating loss carry forwards and
other items. Due to realization of these assets being uncertain, the
Group has established valuation allowances of CHF 2,835 million (CHF
2,977 million at 31 December 2001). For companies that suffered tax
losses in either the current or preceding year an amount of CHF 947
million (CHF 965 million at 31 December 2001) has been recognized as
deferred tax assets based on expectations that sufficient taxable
income will be generated in future years to utilize the tax loss carry
forwards.
The Group provides deferred income taxes on undistributed
earnings of non-Swiss subsidiaries except to the extent that such
earnings are indefinitely invested. In the event these earnings were
distributed, additional taxes of approximately CHF 40 million would be
due.
121
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 21 Income Taxes (continued)
At 31 December 2002 net operating loss carry forwards totaling CHF
6,572 million are available to reduce future taxable income of certain
branches and subsidiaries.
The carry forwards expire as follows:
31.12.02
Within 1 year
29
From 2 to 4 years
252
After 4 years
6,291
Total
6,572
Note 22 Minority Interests
CHF million
31.12.02
31.12.01
Balance at the beginning of the year
4,112
2,885
Issuance of trust preferred securities
0
1,291
Other increases
172
0
Decreases and dividend payments
(377
)
(461
)
Foreign currency translation
(709
)
53
Minority interest in net profit
331
344
Balance at the end of the year
3,529
4,112
Note 23 Derivative Instruments
Type of derivatives
The Group uses the following
derivative financial instruments
for both trading and hedging
purposes:
Swaps
are transactions
in which two parties exchange
cash flows on a specified
notional amount for a
predetermined period. The major
types of swap transaction
undertaken by the Group are as
follows:
–
Interest rate swap
contracts generally entail
the contractual exchange of
fixed and floating
rate interest payments in a
single currency, based on a
notional amount and an interest
reference rate.
–
Cross currency swaps involve
the exchange of interest
payments based on two
different currency principal
balances and interest
reference rates and generally
also entail exchange of
principal amounts at the
start and/or end of the
contract.
–
Credit default swaps (CDS)
are the most common form of
credit derivative, under
which the party buying
protection makes one or more
payments to the party
selling protection during
the life of the swap in
exchange for an undertaking
by the seller to make a
payment to the buyer
following a credit event, as
defined in the contract,
with respect to a third
party. Settlement following
a credit event may be a cash
amount, or cash in return
for physical delivery of one
or more deliverable
obligations of the credit
entity, as defined in the
contract and is made
regardless of whether the
protection buyer has
suffered a loss. After a
credit event and settlement,
the contract is terminated.
–
Total Rate of Return Swaps
give the total return
receiver exposure to all of
the cash flow and economic
benefits and risks of an
underlying security without
actually owning the
security, while the total
return payer has a synthetic
short position in the
underlying reference
security.
Forwards and futures
are
contractual obligations to buy or
sell financial instruments or
commodities on a future date at a
specified price. Forward
contracts are tailor-made
agreements that are transacted
between counterparties in the
over-the-counter (OTC) market,
whereas futures are
122
Table of Contents
standardized
contracts transacted on regulated
exchanges.
Options
are contractual
agreements under which the seller
(writer) grants the purchaser the
right, but not the obligation,
either to buy (call option) or to
sell (put option) by or at a set
date, a specified amount of a
financial instrument or commodity
at a predetermined price. The
seller receives a premium from
the purchaser for this right.
Options may be traded OTC or on a
regulated exchange.
Derivatives transacted for trading purposes
Most of the Group's derivative
transactions relate to sales and
trading activities. Sales
activities include the structuring
and marketing of derivative
products to customers at
competitive prices to enable them
to take, transfer, modify or
reduce current or expected risks.
Trading includes market-making,
positioning and arbitrage
activities: market-making involves
quoting bid and offer prices to
other market participants with the
intention of generating revenues
based on spread and volume;
positioning means managing market
risk positions with the
expectation of profiting from
favorable movements in prices,
rates or indices; arbitrage
activities involve identifying and
profiting from price differentials
between markets and products.
Derivatives transacted for hedging purposes
The Group enters into derivative
transactions which are designated
and qualify as either fair value
or cash flow hedges for
recognized assets or liabilities
or forecast transactions. It also
enters into derivative
transactions which provide
economic hedges for risk
exposures but do not meet the
accounting requirements for hedge
accounting treatment. As stated
in Note 1, Summary of Significant
Accounting Policies, part v)
Derivative instruments and
hedging, the Group uses CDSs as
economic hedges for credit risk
exposures in the loan and traded
product portfolios but cannot
apply hedge accounting to such
positions. Gains or losses on
these CDSs have therefore been
recorded in trading income.
Derivatives designated and accounted for
as hedging instruments
The Group's accounting policies
for derivatives designated and
accounted for as hedging
instru-
ments are explained in Note
1 v) where terms used in the
following sections are explained.
Fair value hedges
The Group's fair value hedges
principally consist of interest
rate swaps that are used to
protect against changes in the
fair value of fixed-rate
long-term debt due to changes in
market interest rates. For the
year ended 31 December 2002, the
Group recognized a net loss of
CHF 10 million (reported as Net
trading income in the Financial
Statements), which represents the
ineffective portion of fair value
hedges.
As at 31 December 2002, the
fair value of outstanding
derivatives designated as fair
value hedges was a CHF 1,925
million net positive replacement
value.
Cash flow hedges of individual variable
rate assets and liabilities
The Group uses interest rate
swaps to protect against changes
in cash flows of certain variable
rate debt issues. For the year
ended 31 December 2002, there has
been no material gain or loss
associated with ineffective
portions of cash flow hedges.
Gains and losses on
derivative contracts designated
as cash flow hedges are initially
recorded in Shareholders' equity
but are reclassified to current
period earnings when the hedged
cash flows occur, as explained in
Note 1, part v) Derivative
instruments and hedging. As at 31
December 2002, deferred net gains
on derivative instruments
designated as cash flow hedges
accumulated in Shareholders'
equity were CHF 2 million.
Cash flow hedges of forecast transactions
The Group applies hedge
accounting for its non-trading
interest rate risk in major
currencies by analyzing expected
cash flows on an enterprise
basis. The objective is to
protect against changes
in future interest cash flows
resulting from the impact of
changes in market interest rates
on reinvestment or reborrowing of
current balances and expected
future cash flows. The Group
accumulates information about
financial assets and liabilities,
and thereby estimates and
aggregates the amounts and timing
of future period cash flows,
based on the contractual terms of
instruments and other factors
including estimates of
prepayments and defaults. The
aggregate cash flows form the
basis for identifying the
non-trad-
123
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
ing interest rate risk of
the Group, which is
hedged with interest rate
swaps, which extend over
a twenty-four-year
period.
The schedule of forecast
principal cash flows as at 31
December 2002 is as follows:
CHF billion
< 1 year
1-3 years
3-5 years
5-10 years
over 10 years
Cash inflows (Assets)
119
202
124
128
8
Cash outflows (Liabilities)
159
247
193
324
237
Net cash flows
(40
)
(45
)
(69
)
(196
)
(229
)
Gains and losses on derivatives
designated as cash flow hedges of
forecast transactions are
initially recorded in
Shareholders' equity as "Gains/losses not recognized in the
income statement" and transferred
to current period earnings when
the forecast cash flows occur. As
at 31 December 2002, the fair
value of outstanding derivatives
designated as cash flow hedges of
forecast transactions was a CHF
181 million net unrealized loss.
Amounts reclassified from Gains/losses not recognized in the
income statement to current
period earnings due to
discontinuation of hedge
accounting were immaterial.
Notional amounts and replacement values
The following table provides the
notional amounts and the positive
and negative replacement values
of the Group's derivative
transactions.
The notional amount is a
derivative's underlying contract
amount and is the basis upon
which changes in the value of
derivatives are measured. It
provides an indication of the
underlying volume of business
transacted by the Group but does
not provide any measure of risk.
The majority of derivatives
are negotiated as to amount, tenor
and price, between the bank and
its counterparty, whether other
professionals or customers (OTC).
The rest are standardized in terms
of their amounts and settlement
dates and are bought and sold in
organized markets (exchange
traded).
Positive replacement value
represents the cost to the Group
of replacing all transactions
with a fair value in the Group's
favour if all the relevant
counterparties of the Group were
to default at the same time, and
transactions could be replaced
instantaneously. Negative
replacement
value is the cost to
the Group's counterparties of
replacing all their transactions
with the Group where the fair
value is in their favor if the
Group were to default. The total
positive and negative replacement
values are included in the
balance sheet separately. For
internal credit risk
measurement the potential
evolution of the value of the
portfolio of trades with each
counterparty is also modelled
over its life (potential future
exposure), taking into account
legally enforceable close out
netting agreements where
applicable (see below).
Credit mitigation
The Group seeks, wherever
possible, to enter into master
netting agreements with OTC
derivative counterparties. Where
the Group has such an agreement
and it has a legal opinion that
it is enforceable by UBS in the
event of insolvency of the
counterparty, positive and
negative replacement values of
transactions covered by the
agreement are netted and a single
payable or receivable amount is
included in the balance sheet.
The impact of master netting
agreements as at
31 December 2002 is to reduce
positive and negative replacement
values on OTC derivative
instruments by approximately CHF
167 billion. The impact can
change substantially over short
periods of time, because the
exposure is affected by each
transaction subject to the
arrangement.
In line with general market
trends, the Group has also
entered into bilateral collateral
agreements with major market
participants to mitigate the
potential concentrations of
exposure arising from industry
consolidation and the continuing
increase in volumes of OTC
derivatives traded. The figures
in the tables do not, however,
reflect the risk mitigating
effects of such collateral
agreements.
124
Table of Contents
Note 23 Derivative Instruments (continued)
As at 31 December 2002
Term to maturity
Total
notional
Within 3 months
3-12 months
1-5 years
over 5 years
Total
Total
amount
CHF million
PRV
1
NRV
2
PRV
NRV
PRV
NRV
PRV
NRV
PRV
NRV
CHF bn
Interest rate contracts
Over the counter (OTC) contracts
Forward contracts
3,785
4,127
93
121
141
333
33
8
4,052
4,589
1,517.3
Swaps
2,862
3,778
9,451
8,127
78,413
76,244
55,377
51,917
146,103
140,066
5,753.0
Options
338
706
1,143
1,488
4,216
5,484
3,905
4,464
9,602
12,142
663.2
Exchange-traded contracts
3
Futures
0
0
40.3
Options
4
16
1
4
17
101.1
Total
6,989
8,627
10,687
9,737
82,770
82,061
59,315
56,389
159,761
156,814
8,074.9
Credit derivative contracts
Over the counter (OTC) contracts
Credit default swaps
2
7
95
504
1,636
2,740
2,852
958
4,585
4,209
164.6
Total rate of return swaps
15
21
194
782
2,308
1,726
162
35
2,679
2,564
14.5
Total
17
28
289
1,286
3,944
4,466
3,014
993
7,264
6,773
179.1
Foreign exchange contracts
Over the counter (OTC) contracts
Forward contracts
2,406
3,100
1,005
1,732
232
270
11
1
3,654
5,103
252.0
Interest and currency swaps
21,561
20,641
8,962
10,292
8,627
8,907
3,360
3,990
42,510
43,830
1,843.1
Options
2,223
2,219
1,681
1,636
361
312
7
4,272
4,167
500.8
Exchange-traded contracts
3
Futures
0
0
0.0
Options
1
1
1
1
0.1
Total
26,190
25,961
11,649
13,660
9,220
9,489
3,378
3,991
50,437
53,101
2,596.0
Precious metals contracts
Over the counter (OTC) contracts
Forward contracts
329
231
235
257
150
121
9
8
723
617
18.0
Options
205
217
325
289
407
373
86
63
1,023
942
38.6
Exchange-traded contracts
3
Futures
0.0
Options
1
1
4
0
6
0.2
Total
534
449
560
547
557
498
95
71
1,746
1,565
56.8
Equity/Index contracts
Over the counter (OTC) contracts
Forward contracts
5,393
1,406
583
512
917
205
124
219
7,017
2,342
33.2
Options
8,676
12,441
2,515
3,496
6,650
7,125
403
794
18,244
23,856
99.3
Exchange-traded contracts
3
Futures
0
0
7.4
Options
861
246
316
247
443
338
1,620
831
7.5
Total
14,930
14,093
3,414
4,255
8,010
7,668
527
1,013
26,881
27,029
147.4
Commodity contracts
Over the counter (OTC) contracts
Forward contracts
5
3
2,629
2,670
346
304
2,980
2,977
24.9
Options
0
0
0.0
Total
5
3
2,629
2,670
346
304
0
0
2,980
2,977
24.9
Total derivative instruments
48,665
49,161
29,228
32,155
104,847
104,486
66,329
62,457
249,069
248,259
Replacement value netting
166,977
166,977
Replacement values after netting
82,092
81,282
1
PRV: Positive replacement value.
2
NRV: Negative replacement value.
3
Exchange-traded products include proprietary trades only.
125
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 23 Derivative Instruments (continued)
As at 31 December 2001
Term to maturity
Total
notional
Within 3 months
3-12 months
1-5 years
over 5 years
Total
Total
amount
CHF million
PRV
1
NRV
2
PRV
NRV
PRV
NRV
PRV
NRV
PRV
NRV
CHF bn
Interest rate contracts
Over the counter (OTC) contracts
Forward contracts
2,844
3,260
114
530
108
245
48
134
3,114
4,169
1,768.7
Swaps
2,807
4,322
5,724
6,393
49,043
45,029
25,232
22,866
82,806
78,610
4,552.4
Options
388
950
670
2,095
3,037
4,048
2,830
3,336
6,925
10,429
784.9
Exchange-traded contracts
3
Futures
0
0
83.6
Options
3
24
3
24
63.2
Total
6,042
8,532
6,508
9,042
52,188
49,322
28,110
26,336
92,848
93,232
7,252.8
Credit derivative contracts
Over the counter (OTC) contracts
Credit default swaps
6
18
707
1,104
1,020
1,490
773
1,184
2,506
3,796
75.7
Total rate of return swaps
84
621
636
12
0
96
1,257
3.6
Total
6
18
791
1,725
1,020
2,126
785
1,184
2,602
5,053
79.3
Foreign exchange contracts
Over the counter (OTC) contracts
Forward contracts
3,615
3,163
1,639
1,899
755
428
20
6,029
5,490
279.7
Interest and currency swaps
19,344
11,224
8,991
7,763
7,463
7,673
3,465
2,312
39,263
28,972
1,699.3
Options
2,138
1,942
2,148
1,888
445
433
23
1
4,754
4,264
1,033.7
Exchange-traded contracts
3
Futures
0
0
0.0
Options
1
2
1
2
0.8
Total
25,097
16,329
12,779
11,552
8,663
8,534
3,508
2,313
50,047
38,728
3,013.5
Precious metals contracts
Over the counter (OTC) contracts
Forward contracts
242
223
210
198
195
179
6
653
600
17.0
Options
177
164
535
507
740
805
90
81
1,542
1,557
54.1
Exchange-traded contracts
3
Futures
0.0
Options
2
3
1
3
3
0.9
Total
419
389
748
706
935
984
96
81
2,198
2,160
72.0
Equity/Index contracts
Over the counter (OTC) contracts
Forward contracts
1,402
1,422
445
1,713
1,461
1,464
111
85
3,419
4,684
35.3
Options
6,140
6,222
4,294
5,105
4,076
6,991
1,087
2,844
15,597
21,162
238.0
Exchange-traded contracts
3
Futures
0
0
12.4
Options
1,497
1,080
1,187
1,431
601
463
21
14
3,306
2,988
440.3
Total
9,039
8,724
5,926
8,249
6,138
8,918
1,219
2,943
22,322
28,834
726.0
Commodity contracts
Over the counter (OTC) contracts
Forward contracts
8
14
1
1
9
15
6.4
Options
0
0
0.0
Total
8
14
1
1
0
0
0
0
9
15
6.4
Total derivative instruments
40,611
34,006
26,753
31,275
68,944
69,884
33,718
32,857
170,026
168,022
Replacement value netting
96,579
96,579
Replacement values after netting
73,447
71,443
1
PRV: Positive replacement value.
2
NRV: Negative replacement value.
3
Exchange-traded products include proprietary trades only.
126
Table of Contents
Off-Balance Sheet Information
Note 24 Fiduciary Transactions
Fiduciary placement represents funds which customers have instructed
the Group to place in foreign banks. The Group is not liable to the
customer for any default by the foreign bank nor do creditors of the
Group have a claim on the assets placed.
CHF million
31.12.02
31.12.01
Placements with third parties
43,440
58,466
Fiduciary credits and other fiduciary financial transactions
774
1,136
Total fiduciary transactions
44,214
59,602
The Group also acts in its own name as trustee or in fiduciary
capacities for the account of third parties. The assets managed in
such capacities are not reported on the balance sheet unless they are
invested with UBS. UBS earns commission and fee income from such
transactions and assets. These activities potentially expose UBS to
liability risks in cases of gross negligence with regard to
non-compliance of its fiduciary and contractual duties. The risks
associated with this business are covered by the standard UBS risk
framework.
Note 25 Commitments and Contingent Liabilities
The Group utilizes various
lending-related financial
instruments in order to meet the
financial needs of its customers.
The Group issues commitments to
extend credit, standby and other
letters of credit, guarantees,
commitments to enter into
repurchase agreements, note
issuance facilities and revolving
underwriting facilities.
Guarantees represent irrevocable
assurances, subject to the
satisfaction of certain
conditions, that the Group will
make payment in the event that
the customer fails to fulfill its
obligation to third parties. The
Group also enters into
commitments to extend credit in
the form of credit lines which
are available to secure the
liquidity needs of our customers,
but not yet drawn upon by them,
the majority of which range in
maturity from 1 month to 5 years.
The contractual amount of
these instruments is the maximum
amount at risk for the Group if
the customer fails to meet its
obligations. The risk is similar
to the risk involved in extending
loan facilities and is monitored
with the same risk control
processes and specific credit
risk policies. For the years
ended 31 December 2002, 2001 and
2000 the Group recognized expense
in the income statement related
to obligations incurred for
contingencies and commitments of
CHF 13 million, CHF 25 million
and CHF 1 million, respectively.
The Group generally enters
into sub-participations to
mitigate the risks from the
Group's commitments and
contingencies. A
sub-participation is an agreement
with another party to fund a
portion of the credit facility
and to take a share of the loss
in the event that the borrower
fails to fulfill its
obligations. The Group retains
the contractual relationship with
the borrower and the
sub-participant has only an
indirect relationship with the
borrower. The Group will only
enter into sub-participation
agreements with banks whose
rating is at least equal to or
higher than that of the borrower.
127
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 25 Commitments and Contingent Liabilities (continued)
CHF million
31.12.02
31.12.01
Contingent liabilities
Credit guarantees and similar instruments
1
11,522
18,566
Sub-participations
(650
)
(4,944
)
Total
10,872
13,622
Performance guarantees and similar instruments
2
3,216
4,865
Sub-participations
(348
)
(4
)
Total
2,868
4,861
Irrevocable commitments under documentary credits
1,856
2,056
Sub-participations
(259
)
0
Total
1,597
2,056
Gross contingent liabilities
16,594
25,487
Sub-participations
(1,257
)
(4,948
)
Net contingent liabilities
15,337
20,539
Irrevocable commitments
Undrawn irrevocable credit facilities
39,306
50,608
Sub-participations
(446
)
(532
)
Total
38,860
50,076
Liabilities for calls on shares and other equities
21
98
Gross irrevocable commitments
39,327
50,706
Sub-participations
(446
)
(532
)
Net irrevocable commitments
38,881
50,174
Gross commitments and contingent liabilities
55,921
76,193
Sub-participations
(1,703
)
(5,480
)
Net commitments and contingent liabilities
54,218
70,713
1
Credit guarantees in the form of bills of exchange and other
guarantees, including guarantees in the form of irrevocable letters of
credit, endorsement liabilities from bills rediscounted, advance
payment guarantees and similar facilities.
2
Bid bonds, performance
bonds, builders' guarantees, letters of indemnity, other performance
guarantees in the form of irrevocable letters of credit and similar
facilities.
Mortgage
Other
CHF million
collateral
collateral
Unsecured
Total
Overview of collateral
Gross contingent liabilities
275
8,254
8,065
16,594
Gross irrevocable commitments
1,084
14,956
23,266
39,306
Liabilities for calls on shares and other equities
21
21
Total 31.12.2002
1,359
23,210
31,352
55,921
Total 31.12.2001
1,711
25,625
48,857
76,193
Other commitments
The Group enters into commitments
to fund external private equity
funds and investments, which
typically expire within five
years. The commitments themselves
do not involve credit or market
risk as the funds purchase
investments at mar-
ket value at
the time the commitments are
drawn. The maximum amount
available to fund these
investments at 31 December 2002
and 31 December 2001 was CHF
2,245 million and CHF 3,548
million, respectively.
128
Table of Contents
Note 26 Operating Lease Commitments
At 31 December 2002, UBS was obligated under a number of
non-cancellable operating leases for premises and equipment used
primarily for banking purposes. The significant premises leases
usually include renewal options and escalation clauses in line with
general office rental market conditions as
well as rent adjustments based on price indices. However, the lease
agreements do not contain contingent rent payment clauses and purchase
options. The leases also do not impose any restrictions on UBS's
ability to pay dividends, engage in debt financing transactions or
enter into further lease agreements.
Our minimum commitments for non-cancellable leases of premises
and equipment are presented as follows:
CHF million
31.12.02
Operating leases due
2003
1,038
2004
913
2005
777
2006
663
2007
623
2008 and thereafter
5,082
Total commitments for minimum payments under operating leases
9,096
Operating expenses include CHF 1,193 million, CHF 1,092 million and
CHF 816 million in respect of operating lease rentals for the year
ended 31 December 2002, 31 December 2001 and 31 December 2000,
respectively.
129
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Additional Information
Note 27 Pledged Assets
Assets are pledged as collateral for collateralized credit lines with
central banks, loans from central mortgage institutions, deposit
guarantees for savings banks, security deposits relating to stock
exchange membership and mortgages on the Group's property. The
following table shows additional information about assets pledged or
assigned as security for liabilities and assets subject to reservation
of title for the years ended 31 December 2002 and 31 December 2001.
The securities presented in the table below include securities pledged
in respect of securities lending and repurchase agreements.
Carrying
Related
Carrying
Related
amount
liability
amount
liability
CHF million
31.12.02
31.12.02
31.12.01
31.12.01
Mortgage loans
808
506
1,311
873
Securities
50,945
37,038
204,623
163,134
Property and equipment
129
33
160
89
Other
2
0
2
0
Total pledged assets
51,884
37,577
206,096
164,096
Note 28 Litigation
Due to the nature of their
business, the bank and other
companies within the UBS Group
are involved in various claims,
disputes and legal proceedings,
arising in the ordinary course of
business. The Group makes
provisions for such matters when,
in the opinion of management and
its professional advisors, it is
probable that a payment will be
made by the Group, and the amount
can be reasonably estimated (see
Note 20).
In respect of the further
claims asserted against the Group
of which management is aware (and
which, according to the
principles outlined above, have
not been provided for), it is the
opinion of the management that
such claims are either without
merit, can be successfully
defended or will not have a
material adverse effect on the
Group's financial condition,
results of operations or
liquidity.
Note 29 Financial Instruments Risk Position
This section presents information
about the Group's exposure to and
its management and control of
risks, in particular the primary
risks associated with its use of
financial instruments:
–
market
risk is exposure to observable
market variables such as interest
rates, exchange rates and equity
markets
–
credit risk is the risk
of loss resulting from client or
counterparty default and arises
on
credit exposure in all forms,
including settlement risk
–
liquidity and funding risk is the
risk that the Group is unable to
fund assets or meet obligations
at a reasonable price or, in
extreme situations, at any price.
This section also presents
and explains the Group's
regulatory capital position.
130
Table of Contents
Note 29 Financial Instruments Risk Position (continued)
a) Market Risk
(a)(i) Overview
Market risk is the risk of loss
arising from movements in
observable market variables such
as interest rates, exchange rates
and equity markets. In addition
to these and other general market
risk factors, the risk of price
movements specific to an
individual issuer of securities
is considered market risk.
Market risk is incurred in
UBS primarily through trading
activities which are centered in
the Corporate and Institutional
Clients business of UBS Warburg.
It arises primarily from market
making, client facilitation and
proprietary positions in
equities, fixed income and
interest rate products, foreign
exchange and, to a lesser extent,
precious metals and energy. Such
activities are mainly in OECD
markets, with some business in
emerging markets.
Group Treasury assumes
non-trading risk positions that
arise from its balance sheet
management activities.
Further market risks arise,
but to a much lesser extent, in
other businesses primarily from
the facilitation of customer
business.
Market risk measures are
applied to all foreign exchange,
precious metal and energy
positions, to the trading books
of UBS Warburg, to interest rate
risk in the Group Treasury book
and the private banks, and to any
other material market risk
arising.
The principal risk measures
and controls on market risk are
Value at Risk (VaR) and stress
loss. VaR expresses the potential
loss on the current portfolio
assuming a specified time horizon
before positions can be adjusted
(holding period), and measured to
a specified level of confidence,
based on historical market
movements. Stress loss is
assessed against a set of
forward-looking scenarios,
approved by the Board of
Directors, using stress moves in
market variables. Complementary
controls are also applied where
appropriate, to prevent undue
concentrations, including limits
on exposure to individual market
risk variables, such as
individual interest or
exchange
rates, and limits on positions in
the securities of individual
issuers. These controls are set
at levels which reflect
variations in price volatility
and market depth and liquidity.
(a)(ii) Interest Rate Risk
Interest rate risk is the risk of
loss resulting from changes in
interest rates. It is controlled
primarily through the limit
structure described in (a)(i)
above. Exposure to interest rate
movements can be expressed for
all interest rate sensitive
positions, whether marked to
market or subject to accrual
accounting, as the impact on
their fair values of a one basis
point (0.01%) change in interest
rates. This sensitivity, analyzed
by time band, is set out
below. Interest rate sensitivity
is one of the inputs to the VaR
model.
It should be noted that, in
management's view, any
representation of interest rate
risk at a specific date offers
only a snapshot of the risks
taken by the Group, since both
trading and non-trading positions
can vary significantly on a daily
basis, because they are actively
managed. As such, it may not be
representative of the level of
risk at other times, either in
general or in specific currencies
or tenors. Furthermore, the
presence in the portfolio of
option products means that only
limited inferences can be drawn
about exposure to larger
movements in interest rates.
The table sets out the
extent to which the Group was
exposed to interest rate risk at
31 December 2001 and 2002. It
shows the net impact of a one
basis point (0.01%) increase in
market interest rates across all
time bands on the fair values of
interest rate sensitive
positions, including balance
sheet assets and liabilities and
derivatives. The impact of such
an increase in interest rates
depends on the net asset or net
liability position of the Group
in each category, currency and
time band in the table. A
negative amount in the table
reflects a potential reduction in
fair value as a result of an
increase in interest rates, while
a positive amount reflects a
potential increase in fair value.
131
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 29 Financial Instruments Risk Position (continued)
a) Market Risk (continued)
Interest rate sensitivity position
Interest rate sensitivity by time bands at 31.12.2002
CHF thousand
Within 1
1 to 3
3 to 12
1 to 5
Over 5
per basis point increase
month
months
months
years
years
Total
CHF
Trading
(10
)
211
(287
)
(47
)
(18
)
(151
)
Non-trading
(42
)
(153
)
(365
)
(6,504
)
(5,119
)
(12,183
)
USD
Trading
(93
)
(256
)
(1,021
)
(2,668
)
2,445
(1,593
)
Non-trading
26
(82
)
(72
)
(927
)
(230
)
(1,285
)
EUR
Trading
114
33
12
(1,387
)
728
(500
)
Non-trading
(1
)
10
(2
)
(86
)
(193
)
(272
)
GBP
Trading
(78
)
200
(227
)
(453
)
(269
)
(827
)
Non-trading
(1
)
(6
)
(39
)
92
587
633
JPY
Trading
21
12
(502
)
(249
)
(204
)
(922
)
Non-trading
0
1
0
18
(24
)
(5
)
Others
Trading
(46
)
(61
)
500
(54
)
(286
)
53
Non-trading
0
0
(4
)
(1
)
(3
)
(8
)
Interest rate sensitivity by time bands at 31.12.2001
CHF thousand
Within 1
1 to 3
3 to 12
1 to 5
Over 5
per basis point increase
month
months
months
years
years
Total
CHF
Trading
22
(121
)
(35
)
(297
)
(314
)
(745
)
Non-trading
3
(24
)
(366
)
(7,656
)
(6,030
)
(14,073
)
USD
Trading
(299
)
35
96
(960
)
(2,115
)
(3,243
)
Non-trading
35
(113
)
(157
)
(274
)
(15
)
(524
)
EUR
Trading
(129
)
73
(269
)
(308
)
(806
)
(1,439
)
Non-trading
(2
)
(6
)
(38
)
182
0
136
GBP
Trading
(89
)
27
(520
)
65
172
(345
)
Non-trading
0
(7
)
(57
)
175
624
735
JPY
Trading
175
695
(98
)
(1,386
)
246
(368
)
Non-trading
1
0
(3
)
1
(4
)
(5
)
Others
Trading
(51
)
167
126
(404
)
369
207
Non-trading
0
(1
)
0
(1
)
(4
)
(6
)
Positions shown as "trading" are
those which contribute to market
risk regulatory capital, i. e.
those considered "trading book"
for regulatory capital purposes
(see section d). "Non-trading"
includes all other interest rate
sensitive assets and liabilities
including derivatives designated
as hedges for accounting purposes
(as explained in Note 23). This
distinction differs somewhat from
the accounting classification of
trading and non-trading assets
and liabilities.
Details of money market
paper and debt instruments
defined as trading portfolio for accounting purposes are included
in Note 11 and of debt
instruments defined as financial
invest-
ments for accounting
purposes in Note 12. Both
contribute to the interest rate
sensitivity shown in the table.
Details of derivatives are shown
in Note 23 but it should be noted
that interest rate risk arises
not only on interest rate
contracts but also on other
forwards, swaps and options, and,
in particular, on forward foreign
exchange contracts.
Trading
The major part of this risk
arises in UBS Warburg's fixed
income securities, currency
forwards and other derivatives,
and money market trading
activities.
132
Table of Contents
Note 29 Financial Instruments Risk Position (continued)
a) Market Risk (continued)
Non-trading
Interest rate risk is inherent in
many of UBS's businesses and
arises from factors such as
differences in timing between
contractual maturity or
re-pricing of assets, liabilities
and derivative instruments, and
the difference in re-pricing
characteristics of floating rate
indices, such as the savings rate
and six-month LIBOR.
Most non-trading interest
rate risk is captured at the point
of business origination and
transferred to a risk management
unit — primarily the Cash and
Collateral Trading unit of UBS
Warburg or Group Treasury — where
it is managed within the market
risk limits described in (a)(i).
The margin risks embedded in
retail products remain and are
subject to additional analysis and
control within the originating
business units.
Many client products have no
contractual maturity date or
directly market-linked rate.
Their interest rate risk is
transferred on a pooled basis
through "replication" portfolios
— portfolios of revolving
transactions between the
originating business unit and
Group Treasury at market rates
designed to approximate their
average cash flow and re-pricing
behavior. The structure and
parameters of the replication
portfolios are set in
accordance with long-term
observations of market and client
behavior, and are reviewed
periodically. The current
extraordinarily low interest rate
environment, especially in Swiss
franc rates, led, at the end of
2002, to some temporary
adjustment of the replication
portfolios for variable rate
liabilities.
Interest rate risk also
arises from balance sheet items
such as the financing of the
Group's real estate and equity
investments in associated
companies and, in particular, the
investment of the Group's equity.
These items are also transferred
to Group Treasury, through
replicating portfolios designed
to approximate the investment or
funding profile mandated by the
Group Executive Board.
The investment of the
Group's equity accounts for CHF
14.2 million of the non-trading
interest rate sensitivity, with
CHF 11.9 million arising in CHF
and the remainder mainly in USD
and a smaller amount in EUR. At
31
December 2002, the Group's equity
was invested in a portfolio of
fixed-rate assets with an average
duration of three and a half
years, in line with the strategic
investment targets set by the
Group Executive Board. The
interest rate sensitivity of
these investments is directly
related to the chosen investment
duration and it should be
recognized that, although
investing in significantly
shorter maturities would lead to
a reduction in apparent interest
rate sensitivity, it would lead
to higher volatility in the
Group's interest earnings.
For the currencies EUR and
GBP the additional interest rate
sensitivity arises mainly from
subordinated note issues which
are intentionally unhedged as
they are regarded as part of the
Group's equity for asset and
liability management purposes.
The additional interest rate
sensitivity in USD results
predominantly from the write-down
of USD intangibles.
(a)(iii) Currency Risk
Currency risk is the risk of loss
resulting from changes in
exchange rates.
Trading
UBS is an active participant in
currency markets and carries
currency risk from these trading
activities, conducted primarily in
UBS Warburg. These trading
exposures are subject to VaR,
stress and concentration limits as
described in (a)(i). Details of
foreign exchange contracts, most
of which arise from trading
activities and contribute to
currency risk, are shown in Note
23.
Non-trading
The Group's reporting currency is
the Swiss franc but its assets,
liabilities, income and expense
are denominated in many
currencies, with significant
amounts in USD, EUR and GBP, as
well as CHF.
Reported profits or losses
are exchanged monthly into CHF,
reducing volatility in the
Group's earnings from changes in
exchange rates. Group Treasury
proactively hedges significant
expected foreign currency
earnings/costs (mainly USD, EUR
and GBP) within a time horizon of
one year, in accordance with the
instructions of the
133
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 29 Financial Instruments Risk Position (continued)
a) Market Risk (continued)
Group Executive Board and subject
to its VaR limit. Economic
hedging strategies employed
include a cost-efficient option
strategy, providing a safety net
against unfavorable currency
fluctuations while preserving
upside potential.
From late 2002 the Group has
begun to diversify the investment
of its equity into CHF, USD and
EUR in proportion to the
currencies of its
risk-weighted
assets in order to protect its
Tier 1 capital ratio against
adverse exchange rate movements
against CHF. Other foreign
currency assets and liabilities
of the business units are
required to be match-funded/invested in the relevant currency
or otherwise hedged to avoid
currency risk.
The table below shows the
major currency breakdown of the
Group's balance sheet.
Breakdown of assets and liabilities by currencies
31.12.02
31.12.01
CHF billion
CHF
USD
EUR
Other
CHF
USD
EUR
Other
Assets
Cash and balances with central banks
2.4
0.1
0.6
1.2
3.0
0.3
0.6
17.1
Due from banks
5.2
11.4
7.4
8.5
5.0
8.6
5.2
8.7
Cash collateral on securities borrowed
0.1
126.7
2.7
9.5
0.1
156.4
2.5
3.9
Reverse repurchase agreements
1.9
164.6
61.0
66.5
5.1
142.9
40.2
81.1
Trading portfolio assets
6.1
247.6
51.7
66.0
9.6
265.2
47.2
75.9
Positive replacement values
10.4
8.1
0.8
62.8
30.6
11.4
1.2
30.2
Loans
147.8
39.5
11.5
12.8
151.4
43.1
11.9
20.1
Financial investments
1.1
5.0
1.5
0.8
2.9
7.4
1.5
17.0
Accrued income and prepaid expenses
0.5
4.0
0.3
1.7
0.7
4.9
0.8
1.2
Investments in associates
0.7
0.0
0.0
0.0
0.7
0.0
0.0
0.0
Property and equipment
5.6
1.3
0.1
0.9
6.3
1.5
0.1
0.8
Goodwill and other intangible assets
0.7
12.7
0.0
0.3
0.2
18.5
0.0
0.4
Other assets
1.4
5.0
1.0
1.6
2.1
5.6
0.8
1.4
Total assets
183.9
626.0
138.6
232.6
217.7
665.8
112.0
257.8
Liabilities
Due to banks
7.6
48.0
13.8
13.8
8.0
68.6
12.9
17.0
Cash collateral on securities lent
0.0
21.6
5.2
10.1
0.0
24.3
3.2
2.8
Repurchase agreements
17.8
260.8
51.9
36.4
12.8
271.1
30.7
54.0
Trading portfolio liabilities
3.7
68.6
11.3
22.9
2.8
65.2
12.5
25.3
Negative replacement values
10.1
7.1
0.7
63.5
25.7
6.5
1.6
37.7
Due to customers
123.5
111.5
43.6
28.2
123.3
138.8
41.5
30.2
Accrued expenses and deferred income
1.9
8.1
0.9
4.3
2.4
10.0
0.9
4.0
Debt issued
11.4
96.1
14.3
7.6
15.7
120.0
8.8
11.7
Other liabilities
5.4
4.1
0.9
1.9
7.2
6.1
0.9
1.5
Minority interests
0.0
3.4
0.0
0.1
0.1
3.9
0.0
0.1
Shareholders' equity
39.0
0.0
0.0
0.0
43.5
0.0
0.0
0.0
Total liabilities, minority interests
and shareholders' equity
220.4
629.3
142.6
188.8
241.5
714.5
113.0
184.3
134
Table of Contents
Note 29 Financial Instruments Risk Position (continued)
a) Market Risk (continued)
(a)(iv) Equity Risk
Equity risk is the risk of loss
resulting from changes in the
levels of equity indices and
values of individual stocks.
UBS Warburg is a significant
player in major equity markets
and carries equity risk from
these activities. These exposures
are subject to VaR, stress and
concentration limits as described
in (a)(i) and, in the case of
individual stocks, to issuer risk
controls as described in (a)(v).
Details of equity
derivatives contracts (on indices
and individual equities), which
arise primarily from these
activities, are shown in Note 23.
(a)(v) Issuer Risk
The values of tradable assets —
equities, bonds and other traded
debt instruments — are affected
by factors specific to individual
issuers as well as general market
moves. This can include short
term factors influencing price
but also more fundamental causes
including severe financial
deterioration.
As an active trader and
market maker in equities and
bonds, UBS Warburg holds
positions in tradable assets,
which are not only included in
VaR, but are also subject to
concentration limits on
individual issuers, including
positions arising from
derivatives as well as physical
holdings.
b) Credit Risk
Credit risk represents the loss
which UBS would suffer if a client
or counterparty failed to meet its
contractual obligations. It is
inherent in traditional banking
products — loans, commitments to
lend and other contingent
liabilities, such as letters of
credit — and in foreign exchange
and derivatives contracts, such as
swaps and options ("traded
products").
To ensure a consistent and
unified approach, with
appropriate checks and balances,
all Business Groups where
material credit risk is taken
have independent credit risk
control (CRC) functions within
which credit approval authority
is exercised by authorized credit
officers. CRC has authority over
counterparty rating, credit risk
assessment and approval, and the
establishment of allowances and
provisions.
The Group restricts its
credit exposure to both individual
counterparties and counterparty
groups by credit limits. The size
of limit depends on the assessment
of their financial strength,
particularly the sustainable free
cash flow to service obligations,
and on the economic environment,
industry position, and qualitative
factors such as management
strength. Exposure against limits
is measured on a continuous basis
and is subject to standard
exception reporting.
Exposure

against limits for
banking products is measured at
face value. For loans, this is
shown on the balance sheet and
detailed in Note 9a), and
for commitments detailed in
Note 25. Both are included in the
table below.
For all traded products,
credit exposure is measured for
internal risk control purposes
based on not only the current
replacement value of contracts
but also potential future changes
in replacement value, and credit
limits are applied on this basis.
The replacement values of
derivatives are included in the
balance sheet and in the table
below. For further information
about derivatives see Note 23.
Securities borrowing and lending
transactions are represented on
the balance sheet by the values
of cash collateral placed with or
received from counterparties
while repo/reverse repo
transactions are represented by
the amounts of the forward
commitments — for details see Note
10. The credit exposure is
generally only a small percentage
of the balance sheet amounts. The
amounts shown in the table below
represent the mark to market
values of these transactions,
i.e. the difference in value
between the cash or securities
lent or given as collateral by
UBS and the value of cash or
securities borrowed or taken as
collateral by UBS.
135
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 29 Financial Instruments Risk Position (continued)
b) Credit Risk (continued)
Breakdown of credit exposure
Amounts for each product type are shown gross before allowances and provisions.
CHF million
31.12.02
31.12.01
Banking products
Loans and due from banks
1
249,370
261,984
Contingent liabilities (gross — before participations)
2
16,594
25,487
Undrawn irrevocable commitments (gross — before participations)
2
39,306
50,608
Traded products
3
Derivatives positive replacement values (before collateral but after netting)
4
82,092
73,447
Securities borrowing and lending, repos and reverse repos
5, 6
20,120
14,074
Allowances and provisions
7
(5,621
)
(8,218
)
Total credit exposure net of allowances and provisions
8
401,861
417,382
1
See Note 9a — Due from Banks and Loans and the section about the
Information Required by Industry Guide 3 in the Additional Disclosures
Required under SEC Regulations for further information.
2
See Note 25
— Commitments and Contingent Liabilities for further information.
3
Does not include future potential credit exposure arising from changes
in value of products with variable value, i.e. traded products.
Potential future credit exposure is however included in internal
measures of credit exposure for risk management and control
purposes.
4
See Note 23 — Derivative Instruments: Positive Replacement Values for
further information.
5
This figure represents the difference in value
between the cash or securities lent or given as collateral to
counterparties, and the value of cash or securities borrowed or taken
as collateral from the same counterparties under stock borrow/lend
and repo/reverse repo transactions.
6
See Note 10 — Securities
Borrowing, Securities Lending, Repurchase and Reverse Repurchase
Agreements for further information for these types of transactions.
7
See Note 9b — Allowances and Provisions for Credit Losses for further
information.
8
The values of bonds, equities and other tradable
obligations in the Group's trading business area are also affected by
credit events and default. They are not included in this table — exposure is
controlled under the market risk control structure described in Note
29 — Financial Instruments Risk Position, section a).
136
Table of Contents
Note 29 Financial Instruments Risk Position (continued)
b) Credit Risk (continued)
The Group is an active user of
credit derivatives to hedge
credit risk in banking and traded
products. It also makes use of
master netting agreements where
possible in its OTC derivatives
trading and, in line with general
market trends, UBS Warburg has
also entered into bilateral
collateral agreements with market
participants. Further information
is given in Note 23.
Concentrations of credit
risk exist if clients are engaged
in similar activities, or are
located in the same geographic
region or have comparable
economic characteristics such
that their ability to meet
contractual obligations would be
similarly affected by changes in
economic, political or other
conditions. The Group therefore
applies stress measures to assess
the impact of variations in
bankruptcy rates and asset
values, taking into account risk
concentrations in each portfolio.
Stress loss limits are applied
where considered necessary,
including limits on exposure to
all but the best rated countries.
The Group classifies a claim
as impaired if the book value of
the claim exceeds the present
value of the cash flows actually
expected in future periods —
interest payments, scheduled
principal repayments, or other
payments due (for example on
derivatives transactions), and
including liqui-
dation of
collateral where available.
Allowances or provisions are
established to ensure that the
carrying values of impaired
claims are determined in
accordance with the principles of
IAS 39. For further information
about accounting policy for
allowance and provision for
credit losses see Note 1 l). For
the amounts of allowance and
provision for credit losses and
amounts of impaired and
non-performing loans, see Note 9
b), c) and d).
The occurrence of actual
credit losses is erratic in both
timing and amount and those that
arise usually relate to
transactions entered into in
previous accounting periods. In
order to make the business
ultimately accountable for any
credit losses they suffer but
also to give them the incentive
to align their credit risk
decisions and risk adjusted
pricing with the medium term risk
profile of their credit
transactions, the Group uses the
concept of "expected loss" for
management purposes. Expected
loss is a statistically based
measure intended to reflect the
annual cost that will arise, on
average, over time, from
transactions that become
impaired, and is a function of
the probability of default (given
by the rating), current and
likely future exposure to the
counterparty and the likely
severity of the loss should
default actually occur.
137
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 29 Financial Instruments Risk Position (continued)
c) Liquidity Risk
The Group's approach to liquidity
management is to ensure, as far
as possible, that it will always
have sufficient liquidity to meet
its liabilities when due, without
compromising its ability to
respond quickly to strategic
market opportunities. The Group's
centralized approach is based on
an integrated framework
incorporating the assessment of
expected cash flows and the
availability of high-grade
collateral which could be used to
secure additional funding if
required. The liquidity position
is assessed and managed under a
variety of scenarios, giving due
consideration to stress factors.
Scenarios
encompass both normal
market conditions and stressed
conditions, including both
UBS-specific and general market
crises. The impact on both
trading and client businesses is
considered, taking account of
potential collateral with which
funds might be raised, and the
possibility that customers might
seek to withdraw funds or draw
down unutilized committed credit
lines.
The breakdown by contractual
maturity of assets and
liabilities, which is the basis
of the "normal market conditions"
scenario, at 31 December 2002 is
shown in the table below.
Maturity analysis of assets and liabilities
Due
Due
Due
between
between
Due
On
Subject
within
3 and
1 and
after
CHF billion
demand
to notice
1
3 mths
12 mths
5 years
5 years
Total
Assets
Cash and balances with central banks
4.3
4.3
Due from banks
10.5
0.0
20.5
0.8
0.5
0.2
32.5
Cash collateral on securities borrowed
0.0
0.0
138.7
0.0
0.4
0.0
139.1
Reverse repurchase agreements
0.0
2.7
230.8
55.3
3.7
1.5
294.0
Trading portfolio assets
371.4
0.0
0.0
0.0
0.0
0.0
371.4
Positive replacement values
82.1
0.0
0.0
0.0
0.0
0.0
82.1
Loans
0.0
21.0
86.6
34.4
64.6
4.9
211.5
Financial investments
5.9
0.0
1.5
0.2
0.5
0.3
8.4
Accrued income and prepaid expenses
6.5
0.0
0.0
0.0
0.0
0.0
6.5
Investments in associates
0.0
0.0
0.0
0.0
0.0
0.7
0.7
Property and equipment
0.0
0.0
0.0
0.0
0.0
7.9
7.9
Goodwill and other intangible assets
0.0
0.0
0.0
0.0
0.0
13.7
13.7
Other assets
9.0
0.0
0.0
0.0
0.0
0.0
9.0
Total 31.12.2002
489.7
23.7
478.1
90.7
69.7
29.2
1,181.1
Total 31.12.2001
529.7
30.0
513.4
74.2
63.6
42.4
1,253.3
Liabilities
Due to banks
10.7
2.9
64.7
2.5
2.2
0.1
83.1
Cash collateral on securities lent
0.0
0.0
36.8
0.0
0.0
0.0
36.8
Repurchase agreements
0.0
0.3
329.5
36.9
0.1
0.1
366.9
Trading portfolio liabilities
106.5
0.0
0.0
0.0
0.0
0.0
106.5
Negative replacement values
81.3
0.0
0.0
0.0
0.0
0.0
81.3
Due to customers
147.3
2.2
150.2
5.1
1.3
0.9
307.0
Accrued expenses and deferred income
15.3
0.0
0.0
0.0
0.0
0.0
15.3
Debt issued
0.0
0.0
54.8
21.6
33.1
19.9
129.4
Other liabilities
12.3
0.0
0.0
0.0
0.0
0.0
12.3
Total 31.12.2002
373.4
5.4
636.0
66.1
36.7
21.0
1,138.6
Total 31.12.2001
362.8
6.4
700.0
93.9
29.3
13.3
1,205.7
1
Deposits without a fixed term, on which notice of withdrawal or termination has not been given (such funds may be withdrawn by the depositor
or repaid by the borrower subject to an agreed period of notice).
138
Table of Contents
Note 29 Financial Instruments Risk Position (continued)
d) Capital Adequacy
The Group monitors the adequacy
of its capital using, among other
measures, the rules and ratios
established by the Basel
Committee on Banking Supervision
("BIS rules/ratios"). The BIS
ratios compare the amount of the
Group's eligible capital (in
total and Tier 1) with the total
of its risk weighted assets
(RWAs).
While the Group monitors and
reports its capital ratios under
BIS rules, it is the rules
established by the Swiss
regulator, the EBK, which
ultimately determine the capital
required to underpin its
business, and these rules, on
balance, result in higher RWAs
than the BIS rules. As a result,
UBS's ratios are lower when
calculated under the EBK
regulations than they would be if
calculated under the BIS
guidelines.
The Group has complied with
all BIS and EBK regulatory capital
rules for all periods reported.
BIS Eligible capital
BIS eligible capital consists of
two parts: Tier 1 capital
comprises share capital, share
premium, retained earnings
including current year profit,
foreign currency translation and
minority interests, less accrued
dividends, net long positions in
own shares and goodwill; Tier 2
capital includes the Group's
subordinated long-term debt. Tier
1 capital is required to be at
least 4% and Total eligible
capital at least 8% of RWAs.
BIS Risk-Weighted Assets (RWAs)
Three elements make up total RWAs
- credit risk, other assets and
market risk, each of which is
described below.
The credit risk component
consists of on and off-balance
sheet claims, measured according
to regulatory formulae outlined
below, weighted according to type
of counterparty and collateral at
0%, 20%, 50% or 100%. The least
risky claims, such as claims on
OECD governments and claims
collateralized by cash, are
weighted at 0%, meaning that no
capital support is required,
while the claims deemed most
risky, including unsecured claims
on corporates and
private
customers, are weighted at 100%,
meaning that 8% capital support
is required.
Securities not held for
trading are included as claims,
based on the net long position in
the securities of each issuer,
including both physical holdings
and positions derived from other
transactions such as options.
Claims arising from
derivatives transactions include
not only the current positive
replacement value (shown in the
table below under Balance sheet
assets), but also an "add-on" to
reflect their potential future
exposure (shown in the table
below under Off-balance sheet and
other positions — Forward and
swap contracts, and Purchased
options).
Claims arising from
contingent commitments and
irrevocable facilities granted
are converted to
credit equivalent amounts
based on specified percentages of
nominal value.
There are other assets, most
notably property and equipment,
investments and intangibles,
which, while not subject to
credit risk, represent a risk to
the bank in respect of their
potential for write-down and
impairment and which therefore
require capital underpinning.
They are weighted at 100% of book
value under BIS rules but EBK
weightings are generally higher.
Capital is required to
support market risk arising in
all foreign exchange, precious
metals and energy positions, and
all positions held for trading in
interest rate instruments and
equities, including risks on
individual equities, and traded
debt obligations such as bonds.
UBS computes this risk using a
Value at Risk model approved in
1999 by the EBK, from which the
market risk capital requirement
is derived. Unlike the
calculations for credit risk and
other assets, this produces the
capital requirement itself rather
than the RWA amount. In order to
compute a total capital ratio,
the market risk capital
requirement is therefore
converted to a "RWA equivalent"
(shown in the table below as
Market risk positions) such that
the capital requirement is 8% of
this RWA equivalent, i. e. the
market risk capital requirement
is multiplied by 12.5.
139
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 29 Financial Instruments Risk Position (continued)
d) Capital Adequacy (continued)
Risk-weighted assets (BIS)
Balance
Balance
sheet/
Risk-
sheet/
Risk-
notional
weighted
notional
weighted
amount
amount
amount
amount
CHF million
31.12.02
31.12.02
31.12.01
31.12.01
Balance sheet assets
Due from banks and other collateralized lendings
1
356,501
8,877
380,641
7,640
Net positions in securities
2
9,096
8,193
29,500
10,992
Positive replacement values
3
82,092
21,680
73,447
19,556
Loans and other collateralized lendings
1
320,752
147,703
305,624
154,908
Accrued income and prepaid expenses
6,453
3,025
7,554
3,679
Property and equipment
10,384
10,149
13,202
13,202
Other assets
8,952
5,774
9,875
4,504
Off-balance sheet and other positions
Contingent liabilities
16,594
8,224
25,487
9,868
Irrevocable commitments
39,327
4,622
50,705
5,034
Forward and swap contracts
4
9,455,928
4,253
8,362,374
9,256
Purchased options
4
298,800
1,023
365,100
1,777
Market risk positions
5
15,267
13,319
Total risk-weighted assets
238,790
253,735
1
Includes securities lending and reverse repo transactions.
2
Excluding positions in the trading book, which are included in Market
risk positions.
3
Represents the mark to market values of Forward and
swap contracts and Purchased options, where positive.
4
Risk-weighted
amount represents the "add-ons" for these contracts.
5
Regulatory
capital adequacy requirements for market risk, calculated using the
approved Value at Risk model, multiplied by 12.5 to give the
"risk-weighted asset equivalent".
BIS capital ratios
Capital
Ratio
Capital
Ratio
CHF million
%
CHF million
%
31.12.02
31.12.02
31.12.01
31.12.01
Tier 1
27,047
11.3
29,322
11.6
of which hybrid Tier 1
3,182
1.3
3,848
1.5
Tier 2
5,962
2.5
8,149
3.2
Total BIS
33,009
13.8
37,471
14.8
The Tier 1 capital includes CHF 3,182 million (USD 2,300 million) trust preferred securities at
31 December 2002 and CHF 3,848 million (USD 2,300 million) at 31 December 2001.
140
Table of Contents
Note 30 Fair Value of Financial Instruments
The following table presents the
fair value of financial
instruments based on the
following valuation methods and
assumptions. It is presented
because not all financial
instruments are reflected in the
financial statements at fair
value.
Fair value is the amount for
which an asset could be
exchanged, or a liability
settled, between knowledgeable,
willing parties in an
arm's-length transaction. Market
prices are used to determine fair
value, where an active market
(such as a recognized stock
exchange) exists, as it is the
best evidence of the fair value
of a financial instrument. Market
prices are not, however,
available for a significant
number of the financial assets
and liabilities held and issued
by the Group. Therefore, for
financial instruments where no
market price is available, the
fair values presented in the
following table have been
estimated using present value or
other estimation and valuation
techniques based on market
conditions existing at balance
sheet dates.
The values derived from
applying these techniques are
significantly affected by the
underlying assumptions made
concerning both the amounts and
timing of future cash flows and
the discount rates. The following
methods and assumptions have been
used:
(a)
trading assets,
derivatives and other transactions
undertaken for trading purposes
are measured at fair value by
reference to quoted market prices
when available. If quoted market
prices are not available, then
fair values are estimated on the
basis of pricing models, or
discounted cash flows. Fair value
is equal to the carrying amount
for these items;
(b)
financial
investments classified as
available for sale are measured at
fair value by reference to quoted
market prices when available.
If quoted market prices are not
available, then fair values are
estimated on the basis of
pricing models or other
recognized valuation
techniques. Prior to the
adoption of IAS 39 in 2001,
financial investments were
carried at cost or if
considered held for sale, at
the
lower of cost or market.
Upon the adoption of the
standard, all financial
investments are carried at fair
value. Unrealized gains and
unrealized losses, excluding
impairment writedowns, are
recorded in Shareholders'
equity until an asset is sold,
collected or otherwise disposed
of;
(c)
the carrying amount of
liquid assets and other
assets maturing within 12
months is assumed to
approximate their fair value.
This assumption is applied to
liquid assets and the short term
elements of all other financial
assets and financial liabilities;
(d)
the fair value of demand
deposits and savings accounts with
no specific maturity is assumed to
be the amount payable on demand at
the balance sheet date;
(e)
the
fair value of variable rate
financial instruments is assumed
to be approximated by their
carrying amounts and, in the case
of loans, does not, therefore,
reflect changes in their credit
quality as the impact of credit
risk is recognized separately by
deducting the amount of the
allowance for credit losses from
both book and fair values;
(f)
the
fair value of fixed rate loans and
mortgages is estimated by
comparing market interest rates
when the loans were granted with
current market rates offered on
similar loans. Changes in the
credit quality of loans within the
portfolio are not taken into
account in determining gross fair
values as the impact of credit
risk is recognized separately by
deducting the amount of the
allowance for credit losses from
both book and fair values.
The assumptions and
techniques have been developed to
provide a consistent measurement
of fair value for the Group's
assets and liabilities in the
following table. However, because
other institutions may use
different methods and
assumptions, such fair value
disclosures in this Note cannot
necessarily be compared from one
financial institution to another.
141
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 30 Fair Value of Financial Instruments (continued)
Carrying
Fair
Unrealized
Carrying
Fair
Unrealized
value
value
gain/(loss)
value
value
gain/(loss)
CHF billion
31.12.02
31.12.02
31.12.02
31.12.01
31.12.01
31.12.01
Assets
Cash and balances with central banks
4.3
4.3
0.0
21.0
21.0
0.0
Due from banks
32.5
32.5
0.0
27.7
27.7
0.0
Cash collateral on securities borrowed
139.1
139.1
0.0
162.9
162.9
0.0
Reverse repurchase agreements
294.1
294.1
0.0
269.3
269.3
0.0
Trading portfolio assets
371.4
371.4
0.0
397.9
397.9
0.0
Positive replacement values
82.1
82.1
0.0
73.4
73.4
0.0
Loans
211.8
214.1
2.3
226.7
227.0
0.3
Financial investments
8.4
8.4
0.0
28.8
28.8
0.0
Liabilities
Due to banks
83.4
83.4
0.0
107.2
107.2
0.0
Cash collateral on securities lent
36.9
36.9
0.0
30.3
30.3
0.0
Repurchase agreements
366.9
366.9
0.0
368.6
368.6
0.0
Trading portfolio liabilities
106.5
106.5
0.0
105.8
105.8
0.0
Negative replacement values
81.3
81.3
0.0
71.4
71.4
0.0
Due to customers
307.4
307.5
(0.1
)
334.0
334.0
0.0
Debt issued
129.8
131.7
(1.9
)
157.5
158.6
(1.1
)
Subtotal
0.3
(0.8
)
Unrealized gains and losses recorded
in shareholders' equity before tax on:
Financial investments
1.1
1.2
Derivative instruments designated
as cash flow hedges
(0.3
)
(0.6
)
Net unrealized gains and losses not recognized in the income statement
1.1
(0.2
)
The table does not reflect the
fair values of non-financial
assets and liabilities such as
property, equipment, goodwill,
prepayments and non-interest
accruals. Where applicable, the
interest accrued to date on
financial instruments is
included, for purposes of the
above fair value disclosure, in
the carrying value of the
financial instruments.
Substantially all of the
Group's commitments to extend
credit are at variable rates.
Accordingly, the Group has no
significant exposure to fair
value fluctuations resulting from
interest rate movements related
to these commitments.
The fair values of the
Group's fixed rate loans, long-
and medium-term notes and bonds
issued are predominantly hedged
by derivative instruments, mainly
interest rate swaps, as explained
in Note 23. The interest rate
risk inherent in balance sheet
positions with no specific
maturity is also hedged with
derivative instruments based on
management's view on the
effective interest repricing date
of the products.
The hedging derivative
instruments are carried on the
balance sheet at fair values,
which are
included in the
Positive or Negative replacement
values in the above table. When
the interest rate risk on a fixed
rate financial instrument is
hedged with a derivative in a
fair value hedge, the fixed rate
financial instrument (or hedged
portion thereof) is reflected in
the above table at fair value
only in relation to the interest
rate risk, not the credit risk as
explained in (f) above. Fair
value changes are recorded in net
profit. The treatment of
derivatives designated as cash
flow hedges is explained in Note
1v). The amount shown in the
table as "derivative instruments
designated as cash flow hedges"
is the net change in fair values
on such derivatives that is
recorded in Shareholders' equity
and not yet transferred to income
or expense.
The increase in the Net
unrealized gains and losses
during 2002 of CHF 1.3 billion is
mainly attributable to the change
in the unrealized gains and
losses of fixed rate long-term
assets, which have increased by
CHF 2.0 billion from the prior
year as a result of declining
interest rates during 2002. This
was partially offset by an
increase in fair value loss from
fixed rate long-term debt.
142
Table of Contents
Note 31 Retirement Benefit Plans and Other Employee Benefits
Defined benefit plans
The Group has established various
pension plans inside and outside
of Switzerland. The major plans
are located in Switzerland, the
UK, the US and Germany.
Independent actuarial valuations
are performed for the plans in
these locations.
Swiss pension plan
The pension plan covers
practically all employees in
Switzerland and exceeds the
minimum benefit requirements
under Swiss law. Contributions to
the pension plan are paid for by
employees and the Group. The
employee contributions are
calculated as a percentage of
insured annual salary and are
deducted monthly. The percentages
deducted from salary for full
benefit coverage (including risk
benefits) depend on age and vary
between 7% and 10%. The Group
pays a variable contribution that
ranges between 150% and 220% of
the sum of employees'
contributions.
The pension plan formula is
based on years of contributions
and final covered salary. The
benefits covered include
retirement benefits, disability,
death and survivor pension.
In 1999, the Group
recognized a prepaid pension
asset of CHF 456 million
representing excess employer
contributions. In 2002, CHF 323
million (2001 CHF 0 million, 2000
CHF 100 million) of this asset
was used to fund the employer
contributions and was recognized
as pension expenses.
Foreign pension plans
The foreign locations of UBS
operate various pension plans in
accordance with local regulations
and practices. Among these plans
are defined contribution plans as
well as defined benefit plans. The
locations with defined benefit
plans of a material nature are in
the UK, the US and Germany. The UK
and the US defined benefit plans
are closed to new entrants who are
covered by defined contribution
plans.
The retirement plans provide
benefits in the event of
retirement, death, disability or
employment termination. The plans'
retirement benefits depend on age,
contributions and level of
compensation. The principal plans
are financed in full by the Group.
The funding policy for these plans
is consistent with local
government and tax requirements.
The assumptions used in
foreign plans take into account
local economic conditions.
The amounts shown for
foreign plans reflect the net
funded positions of the major
foreign plans.
Post-retirement medical and life plans
In the US and the UK the Group
offers retiree medical benefits
that contribute to the health
care coverage of employees and
beneficiaries after retirement.
In addition to retiree medical
benefits, the Group in the US
also provides retiree life
insurance benefits.
The benefit obligation in
excess of fair value of plan
assets for those plans amounts to
CHF 164 million as of 31 December
2002 (2001 CHF 142 million, 2000
CHF 111 million) and the total
accrued post-retirement cost to
CHF 130 million as of 31 December
2002 (2001 CHF 130 million, 2000
CHF 108 million). The net
periodic post-retirement costs
for the years ended 31 December
2002, 31 December 2001 and 31
December 2000 were CHF 25
million, CHF 24 million and CHF
22 million, respectively.
Defined contribution plans
The Group also sponsors a number
of defined contribution plans
primarily in the UK and the US.
Certain plans permit employees to
make contributions and earn
matching or other contributions
from the Group. The contributions
to these plans recognized as
expense for the years ended
31 December 2002, 31 December 2001
and 31 December 2000 were CHF 133
million, CHF 117 million and CHF
66 million, respectively.
143
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 31 Retirement Benefit Plans and Other Employee Benefits (continued)
Defined benefit plans
Swiss
Foreign
CHF million
31.12.02
31.12.01
31.12.00
31.12.02
31.12.01
31.12.00
Defined benefit obligation
at the beginning of the year
(17,879
)
(17,712
)
(17,011
)
(3,553
)
(3,406
)
(2,444
)
Service cost
(554
)
(541
)
(545
)
(108
)
(121
)
(165
)
Interest cost
(699
)
(674
)
(666
)
(210
)
(204
)
(162
)
Plan amendments
(1
)
Special termination benefits
(209
)
(262
)
(211
)
(3
)
Actuarial gain/(loss)
(681
)
421
(177
)
(345
)
(99
)
Benefits paid
818
889
721
111
107
84
Curtailment/settlement
74
Acquisition of PaineWebber
(740
)
Foreign currency translation
427
(12
)
123
Other
429
Defined benefit obligation
at the end of the year
(19,204
)
(17,879
)
(17,712
)
(3,436
)
(3,553
)
(3,406
)
Fair value of plan assets
at the beginning of the year
18,289
19,074
18,565
2,887
3,378
2,880
Actual return on plan assets
(1,350
)
(765
)
535
(240
)
(220
)
Employer contributions
236
656
490
164
258
13
Plan participant contributions
209
213
205
23
Benefits paid
(818
)
(889
)
(721
)
(111
)
(107
)
(84
)
Acquisition of PaineWebber
676
Foreign currency translation
(318
)
7
(130
)
Other
(429
)
Fair value of plan assets
at the end of the year
16,566
18,289
19,074
2,382
2,887
3,378
Funded status
(2,638
)
410
1,362
(1,054
)
(666
)
(28
)
Unrecognized net actuarial (gains)/losses
3,892
961
(331
)
1,126
673
(81
)
Unrecognized transition amount
1
Unrecognized prior service cost
1
2
2
Unrecognized asset
(1,221
)
(1,015
)
(675
)
(47
)
(Accrued)/prepaid pension cost
33
356
356
73
9
(153
)
Movement in the net (liability) or asset
(Accrued)/prepaid pension cost
at the beginning of the year
356
356
456
9
(153
)
(63
)
Net periodic pension cost
(559
)
(656
)
(590
)
(83
)
(97
)
(55
)
Employer contributions
236
656
490
164
258
13
Acquisition of PaineWebber
(63
)
Foreign currency translation
(17
)
1
15
(Accrued)/prepaid pension cost
33
356
356
73
9
(153
)
Amounts recognized in the Balance Sheet
Prepaid pension cost
33
356
356
220
185
53
Accrued pension liability
(147
)
(176
)
(206
)
(Accrued)/prepaid pension cost
33
356
356
73
9
(153
)
144
Table of Contents
Note 31 Retirement Benefit Plans and Other Employee Benefits
(continued)
Defined benefit plans (continued)
Swiss
Foreign
CHF million
For the year ended
31.12.02
31.12.01
31.12.00
31.12.02
31.12.01
31.12.00
Components of net periodic pension cost
Current service cost
554
541
545
108
121
165
Interest cost
699
674
666
210
204
162
Expected return on plan assets
(900
)
(947
)
(927
)
(199
)
(228
)
(243
)
Adjustment to limit prepaid pension cost
206
339
300
Amortization of unrecognized prior service cost
209
262
211
1
3
Amortization of unrecognized net (gains)/losses
22
(9
)
Curtailment/settlement
(59
)
Employee contributions
(209
)
(213
)
(205
)
(23
)
Net periodic pension cost
559
656
590
83
97
55
Actual return on plan assets (%)
(7.5
)
(4.0
)
2.9
(8.7
)
(7.3
)
(0.9
)
Principal actuarial assumptions used (%)
Discount rate
3.8
4.0
4.0
5.8
6.2
6.3
Expected rate of return on plan assets
5.0
5.0
5.0
7.3
7.9
8.1
Expected rate of salary increase
2.5
2.5
2.5
4.4
4.4
4.4
Rate of pension increase
1.5
1.5
1.5
1.5
1.5
1.6
Swiss
Additional details to fair value
of plan assets
31.12.02
31.12.01
31.12.00
UBS financial instruments and
UBS bank accounts
814
476
920
UBS AG shares
1
206
305
291
Securities lent to UBS
included in plan assets
2,645
824
3,432
Other assets used by UBS
included in plan assets
90
104
179
1
The number of UBS AG shares were 3,072,500, 3,639,800 and 3,295,800
as of 31 December 2002, 31 December 2001 and 31 December 2000,
respectively. The amount of capital repayment and dividend received on
UBS AG shares for the years ended 31 December 2002, 31 December 2001
and 31 December 2000 were CHF 7 million, CHF 2 million and CHF 11
million, respectively.
145
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 31 Retirement Benefit Plans and Other
Employee Benefits
(continued)
Post-retirement medical and life plans
CHF million
31.12.02
31.12.01
31.12.00
Post-retirement benefit obligation at the beginning of the year
(145
)
(115
)
(117
)
Service cost
(8
)
(7
)
(6
)
Interest cost
(9
)
(9
)
(8
)
Plan amendments
(3
)
(10
)
(7
)
Actuarial gain/(loss)
(31
)
(6
)
27
Benefits paid
4
4
5
Acquisition of PaineWebber
(9
)
Foreign currency translation
26
(2
)
0
Post-retirement benefit obligation at the end of the year
(166
)
(145
)
(115
)
Fair value of plan assets at the beginning of the year
3
4
4
Actual return on plan assets
0
0
0
Employer contributions
3
3
4
Benefits paid
(4
)
(4
)
(4
)
Fair value of plan assets at the end of the year
2
3
4
The assumed average health care cost trend rates used in determining
post-retirement benefit expense is assumed to be 10.4% for 2002 and to
decrease to an ultimate trend rate of 5% in 2008. Assumed health care
cost trend rates have a significant effect on the amounts reported for
the health care plan. A one-percentage-point change in the assumed
health care cost trend rates would change the US post-retirement
benefit obligation and the service and interest cost components of the
net periodic post-retirement benefit costs as follows:
CHF million
1% increase
1% decrease
Effect on total service and interest cost
4
(3
)
Effect on the post-retirement benefit obligation
17
(13
)
146
Table of Contents
Note 32 Equity Participation Plans
a) Equity Participation Plans Offered
UBS has established several equity
participation plans to further
align the long-term interests of
executives, managers, staff and
shareholders. The plans are
offered to eligible employees in
approximately 50 countries and are
designed to meet the complex
legal, tax and regulatory
requirements of each country in
which they are offered. The
explanations below describe the
most significant plans in general,
but specific plan rules and
investment offerings may vary by
country.
Equity Plus Program (EPP):
This voluntary plan replaced the
Equity Investment Plan (EIP) in
2002 (see below). Prior to that
time, it was only available to
UBS PaineWebber employees. EPP
gives eligible employees the
opportunity to purchase UBS
shares at fair market value on
the purchase date and receive at
no additional cost two UBS
options for each share purchased,
up to a maximum limit. The
options have a strike price equal
to the fair market value of the
stock on the date the option is
granted. Share purchases can be
made annually from bonus
compensation or quarterly based
on regular deductions from
salary. Shares purchased under
EPP are restricted from resale
for two years from the time of
purchase, and the options granted
have either a two- or three-year
vesting requirement and expire
either seven or ten years after
the date of grant.
Discounted Purchase Plans:
All employees in Switzerland are
entitled to purchase a specified
number of UBS shares at a
predetermined discounted price
each year. The number of shares
that can be purchased depends
primarily on years of service and
rank. Any such shares purchased
must be held for a specified
period of time. The discount is
recorded as compensation expense.
Equity Ownership Plan (EOP):
Selected personnel receive a
mandatory portion of their
performance-related compensation
in UBS shares or options and are
also awarded a matching
contribution in the form of UBS
options. Participants in certain
countries are eligible to receive
a portion of their award in
Alternative Investment Vehicles
(AIVs). These are generally money
market funds,
UBS and non-UBS mutual funds and
other UBS sponsored funds. EOP
awards normally vest in one-third
increments over a three-year
vesting period. Under certain
conditions, these awards are
fully forfeitable by the
employee.
Key employee option plans:
Under these plans, key and high
potential employees are granted
UBS options with a strike
price not less than the fair
market value of the shares on the
date the option is granted. Some
option grants have a three- to
five-year vesting period during
which they cannot be exercised.
Other grants vest in one-third
increments over a three-year
period. Expiration of the options
is generally from six to ten and
one-half years. One option gives
the right to purchase one
registered UBS share at the
option's strike price. In some
grants, accelerated vesting or
non-forfeitability may occur if
certain share appreciation
targets are met.
Other deferred compensation
plans: UBS sponsors other
deferred compensation plans for
selected eligible employees.
Generally, contributions are made
on a tax deferred basis.
Participants are allowed to
invest in UBS shares or AIVs. No
additional company match is
granted, and the plan is
generally not forfeitable. In
addition, UBS also grants
deferred compensation awards to
new recruits, senior management
and other key employees in the
form of UBS shares, options or
other leveraged interests in
non-UBS instruments.
Equity Investment Plan (EIP)
(now discontinued): Prior to the
discontinuance of new awards
under this plan in 2001,
employees had the choice to
invest part of their annual bonus
in UBS shares, warrants or other
derivatives on UBS shares. A
holding period, generally three
years, applied during which the
instruments could not be sold or
exercised. In addition,
participants in the plan received
a matching contribution of
additional UBS shares or
derivatives. Only the
UBS-matching contribution was
forfeitable. The last EIP vesting
will take place in 2004. Staff
who had the possibility to take
part in EIP are now offered the
opportunity to take part in EPP.
147
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 32 Equity Participation Plans (continued)
b) UBS share awards
i) Stock compensation plans
Shares granted under the various equity participation plans are as follows:
Stock bonus plans
31.12.02
31.12.01
31.12.00
Unvested shares outstanding, at the beginning of the year
52,299,332
47,458,928
14,418,646
Shares awarded during the year
13,511,655
16,850,859
1
39,188,528
1
Vested during the year
(16,333,832
)
(10,740,466
)
1
(5,215,503
)
1
Forfeited during the year
(1,340,594
)
(1,269,989
)
(932,743
)
Unvested shares outstanding, at the end of the year
48,136,561
52,299,332
47,458,928
Weighted-average fair market value of
shares awarded (in CHF)
71
90
76
Fair market value of outstanding shares
at the end of the year (CHF billion)
3.2
4.4
4.2
1
Restated for shares granted and fully vested at grant date.
The stock bonus awards for 2000 include approximately 19.8 million
shares granted under the retention agreements with key employees of
UBS PaineWebber at the time of merger.
ii) Stock purchase plans
The following table shows the shares awarded and the weighted-average
fair value per share for the Group's stock purchase plans.
Stock purchase plans
31.12.02
31.12.01
31.12.00
Share quantity purchased
3,822,907
2,922,515
1,264,725
Weighted-average purchase price (in CHF)
1
63
63
44
1
Some of the shares purchased are denominated in US dollars and were converted
into CHF for purposes of this table.
148
Table of Contents
Note 32 Equity Participation Plans (continued)
c) UBS option awards
Movements in options granted under the various equity participation plans
mentioned above are as follows:
Weighted
Weighted
Weighted
average
average
average
exercise
exercise
exercise
Number of
price
Number of
price
Number of
price
options
(in CHF)
options
(in CHF)
options
(in CHF)
31.12.02
31.12.02
1
31.12.01
31.12.01
1
31.12.00
31.12.00
Outstanding, at the beginning of the year
63,286,669
66
63,308,502
58
30,415,386
66
Options due to the acquisition of PaineWebber
18,975,810
2
34
Granted during the year
37,060,178
71
11,070,992
94
21,248,046
3
72
Exercised during the year
(9,595,133
)
54
(10,083,075
)
49
(5,390,307
)
50
Forfeited during the year
(2,082,356
)
71
(1,009,750
)
74
(1,940,433
)
64
Expired unexercised
(505,131
)
77
0
0
0
0
Outstanding, at the end of the year
88,164,227
67
63,286,669
66
63,308,502
58
Exercisable, at the end of the year
21,765,482
51
25,550,932
50
18,310,839
34
1
Some of the options in this table have exercise prices denominated in US
dollars which have been converted into CHF at the year-end spot exchange rate
for purposes of this table.
2
UBS AG issued options in exchange for options of
PaineWebber which have been included in the purchase price for PaineWebber at a
fair value of CHF 992 million.
3
Includes options granted to key employees of
UBS PaineWebber, vesting over a 3-year period, subject to employee's continued
employment and other restrictions.
The following table summarizes additional information about stock options
outstanding at 31 December 2002:
Options outstanding
Options exercisable
Range of exercise
Number of options
Weighted-average
Weighted-average
Number of
Weighted-average
prices per share
outstanding
exercise price
remaining contractual life
options exercisable
exercise price
CHF
CHF
Years
CHF
56.67-70.00
18,132,696
63.02
2.3
5,643,680
58.37
70.01-85.00
25,733,308
77.99
7.1
6,406,246
79.00
85.01-106.00
5,565,873
98.51
5.2
31,800
90.00
56.67-106.00
49,431,877
74.81
5.1
12,081,726
69.39
USD
USD
Years
USD
6.34-15.00
3,986,289
8.91
1.8
3,986,289
8.91
15.01-25.00
2,340,754
22.52
2.2
2,340,754
22.52
25.01-35.00
2,870,675
27.05
4.0
2,870,675
27.05
35.01-45.00
222,175
39.24
9.6
0
0
45.01-55.00
27,328,610
46.85
7.7
451,038
47.72
55.01-66.08
1,983,847
57.96
5.1
35,000
57.80
6.34-66.08
38,732,350
40.54
6.4
9,683,756
19.56
Options are normally granted with a strike price either equal to fair market
value or approximately 10% greater than the fair value of the underlying share
on the grant date.
149
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 32 Equity Participation Plans (continued)
d) Compensation Expense
Generally, the Group's policy is
to recognize expense at the date
of grant for equity participation
instruments (shares, warrants,
options and other derivatives for
which the underlying is the
Group's own shares). The amount
of expense recognized is equal to
the intrinsic value of the
instrument at such date and is
calculated as follows: 1) For
stock options, it is the
difference between the strike
price and fair market value of
shares at the date of grant, if
any. 2) For UBS shares and other
derivative instruments, it is the fair market value. 3) For discounted share plans, the
expense is equal to the difference
between the fair market value and
discounted value. Management's
estimate of the accrued expense
before tax for share-based
compensation for the years ended
31 December 2002, 2001 and 2000
was CHF 592 million, CHF 974
million and CHF 1,749 million,
respectively. The accruals include
awards earned currently but issued
in the following year.
e) Pro-Forma Net Income
The following table presents Net
income and Earnings per share for
2002, 2001 and 2000 as if the
Group had adopted the fair value
method of accounting for its
equity participation plans,
rather than the intrinsic value
method described
in
paragraph d)
above. In addition, the table
shows amounts already recorded in
the Income statement for equity
participation plans and the total
expense that would have been
recognized had the fair value
method been applied.
CHF million, except per share data
31.12.02
31.12.01
31.12.00
Net Income, as reported
3,535
4,973
7,792
Add: Equity-based employee compensation expense
included in reported net income, net of tax
493
769
1,347
Deduct: Total equity-based employee compensation expense
determined under the fair-value-based method for all awards,
net of tax
(1,183
)
(1,116
)
(1,505
)
Net income, pro-forma
2,845
4,626
7,634
Earnings per share
Basic, as reported
2.92
3.93
6.44
Basic, pro-forma
2.35
3.65
6.31
Diluted, as reported
2.87
3.78
6.35
Diluted, pro-forma
2.31
3.51
6.22
The fair value of options granted was determined using a proprietary
option pricing model, substantially similar to the Black-Scholes
model, with the following assumptions:
31.12.02
31.12.01
31.12.00
Expected volatility
35
%
30
%
30
%
Risk free interest rate (CHF)
3.28
%
3.51
%
3.27
%
Risk free interest rate (USD)
4.65
%
5.81
%
5.66
%
Expected dividend rate
3.35
%
2.67
%
2.44
%
Expected life (years)
4.5
4.5
4.4
The weighted-average fair value of options granted in 2002, 2001 and
2000 was CHF 20, CHF 23 and CHF 16 per share, respectively.
150
Table of Contents
Note 33 Related Parties
For its 2002 Financial
Statements, the Group defines
related parties as Associated
companies,
private equity investees, the
Board of Directors, the Group
Executive Board, close family
members and enterprises which are
controlled by these individuals
through their majority
shareholding or their role as
chairman and/or CEO in those
companies. In 2001 and 2000, the
Group Managing Board was also
included in the above definition.
The change in definition is due
to the "Directive on Information
Relating to Corporate Governance"
issued by the SWX Swiss Exchange,
effective from 1 July 2002 for
all listed companies in
Switzerland. Included in the new
rules are specific disclosure
requirements for members of the
Board of Directors and
"management board". For UBS, the
Group Executive Board meets the
definition of "management board"
under the directive. Members of
the Group Managing Board,
however, are excluded from the
new SWX requirements. The
modification is also a response
to the expansion of the Group
Executive Board and the Group
Managing Board during 2002. The
number of Group Executive Board
members increased from six to ten
and the Group Managing Board
members from thirty to fifty-two.
Prior period figures and share
and option quantities are based
on the definition applied for
2001 and 2000.
a) Remuneration and equity holdings
The executive members of the
Board of Directors have
top-management employment
contracts and receive pension
benefits upon retirement. Total
remuneration to the executive
members of the Board of Directors
and Group Executive Board
recognized in the income
statement including cash, shares
and accrued pension benefits
amounted to CHF 131.8 million in
2002. Total remuneration to the
executive members of the Board of
Directors, Group Executive Board
and Group Managing Board
including accrued pension
benefits amounted to CHF 321.4
million in 2001 and CHF 272.3
million in 2000.
The external members of the
Board of Directors do not have
employment or service contracts
with UBS, and thus are not
entitled to benefits upon
termination of their service on
the Board of Directors. Total fees
paid to these individuals for
their services as external board
members amounted to CHF 3.5
million in 2002, CHF 3.3 million
in 2001 and CHF 3.3 million in
2000.
The number of long-term
stock options and warrants
outstanding to the executive
members of the Board of Directors
and Group Executive Board from
equity participation plans was
5,410,172 (equivalent to the same
number of shares) and 24,558,529
(equivalent to 1,473,217 UBS
shares) at 31 December 2002. The
number of long-term stock options
and warrants to these two groups
plus the Group Managing Board
amounted to 8,366,103 (equivalent
to the same number of shares) and
60,578,417 (equivalent to
6,002,599 shares) at 31 December
2001. These plans are further
explained in Note 32 Equity
Participation Plans.
The total
number of shares held by members
of the Board of Directors and the
Group Executive Board was
2,139,371 at 31 December 2002.
The
total number of shares held by
these two groups plus the Group
Managing Board was 4,068,918 at 31
December
2001. No member of the Board
of Directors, Group Executive
Board or Group Managing Board is
the beneficial owner of more than
1% of the Group's shares at 31
December 2002 and 31 December
2001.
b) Loans and advances to Board of Directors and senior executives
The outstanding balance of
loans to the Board of Directors
and the Group Executive Board
amounted to CHF 28 million at 31
December 2002. The outstanding
balance of loans to these two
groups plus the Group Managing
Board amounted to CHF 32 million
at 31 December 2001. The 2001
amount only included mortgages.
Loans and advances are granted
with the same terms and
conditions that are available to
other employees. The terms and
conditions are based on those
granted to third parties adjusted
for reduced credit risk.
151
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 33 Related Parties (continued)
c) Loans, advances to and transactions with significant associated companies
CHF million
31.12.02
31.12.01
Balance at the beginning of the year
65
0
Additions
10
65
Reductions
(35
)
0
Balance at the end of the year
40
65
All loans and advances to associated companies are transacted at arm's
length. At 31 December 2002 and 2001, there were trading exposures and
guarantees to significant associated companies of CHF 136 million and
CHF 306 million, respectively. In addition, the Group routinely
receives services from associated companies at arm's length terms. For
the years ended 31 December 2002 and 31 December 2001, the amount paid
to significant associates for these services was CHF 60 million and
CHF 98 million, respectively.  Note 35 provides a list of significant
associates.
d) Loans, advances to and transactions with private equity investees
CHF million
31.12.02
31.12.01
Balance at the beginning of the year
489
682
Additions
328
65
Reductions
(479
)
(258
)
Balance at the end of the year
338
489
At 31 December 2002 and 31 December 2001 there were trading exposures
and guarantees or commitments to private equity companies of CHF 73
million and CHF 177 million, respectively. In addition the Group
purchased services from private equity companies at arm's length terms
for the years ended 31 December 2002 and 31 December 2001 in the amount
of CHF 116 million and CHF 196 million, respectively.
e) Other related party transactions
During 2001 and 2002, UBS entered into the following transactions at
arm's length with companies whose Chairman and/or CEO is an external
member of UBS' Board of Directors or of which an external director is
a controlling shareholder.
In 2001 these companies included Unisys (Switzerland), a wholly
owned subsidiary of Unisys Corporation (USA) and J Sainsbury plc.
(UK). In 2002, in addition to those previously mentioned,
related parties included Serono Group and its various subsidiary
companies and Bertarelli & Cie (Switzerland).
CHF million
2002
2001
Goods sold and services provided by related parties to UBS
54
38
Services provided to related parties by UBS (fees received)
13
17
Loans granted to related parties by UBS
140
0
As part of its sponsorship of Team Alinghi, UBS paid CHF 12 million to
AC 2003 SA during 2002. AC 2003 SA, whose controlling shareholder is
UBS board member Ernesto Bertarelli, is Team Alinghi's management
company.
152
Table of Contents
Note 34 Post-Balance Sheet Events
There have been no material
post-balance sheet events which
would require disclosure or
adjustment to the 31 December
2002 Financial Statements.
Bond issues have decreased
by CHF 850 million from the
balance sheet date to 11 February
2003.
On 11 February 2003, the
Board of Directors reviewed the
Financial Statements and
authorized them for issue. These
Financial Statements will be
submitted to the Annual General
Meeting of Shareholders to be
held on 16 April 2003 for
approval.
Note 35 Significant Subsidiaries and Associates
The legal entity group structure
of UBS is designed to support the
Group's businesses within an
efficient legal, tax, regulatory
and funding framework. Neither
the Business Groups of UBS
(namely UBS Warburg, UBS
PaineWebber, UBS Wealth
Management & Business Banking and
UBS Asset Management) nor
Corporate Center are replicated
in their own individual legal
entities but rather they
generally operate out of the
parent bank, UBS AG, through its
Swiss and foreign branches.
The parent bank structure
allows UBS to capitalize on the
advantages offered by the use
of
one legal platform by all the
Business Groups. It provides for
the most cost-efficient and
flexible structure and facilitates
efficient allocation and use of
capital, comprehensive risk
management and straightforward
funding processes.
Where, usually due to local
legal, tax or regulatory rules or
due to additional legal entities
joining the UBS Group via
acquisition, it is either not
possible or not efficient to
operate out of the parent bank
then local subsidiary companies
host the appropriate businesses.
The significant operating
subsidiary companies in the Group
are listed below:
Footnotes
1
WB: UBS Wealth
Management &
Business
Banking, AM: UBS
Global Asset
Management, WA:
UBS Warburg, PW:
UBS PaineWebber,
CC: Corporate
Center.
2
Share Capital and Share Premium.
Significant subsidiaries
Equity
Share
interest
Jurisdiction
Business
capital
accumul-
Company
of incorporation
Group
1
in millions
ated in %
Armand von Ernst & Cie AG
Berne, Switzerland
WB
CHF
5.0
100.0
Aventic AG
Zurich, Switzerland
WB
CHF
30.0
100.0
Banco UBS Warburg SA
Rio de Janeiro, Brazil
WA
BRL
52.9
100.0
Bank Ehinger & Cie AG
Basel, Switzerland
WB
CHF
6.0
100.0
BDL Banco di Lugano
Lugano, Switzerland
WB
CHF
50.0
100.0
BDL Banco di Lugano (Singapore) Ltd
Singapore, Singapore
WB
CHF
22.5
100.0
Brunswick UBS Warburg Ltd
George Town, Cayman Islands
WA
USD
25.0
2
50.0
Cantrade Privatbank AG
Zurich, Switzerland
WB
CHF
10.0
100.0
Cantrade Private Bank
Switzerland (CI) Limited
St. Helier, Jersey
WB
GBP
0.7
100.0
Crédit Industriel SA
Zurich, Switzerland
WB
CHF
10.0
100.0
EIBA AG
Zurich, Switzerland
WA
CHF
1.4
100.0
Factors AG
Zurich, Switzerland
WB
CHF
5.0
100.0
Ferrier Lullin & Cie SA
Geneva, Switzerland
WB
CHF
30.0
100.0
Fondvest AG
Zurich, Switzerland
AM
CHF
4.3
100.0
GAM Holding AG
Zurich, Switzerland
AM
CHF
200.0
100.0
Global Asset Management Limited, Bermuda
Hamilton, Bermuda
AM
USD
2.0
100.0
IL Immobilien-Leasing AG
Opfikon, Switzerland
WB
CHF
5.0
100.0
Noriba Bank BSC
Manama, Bahrain
WB
USD
10.0
100.0
PaineWebber Capital Inc
Delaware, USA
PW
USD
25.8
2
100.0
PT UBS Warburg Indonesia
Jakarta, Indonesia
WA
IDR
11,000.0
85.0
PW Trust Company
New Jersey, USA
PW
USD
4.4
2
99.6
SG Warburg & Co International BV
Amsterdam, the Netherlands
WA
GBP
40.5
100.0
153
Table of Contents
Footnotes
1
WB: UBS Wealth
Management &
Business
Banking, AM: UBS
Global Asset
Management, WA:
UBS Warburg, PW:
UBS PaineWebber,
CC: Corporate
Center.
2
Share Capital and Share
Premium.
UBS Group Financial Statements
Notes to the Financial Statements
Note 35 Significant Subsidiaries and Associates (continued)
Significant subsidiaries (continued)
Equity
Share
interest
Jurisdiction
Business
capital
accumul-
Company
of incorporation
Group
1
in millions
ated in %
Thesaurus Continentale
Effekten-Gesellschaft in Zürich
Zurich, Switzerland
WB
CHF
30.0
100.0
UBS (Bahamas) Ltd
Nassau, Bahamas
WB
USD
4.0
100.0
UBS (France) SA
Paris, France
WB
EUR
10.0
100.0
UBS (Italia) SpA
Milan, Italy
WB
EUR
22.2
100.0
UBS (Luxembourg) SA
Luxembourg, Luxembourg
WB
CHF
150.0
100.0
UBS (Monaco) SA
Monte Carlo, Monaco
WB
EUR
9.2
100.0
UBS (Sydney) Limited
Sydney, Australia
WA
AUD
12.7
100.0
UBS (Trust and Banking) Limited
Tokyo, Japan
AM
JPY
10,900.0
100.0
UBS (USA) Inc
Delaware, USA
WA
USD
315.0
100.0
UBS Americas Inc
Delaware, USA
WA
USD
4,490.8
2
100.0
UBS Australia Limited
Sydney, Australia
WA
AUD
50.0
100.0
UBS Bank (Canada)
Toronto, Canada
WB
CAD
20.7
100.0
UBS Beteiligungs-GmbH & Co KG
Frankfurt, Germany
WA
EUR
398.8
100.0
UBS Bunting Warburg Inc
Toronto, Canada
WA
CAD
33.3
50.0
UBS Capital (Jersey) Ltd
St. Helier, Jersey
WA
GBP
226.0
100.0
UBS Capital AG
Zurich, Switzerland
WA
CHF
5.0
100.0
UBS Capital Americas Investments II LLC
Delaware, USA
WA
USD
130.0
2
100.0
UBS Capital Americas Investments III Ltd
George Town, Cayman Islands
WA
USD
61.0
2
100.0
UBS Capital Asia Pacific Limited
George Town, Cayman Islands
WA
USD
5.0
100.0
UBS Capital BV
Amsterdam, the Netherlands
WA
EUR
104.1
2
100.0
UBS Capital II LLC
Delaware, USA
WA
USD
2.6
2
100.0
UBS Capital Latin America LDC
George Town, Cayman Islands
WA
USD
113.0
2
100.0
UBS Capital LLC
Delaware, USA
WA
USD
378.5
2
100.0
UBS Capital Partners Limited
London, Great Britain
WA
GBP
6.7
100.0
UBS Capital SpA
Milan, Italy
WA
EUR
25.8
100.0
UBS Card Center AG
Glattbrugg, Switzerland
WB
CHF
40.0
100.0
UBS Employee Benefits Trust Limited
St. Helier, Jersey
CC
CHF
—
100.0
UBS España SA
Madrid, Spain
WB
EUR
85.3
100.0
UBS Fiduciaria SpA
Milan, Italy
WB
EUR
0.2
100.0
UBS Finance (Cayman Islands) Ltd
George Town, Cayman Islands
CC
USD
0.5
100.0
UBS Finance (Curação) NV
Willemstad, Netherlands
CC
USD
0.1
100.0
Antilles
UBS Finance (Delaware) LLC
Delaware, USA
WA
USD
37.3
2
100.0
UBS Finanzholding AG
Zurich, Switzerland
CC
CHF
10.0
100.0
UBS Fund Holding (Luxembourg) SA
Luxembourg, Luxembourg
AM
CHF
42.0
100.0
UBS Fund Holding (Switzerland) AG
Basel, Switzerland
AM
CHF
18.0
100.0
UBS Fund Management (Switzerland) AG
Basel, Switzerland
AM
CHF
1.0
100.0
UBS Fund Services (Cayman) Ltd
George Town, Cayman Islands
AM
USD
5.6
100.0
UBS Fund Services (Luxembourg) SA
Luxembourg, Luxembourg
AM
CHF
2.5
100.0
UBS Global Asset Management (Americas) Inc
Delaware, USA
AM
USD
—
100.0
UBS Global Asset Management (Australia) Ltd
Sydney, Australia
AM
AUD
8.0
100.0
UBS Global Asset Management (Canada) Co
Halifax, Canada
AM
CAD
117.0
100.0
UBS Global Asset Management (France) SA
Paris, France
AM
EUR
1.5
100.0
UBS Global Asset Management
(Hong Kong) Limited
Hong Kong, China
AM
HKD
25.0
100.0
UBS Global Asset Management
(Italia) SIM SpA
Milan, Italy
AM
EUR
2.0
100.0
UBS Global Asset Management (Japan) Ltd
Tokyo, Japan
AM
JPY
2,200.0
100.0
UBS Global Asset Management
(New York) Inc
New York, USA
AM
USD
0.5
100.0
UBS Global Asset Management
(Singapore) Ltd
Singapore, Singapore
AM
SGD
4.0
100.0
UBS Global Asset Management (Taiwan) Ltd
Taipei, Taiwan
AM
TWD
340.0
84.1
UBS Global Asset Management (US) Inc
Delaware, USA
AM
USD
35.3
2
100.0
154
Table of Contents
Footnotes
1
WB: UBS Wealth
Management &
Business
Banking, AM: UBS
Global Asset
Management, WA:
UBS Warburg, PW:
UBS PaineWebber,
CC: Corporate
Center.
2
Share Capital and Share Premium.
Note 35 Significant Subsidiaries and Associates (continued)
Significant subsidiaries (continued)
Equity
Share
interest
Jurisdiction
Business
capital
accumul-
Company
of incorporation
Group
1
in millions
ated in %
UBS Global Asset Management Holding Ltd
London, Great Britain
AM
GBP
8.0
2
100.0
UBS Global Trust Corporation
St. John, Canada
WB
CAD
0.1
100.0
UBS Immoleasing AG
Zurich, Switzerland
WB
CHF
3.0
100.0
UBS International Holdings BV
Amsterdam, the Netherlands
CC
CHF
13.8
100.0
UBS Invest Kapitalanlagegesellschaft mbH
Frankfurt, Germany
AM
EUR
6.4
100.0
UBS Investment Bank Limited
London, Great Britain
WA
GBP
10.0
100.0
UBS Leasing AG
Brugg, Switzerland
WB
CHF
10.0
100.0
UBS Life AG
Zurich, Switzerland
WB
CHF
25.0
100.0
UBS Limited
London, Great Britain
WA
GBP
10.0
100.0
UBS O'Connor LLC
Delaware, USA
AM
USD
1.0
100.0
UBS O'Connor Trading Limited
George Town, Cayman Islands
AM
USD
350.0
100.0
UBS PaineWebber Inc
Delaware, USA
PW
USD
1,707.5
2
100.0
UBS PaineWebber Incorporated of
Puerto Rico
Hato Rey, Puerto Rico
PW
USD
31.6
2
100.0
UBS PaineWebber Life Insurance Company
California, USA
PW
USD
39.3
2
100.0
UBS Portfolio LLC
New York, USA
WA
USD
0.1
100.0
UBS Preferred Funding Company LLC I
Delaware, USA
WA
USD
—
100.0
UBS Preferred Funding Company LLC II
Delaware, USA
WA
USD
—
100.0
UBS Preferred Funding Company LLC III
Delaware, USA
WA
USD
—
100.0
UBS Principal Finance LLC
Delaware, USA
WA
USD
0.1
100.0
UBS Private Banking (Belgium) SA
Brussels, Belgium
WB
EUR
7.3
100.0
UBS Private Banking Deutschland AG
Hamburg, Germany
WB
EUR
51.0
100.0
UBS Realty Investors LLC
Massachusetts, USA
AM
USD
—
100.0
UBS Trust (Canada)
Toronto, Canada
WB
CAD
12.5
100.0
UBS Trustees (Bahamas) Ltd
Nassau, Bahamas
WB
USD
2.0
100.0
UBS Trustees (Cayman) Ltd
George Town, Cayman Islands
WB
USD
2.0
100.0
UBS Trustees (Jersey) Ltd
St. Helier, Jersey
WB
GBP
0.7
100.0
UBS Trustees (Singapore) Limited
Singapore, Singapore
WB
SGD
3.3
100.0
UBS UK Holding Limited
London, Great Britain
WA
GBP
5.0
100.0
UBS UK Limited
London, Great Britain
WA
GBP
609.0
100.0
UBS Warburg (France) SA
Paris, France
WA
EUR
22.9
100.0
UBS Warburg (Italia) SpA
Milan, Italy
WA
EUR
1.9
100.0
UBS Warburg (Japan) Limited
George Town, Cayman Islands
WA
JPY
50,000.0
100.0
UBS Warburg (Malaysia) Sdn Bhd
Kuala Lumpur, Malaysia
WA
MYR
0.5
70.0
UBS Warburg (Nederland) BV
Amsterdam, the Netherlands
WA
EUR
10.9
100.0
UBS Warburg AG
Frankfurt, Germany
WA
EUR
155.7
100.0
UBS Warburg Asia Limited
Hong Kong, China
WA
HKD
20.0
100.0
UBS Warburg
Australia Corporate Finance Ltd
Sydney, Australia
WA
AUD
—
100.0
UBS Warburg
Australia Corporation Pty Limited
Sydney, Australia
WA
AUD
50.4
2
100.0
UBS Warburg Australia Equities Ltd
Sydney, Australia
WA
AUD
190.0
2
100.0
UBS Warburg Australia Limited
Sydney, Australia
WA
AUD
571.5
2
100.0
UBS Warburg Derivatives Limited
Hong Kong, China
WA
HKD
20.0
100.0
UBS Warburg Hong Kong Limited
Hong Kong, China
WA
HKD
30.0
100.0
UBS Warburg International Ltd
London, Great Britain
WA
GBP
18.0
100.0
UBS Warburg Investments Ltd
Sydney, Australia
WA
AUD
0.1
100.0
UBS Warburg LLC
Delaware, USA
WA
USD
948.1
100.0
UBS Warburg Ltd
London, Great Britain
WA
GBP
17.5
100.0
UBS Warburg New Zealand Equities Ltd
Auckland, New Zealand
WA
NZD
7.5
100.0
UBS Warburg Private Clients Ltd
Melbourne, Australia
WA
AUD
53.9
100.0
UBS Warburg Pte Ltd
Singapore, Singapore
WA
SGD
55.0
100.0
UBS Warburg Real Estate Securities Inc
Delaware, USA
WA
USD
0.4
100.0
UBS Warburg Securities (España) SV SA
Madrid, Spain
WA
EUR
15.0
100.0
155
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 35 Significant Subsidiaries and Associates (continued)
Significant subsidiaries (continued)
Equity
Share
interest
Jurisdiction
Business
capital
accumul-
Company
of incorporation
Group
1
in millions
ated in %
UBS Warburg Securities
(South Africa) (Pty) Limited
Sandton, South Africa
WA
ZAR
87.1
100.0
UBS Warburg Securities Co Ltd
Bangkok, Thailand
WA
THB
400.0
100.0
UBS Warburg Securities India Private Limited
Mumbai, India
WA
INR
237.8
75.0
UBS Warburg Securities Ltd
London, Great Britain
WA
GBP
140.0
100.0
UBS Warburg Securities Philippines Inc
Makati City, Philippines
WA
PHP
150.0
100.0
Consolidated companies: changes in 2002
Significant new companies
BDL Banco di Lugano (Singapore) Ltd — Singapore, Singapore
GAM Holding AG — Zurich, Switzerland
Noriba Bank BSC — Manama, Bahrain
UBS Fiduciaria SpA — Milan, Italy
UBS Private Banking (Belgium) SA — Brussels, Belgium
Deconsolidated companies
Significant deconsolidated companies
Reason for deconsolidation
Hirslanden Holding AG — Zurich, Switzerland
Sold
HYPOSWISS Schweizerische Hypotheken- und Handelsbank — Zurich, Switzerland
Sold
Significant associates
Equity interest
Share capital
Company
Industry
in %
in millions
SIS Swiss Financial Services Group AG — Zurich, Switzerland
Financial
32.9
CHF
26
Giubergia UBS Warburg SIM SpA — Milan, Italy
Financial
49.9
EUR
15
Motor Columbus AG — Baden, Switzerland
Electricity
35.6
CHF
253
Telekurs Holding AG — Zurich, Switzerland
Financial
33.3
CHF
45
Volbroker.com Limited — London, Great Britain
Financial
21.0
GBP
18
None of the above investments carry voting rights that are
significantly different from the proportion of shares held.
156
Table of Contents
Note 36 Acquisition of Paine Webber Group, Inc.
On 3 November 2000, UBS completed
its acquisition of 100% of the
outstanding common stock of the
Paine Webber Group, Inc.
("Paine-Webber"), a full-service
broker-dealer and one of the
largest securities and commodities
firms in the United States
servicing both individual and
institutional clients. The
transaction was accounted for
using the purchase method of
accounting, making PaineWebber a
wholly owned subsidiary of UBS.
Results of operations of
PaineWebber have been included in
the consolidated results beginning
on the date of acquisition. Under
IFRS, the valuation of shares and
options issued was measured on
the date of acquisition, 3
November 2000.
Purchase consideration
amounted to CHF 22.0 billion (USD
12.5 billion) consisting of
shares, options and cash. Total
goodwill recorded in connection
with the acquisition amounted to
CHF 12.8 billion (USD 7.3
billion) at 3 November 2000 and
is being amortized using the
straight-line method over an
estimated useful life of 20
years. At 31 December 2002 and
2001, the net book value of
goodwill related to the
Paine-Webber acquisition amounted
to CHF 9.0 billion and CHF 11.6
billion respectively.
Note 37 Currency Translation Rates
The following table shows the principal rates used to translate the
financial statements of foreign entities into Swiss francs:
Spot rate
Average rate
As at
Year ended
31.12.02
31.12.01
31.12.02
31.12.01
31.12.00
1 USD
1.38
1.67
1.54
1.69
1.69
1 EUR
1.45
1.48
1.46
1.50
1.56
1 GBP
2.23
2.43
2.33
2.44
2.57
100 JPY
1.17
1.27
1.24
1.40
1.57
Note 38 Swiss Banking Law Requirements
The consolidated financial
statements of UBS are prepared in
accordance with International
Financial Reporting Standards.
Set out below are the deviations
which would result if the
provisions of the Banking
Ordinance and the Guidelines of
the Swiss Federal Banking
Commission governing financial
statement reporting pursuant to
Article 23 through Article 27 of
the Banking Ordinance were
applied in the preparation of the
consolidated financial statements
of UBS.
1. Treasury shares
Under IFRS, treasury shares are
presented in the balance sheet as
a deduction from Shareholders'
equity and accounted for at
weighted average cost. Contracts
that require physical settlement
or net share settlement in UBS AG
shares are classified in
Shareholders' equity as Share
premium and accounted for at
weighted average cost. The
difference between the proceeds
from sales of treasury shares or
contracts that require physical
settlement
or contracts that
require net share settlement and
their cost (net of tax) is
reported as Share premium. The
par value of shares repurchased
and cancelled is debited to the
issued and paid up share capital
for the par value, with the
remainder of the cost of the
repurchased shares debited to
Share premium. No dividends are
paid on treasury shares.
Under Swiss law, own shares
held for market-making purposes
are presented in the balance
sheet as Trading portfolio
assets. Own shares
157
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UBS Group Financial Statements
Notes to the Financial Statements
held
for other purposes are
classified as Financial
investments and a
corresponding reserve for
own shares is established
within Shareholders'
equity. All derivative
contracts on own shares
are reported as Positive
or Negative replacement
values. Traded
own shares and
derivatives on own shares
are carried at fair
value. Gains and losses
realized on disposal and
unrealized gains and
losses from changes in
the fair value are
recorded as Net trading
income. Own shares
reported within Financial
investments are reported
at the lower of cost or
market value. Reductions
to market value and
reversals of such
reductions, as well as
gains and losses on
disposal, are included in
Other income. Own shares
repurchased for
cancellation are reported
as financial investments
and accounted for at
cost. Upon cancellation,
the par value of shares
repurchased and cancelled
is debited against Share
capital for the par
value, with the remainder
of the purchase cost
debited against General
statutory reserve.
2. Financial investments
Under IFRS, available for sale
financial investments are carried
at fair value. Changes in the
fair value of available for sale
financial investments are
recorded as increases or
decreases to Shareholders' equity
until an investment is sold,
collected or otherwise disposed
of, or until an investment is
determined to be impaired. At the
time an available for sale
investment is determined to be
impaired, the cumulative
unrealized loss previously
recognized in Shareholders'
equity is included in net profit
or loss for the period. On
disposal of an available for sale
investment, the difference
between the net disposal proceeds
and the carrying amount,
including any previously
recognized unrealized gain or
loss arising from a change in
fair value reported within
Shareholders' equity, is included
in net profit or loss for the
period.
Under Swiss law financial
investments are carried at the
lower of cost or market value.
Reductions to market value and
reversals of such reductions as
well as gains and losses on
disposal are included in Other
income.
3. Cash flow hedges
The Group also uses derivative
instruments to hedge against the
exposure from varying cash flows
receivable and payable. Under
IFRS, when hedge accounting is
applied for these instruments,
the unrealized gain or loss on
the effective portion of the
derivatives is recorded in
Shareholders' equity until the
hedged cash flows occur, at which
time the accumulated gain or loss
is realized and released to
income.
Under Swiss law, the
unrealized gains or losses on the
effective portion of the
derivative instruments used to
hedge cash flow exposures are
deferred on the balance sheet.
The deferred amounts are released
to income when the hedged cash
flows occur.
4. Gains/losses not recognized in the income statement
Gains/losses not recognized in
the income statement is a
separate line within
Shareholders'
equity where under IFRS
unrealized gains and losses from
currency translation, changes in
fair value of financial
investments available for sale
and of derivative instruments
designated as cash flow hedges
are reported.
Under Swiss law, only foreign
currency translation differences
are reported in Shareholders'
equity. The other two components
are reported according to the
methods described in captions 2.
and 3. above.
5. Extraordinary income and expense
Under IFRS, items of income and
expense can only be classified as
extraordinary if they are clearly
distinct from the ordinary
activities and their occurrence
is expected to be rare.
Under Swiss law, income and
expense related to other
accounting periods and/or not
directly related to the core
business activities of the
enterprise (e. g. realized gains
or losses on sale of Investments
in associated companies or
Property and equipment) are
recorded as extraordinary income
or expense.
The significant differences
between IFRS and Swiss banking
law are as follows:
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Note 38 Swiss Banking Law Requirements (continued)
CHF million
31.12.02
31.12.01
Differences in the Balance Sheet
Treasury shares
Trading portfolio
371
128
Financial investments
6,623
3,253
Due to banks
23
24
Negative replacement values
(2
)
0
Other liabilities
293
0
Shareholders' equity
6,680
3,357
Financial investments
Financial investments
(1,314
)
(1,856
)
Other liabilities
(113
)
(215
)
Shareholders' equity
(1,201
)
(1,641
)
Cash flow hedges
Other liabilities
(256
)
(459
)
Shareholders' equity
256
459
Differences in the Income Statement
Treasury shares
Net trading income
(70
)
(70
)
Other income
(269
)
(231
)
Personnel expenses
4
Tax expenses
(53
)
(71
)
Financial investments
Other income
(255
)
(607
)
Reclassification of extraordinary
income and expense
Other income
(350
)
(95
)
Extraordinary income
361
109
Extraordinary expense
11
14
159
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UBS Group Financial Statements
Notes to the Financial Statements
Note 39 Reconciliation of International Financial Reporting Standards (IFRS) to United States Generally Accepted Accounting Principles (US GAAP)
Note 39.1 Valuation and income recognition differences between IFRS and US GAAP
The consolidated financial
statements of the Group have been
prepared in accordance with IFRS.
The principles of IFRS differ in
certain respects from United
States Generally Accepted
Accounting Principles ("US
GAAP"). The following is a
summary of the relevant
significant accounting and
valuation differences between
IFRS and US GAAP.
a. Purchase accounting (merger of Union Bank of Switzerland and Swiss Bank Corporation)
Under IFRS, the Group accounted
for the 1998 merger of Union Bank
of Switzerland and Swiss Bank
Corporation under the uniting of
interests method. The balance
sheets and income statements of
the banks were combined, and no
adjustments were made to the
carrying values of the assets and
liabilities. Under US GAAP, the
business combination creating UBS
AG is accounted for under the
purchase method with Union Bank
of Switzerland being considered
the acquirer. Under the purchase
method, the cost of acquisition
is measured at fair value and the
acquirer's interests in
identifiable tangible assets and
liabilities of the acquiree are
restated to fair values at the
date of acquisition. Any excess
consideration paid over the fair
value of net tangible assets
acquired is allocated, first to
identifiable intangible assets
based on their fair values, if
determinable, with the remainder
allocated to goodwill.
Goodwill and intangible assets
For US GAAP purposes, the excess
of the consideration paid for
Swiss Bank Corporation over the
fair value of the net tangible
assets received has been recorded
as goodwill and was amortized on a
straight line basis using a
weighted average life of 13 years
from 29 June 1998 to 31 December
2001.
Under US GAAP until 31
December 2001, goodwill acquired
before 30 June 2001 was
capitalized and amortized over
its estimated useful life with
adjustments for any impairment.
On 1 January 2002, the Group
adopted SFAS 141, "Business
Combinations" and SFAS 142,
"Goodwill and Other Intangible
Assets". SFAS 141 requires
reclassification of intangible
assets to goodwill which no
longer meet the recognition
criteria under the new standard.
SFAS 142 requires that goodwill
and intangible assets with
indefinite lives no longer be
amortized but be tested annually
for impairment. Identifiable
intangible assets with finite
lives will continue to be
amortized.
Upon adoption, the
amortization charges related to
the 1998 business combination of
Union Bank of Switzerland and
Swiss Bank Corporation ceased to
be recorded under US GAAP. For
the year ended 31 December 2002,
these charges would have been CHF
1,477 million.
In 2002 and 2001, goodwill
recorded under US GAAP was
reduced by CHF 43 million and CHF
53 million respectively, due to
recognition of deferred tax
assets of Swiss Bank Corporation
which had previously been subject
to valuation reserves.
Other purchase accounting adjustments
The restatement of Swiss Bank
Corporation's net assets to fair
value in 1998 resulted in
decreasing net tangible assets by
CHF 1,077 million for US GAAP.
This amount is being amortized
over periods ranging from two
years to 20 years.
b. Reversal of IFRS goodwill amortization
The adoption of SFAS 142 "Goodwill
and Intangible Assets" resulted in
two new reconciling items 1)
Intangible assets on the IFRS
Balance sheet with a book value of
CHF 1.8 billion at 31 December
2001 were reclassified to goodwill
for US GAAP. 2) The amortization
of IFRS goodwill and the
intangible assets reclassified to
goodwill for US GAAP (CHF 1,017
million for the year ended 31
December 2002) was reversed for US
GAAP.
Had the Group been required
to adopt SFAS 142 for its US GAAP
Financial Statements in prior
years, reported Net profit and
Earnings per share would have
been as follows:
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Table of Contents
CHF million, except for per share data
For the year ended
31.12.02
31.12.01
31.12.00
Reported Net profit under US GAAP
5,546
3,234
4,437
Add back: SBC purchase accounting goodwill
0
1,657
1,679
Add back: Amortization of intangibles reclassified to goodwill
for US GAAP and/or IFRS goodwill
0
886
315
Adjusted net profit under US GAAP
5,546
5,777
6,431
Reported basic earnings per share under US GAAP
4.59
2.58
3.70
Add back: SBC purchase accounting goodwill
0.00
1.32
1.40
Add back: Amortization of intangibles reclassified to goodwill
for US GAAP and/or IFRS goodwill
0.00
0.71
0.26
Adjusted basic earnings per share under US GAAP
4.59
4.61
5.36
Reported diluted earnings per share under US GAAP
4.51
2.46
3.64
Add back: SBC purchase accounting goodwill
0.00
1.30
1.38
Add back: Amortization of intangibles reclassified to goodwill
for US GAAP and/or IFRS goodwill
0.00
0.70
0.26
Adjusted diluted earnings per share under US GAAP
4.51
4.46
5.28
The table below shows the estimated, aggregated amortization expenses
for other intangible assets, which are still subject to an annual
amortization, on a US GAAP basis:
CHF million
Estimated, aggregated amortization expense for:
2003
116
2004
97
2005
93
2006
80
2007
71
2008 and thereafter
765
Total
1,222
c. Restructuring provision
Under IFRS, restructuring
provisions are recognized when a
legal or constructive obligation
has been incurred. In 1997, the
Group recognized
a CHF 7,000 million restructuring
provision to cover personnel, IT,
premises and other costs
associated with combining and
restructuring the merged Group. A
further CHF 300 million provision
was recognized in 1999,
reflecting the impact of
increased precision in the
estimation of certain leased and
owned property costs.
Under US GAAP, the criteria
for establishing restructuring
provisions were more stringent
than under IFRS prior to 2000. For
US GAAP, the aggregate CHF 7,300
million restructuring provision
was reversed. As a result of the
business combination with Swiss
Bank Corporation and the decision
to combine and streamline certain
activities of the banks for the
purpose of reducing costs and
improving efficiencies, Union Bank
of Switzerland recognized a
restruc-
turing provision of CHF
1,575 million during 1998 for US
GAAP. CHF 759 million of this
provision related to estimated
costs for restructuring the
operations and activities of Swiss
Bank Corporation, and that amount
was recorded as a liability of the
acquired business. The remaining
CHF 816 million of estimated costs
were charged to restructuring
expense during 1998. The US GAAP
restructuring provision was
increased by CHF 600 million and
CHF 130 million in 1999 and 2000,
respectively.
During 2001, CHF 112 million
restructuring costs were expensed
as incurred under US GAAP. These
costs were already part of the
restructuring provision under
IFRS, but were not eligible for
recognition under US GAAP until
2001. The restructuring plan was
completed and the remaining
balance of the US GAAP
restructuring provision was used
substantially in accordance with
previously disclosed plans. At 31
December 2001, the restructuring
provision for both IFRS and US
GAAP had been fully utilized.
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UBS Group Financial Statements
Notes to the Financial Statements
d. Derivative instruments
Derivative instruments held or issued for hedging activities
Prior to 1 January 2001, the
Group applied no hedge accounting
for derivative instruments under
US GAAP. As a result, all
derivative instruments were
carried on the balance sheet at
fair value, with changes in fair
value recorded in the Income
statement. Under IFRS, the Group
accounted for derivative
instruments hedging non-trading
positions in the Income statement
using the accrual or deferral
method, which was the same as the
accounting methodology applied to
the underlying item hedged.
On 1 January 2001, the Group
adopted IAS 39 for its IFRS
Financial Statements and SFAS
133, "Accounting for Derivative
Instruments and Hedging
Activities" for its US GAAP
Financial Statements. These
standards introduce new rules for
the accounting and reporting of
derivative instruments, including
certain derivative instruments
embedded in other contracts, and
of hedging activities. The
adoption of SFAS 133 did not
result in any transition items
for the Group on 1 January 2001
as the Group previously did not
apply hedge accounting under
US GAAP for derivative
instruments.
With the adoption of IAS 39
on 1 January 2001, an opening
adjustment was made in 2001 to
reduce Retained earnings by CHF
61 million, consisting of CHF 19
million reflecting the impact of
the new hedge accounting rules
and CHF 42 million reflecting the
impact of remeasuring assets to
either amortized cost or fair
value as required under the
standard. For US GAAP purposes,
the first adjustment was not
required (because all derivatives
were previously recorded in the
Income statement) and was
reversed, and the second
adjustment was recorded in the
Income statement.
Under IAS 39, the Group is
permitted to hedge interest rate
risk based on forecasted cash
inflows and outflows on a group
basis. For this purpose, the
Group accumulates information
about financial assets, financial
liabilities, and forward
commitments which is then used to
estimate and aggregate cash flows
and to schedule the future
periods in which these cash flows
are expected to occur.
Appropriate derivative
instruments are then used to
hedge the estimated future cash
flows. SFAS 133 does not permit
hedge accounting for hedges of
future cash flows determined by
this methodology.
Accordingly, for US GAAP such
items continue to be carried at
fair value with changes in fair
value recognized in Net trading
income.
Since 1 January 2001, the
Group's derivative hedging
relationships have been treated
the same under both IFRS and US
GAAP, except for hedges of
interest rate risk of forecasted
cash flows on a group basis as
mentioned in the previous
paragraph.
In addition, amounts
deferred under previous hedging
relationships that now do not
qualify as hedges under IAS 39
are being amortized against IFRS
net profit over the remaining
life of the hedging relationship.
Such amounts have been reversed
for US GAAP as they have never
been treated as hedges.
Derivative instruments indexed to UBS shares
US GAAP, like IFRS, generally
requires that derivatives indexed
to a company's own stock be
recorded as an equity instrument
if settlement is required in
actual shares or the company has
the choice to settle the contract
by delivery or receipt of its own
shares. If, however, the
derivative contract requires cash
settlement or the counterparty
may choose cash settlement, then
the derivative must be classified
as an asset or liability, with
changes in fair value recorded in
income.
Asset or liability
classification is also required
under US GAAP if a company may
not have sufficient issuable
shares available to settle a
contract in its own shares. This
is determined by the maximum
number of shares a company could
be forced to issue to settle a
contract. Under IFRS, however,
such contracts are recorded in
Shareholders' equity.
In 2001 and
2000, the Group had no contracts
for which the accounting
treatment under US GAAP differed
from IFRS, and there was no
reconciling item for these
derivative instruments. In 2002,
however, the Group issued
net-share settled put options as
part of its share repurchases in
2002. Such contracts are recorded
under IFRS in Shareholders'
equity and under US GAAP as a
liability with changes in fair
value reflected in Net income.
Such contracts increased US GAAP
Net income by CHF 12 million in
2002.
UBS Warburg acts as a
liquidity provider to the equity
futures markets and as a market
maker in UBS shares and
derivatives. Trading income of
CHF 125 million under IFRS (CHF
137 million under US GAAP) in
2002, CHF 261 million under both
IFRS and US GAAP in 2001 and CHF
162
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42 million under both IFRS and US
GAAP in 2000 was recorded in the
financial statements from trading
in cash settled derivative
instruments indexed to UBS
shares.
Bifurcation of embedded issuer calls out of structured debt instruments
The Group issues certain
structured debt instruments that
contain an embedded issuer call
option. If the embedded
derivatives contained in the
structured debt are not clearly
and closely related to the host
debt instrument, IFRS requires
that a combined derivative is
separated, including the issuer
call, and accounted for as a
stand alone derivative contract.
Under US GAAP, however, certain
issuer calls must remain with the
host contract and are therefore
not separated. The impact of not
separating these issuer call
features was to reduce US GAAP
Net income by CHF 55 million
before tax at 31 December 2002.
e. Financial investments
(prior to the adoption of IAS 39)
Prior to the adoption of IAS 39
on 1 January 2001, financial
investments were classified as
either current investments or
long-term investments under IFRS.
The Group considered current
financial investments to be held
for sale and carried at lower of
cost or market value ("LOCOM").
The Group accounted for long-term
financial investments at cost,
less any impairments. Under US
GAAP, the Group's financial
investments are classified as
available for sale (debt and
marketable equity securities),
and are carried at fair value
with changes in fair value
recorded in Other comprehensive
income. Gains and losses are
recognized in Net profit in the
period sold, and losses are
recognized in the period of
impairment for IFRS and US GAAP.
For the IFRS to US GAAP
reconciliation, debt and
marketable equity securities were
adjusted from LOCOM to fair value
and classified as available for
sale investments. Unrealized
gains or unrealized losses
relating to these investments
were recorded in Other
comprehensive income.
f. Financial investments and private equity
Financial investments available for sale
With the adoption of IAS 39 on 1
January 2001, the accounting for
financial investments avail-
able
for sale generally became the
same under IFRS
and US GAAP. Three exceptions
exist, however: 1) Non-marketable
equity financial investments
(excluding private equity
investments discussed below),
which are classified as available
for sale and carried at fair
value under IFRS, continue to be
carried at cost less "other than
temporary" impairments under US
GAAP. The opening adjustment and
subsequent changes in fair value
recorded directly in
Shareholders' equity on
non-marketable equity financial
instruments due to the
implementation on IAS 39 have
been reversed under US GAAP to
reflect the difference between
the two standards in measuring
such investments. 2) Write-downs
on impaired assets can be fully
or partially reversed under IFRS
if the value of the impaired
assets increases. Such reversals
of impairment write-downs are not
allowed under US GAAP. Reversals
under IFRS were not significant
in 2002 or 2001. 3) Private
equity investments, as described
below.
Private equity investments
Since the adoption of IAS 39 on 1
January 2001, the Group has
accounted for private equity
investments as available for sale
securities in its primary
Financial Statements under IFRS,
with changes in fair value
recognized in Shareholders'
equity. Under US GAAP, these
investments continued to be
accounted for at cost less "other
than temporary" impairments.
On 1 January 2002, the Group
adopted the provisions of
Statement of Financial Accounting
Standards ("SFAS") 144
"Accounting for the Impairment or
Disposal of Long-Lived Assets"
for its US GAAP Financial
Statements. The statement
primarily addresses financial
accounting and reporting for the
impairment or disposal of
long-lived assets. In addition,
SFAS 144 eliminated the exception
to consolidation for subsidiaries
for which control is likely to be
temporary, as previously
contained in Accounting Research
Bulletin
51 "Consolidated Financial
Statements" as amended by SFAS 94
"Consolidation of All
Majority-Owned Subsidiaries".
Therefore, on adopting SFAS 144,
the Group changed its US GAAP
accounting for certain private
equity investments by accounting
for those investments held within
separate investment subsidiaries
in accordance with the "AICPA
Audit and Accounting Guide,
Audits of Investment Companies".
The effect of this change for US
GAAP reporting pur-
163
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UBS Group Financial Statements
Notes to the Financial Statements
poses is that certain
private equity
investments are now
recorded at fair value,
with changes in fair
value recognized in US
GAAP net profit. The
remaining private equity
investments continue to
be accounted for at cost
less impairment.
For the IFRS to US GAAP
reconciliation, fair value
adjustments on certain private
equity investments recorded
directly in Shareholders' equity
under IFRS had to be shown in the
Income statement for US GAAP
purposes. At 1 January 2002, the
date of adoption of SFAS 144, the
cumulative effect of this
change in accounting on US GAAP
net profit was an increase of CHF
639 million, after tax. For the
year ended 31 December 2002, the
effect of applying the new
standard on the reconciliation of
IFRS net profit to US GAAP was to
increase US GAAP net profit by an
additional CHF 83 million, after
tax.
The pro-forma Net profit
assuming that the change in
accounting principle were applied
retroactively for all periods
presented, would be as follows:
CHF million, except for per share data
For the year ended
31.12.02
31.12.01
31.12.00
Net profit under US GAAP
4,907
2,763
5,523
Basic earnings per share
4.06
2.21
4.61
Diluted earnings per share
3.99
2.09
4.53
See Note 2 for information regarding impairment charges recorded for private
equity investments.
g. Retirement benefit plans
Under IFRS, the Group recognizes
pension expense based on a
specific method of actuarial
valuation used to determine the
projected plan liabilities for
accrued service, including future
expected salary increases, and
expected return on plan assets.
Plan assets are recorded at fair
value and are held in a separate
trust to satisfy plan
liabilities. Under IFRS the
recognition of a prepaid asset is
subject to certain limitations,
and any unrecognized prepaid
asset is recorded as pension
expense. US GAAP does not allow a
limitation on the recognition of
prepaid assets recorded in the
Balance Sheet.
Under US GAAP, pension
expense is based on the same
actuarial method of valuation of
liabilities and assets as under
IFRS. Differences in the amounts
of expense and liabilities (or
prepaid assets) exist due to
different transition date rules,
stricter provisions for
recognition of a prepaid asset,
and the treatment of the 1998
merger of Union Bank of
Switzerland and Swiss Bank
Corporation.
In addition, under US GAAP,
if the fair value of plan assets
falls below the accumulated
benefit obligation (current value
of accrued benefits without
allowance for future salary
increases), an additional minimum
liability must be shown in the
balance sheet. If an additional
minimum
liability is recognized,
an equal amount will be
recognized as an intangible asset
up to the amount of any
unrecognized past service cost.
Any amount not recognized as an
intangible asset is reported in
Other comprehensive income. The
additional minimum liability
required under US GAAP before tax
amounts to CHF 1,225 million and
CHF 306 million as at 31 December
2002 and 2001, respectively. The
amount recognized in intangible
assets was CHF 2 million and CHF
3 million and the amount
recognized in Other comprehensive
income was CHF 1,223 million,
before taxes and CHF 303 million,
before taxes as at 31 December
2002 and 2001 respectively.
h. Other employee benefits
Under IFRS, the Group has
recorded expenses and liabilities
for post-retirement, medical and
life insurance benefits,
determined under a
methodology similar to that
described above under retirement
benefit plans.
Under US GAAP, expenses and
liabilities for post-retirement
medical and life insurance
benefits are determined under the
same methodology as under IFRS.
Differences in the levels of
expenses and liabilities have
occurred due to different
transition date rules and the
treatment of the merger of Union
Bank of Switzerland and Swiss
Bank Corporation under the
purchase method.
164
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i. Equity participation plans
IFRS does not specifically
address the recognition and
measurement requirements for
equity participation plans.
US GAAP permits the
recognition of compensation cost
on the grant date for the
estimated fair value of equity
instruments issued (SFAS 123) or
based on the intrinsic value of
equity instruments issued
(Accounting Principles Board
"APB" No. 25), with the
disclosure of the pro-forma
effects of equity participation
plans on net profit and earnings
per share, as if the fair value
had been recorded on the grant
date. Under IFRS, the Group
recognizes only intrinsic values
at the grant date with subsequent
changes in value not recognized.
Under US GAAP, the Group applies
the APB No. 25 intrinsic value
method, which requires
adjustments to intrinsic values
subsequent to the grant date in
certain circumstances.
The shares and other
diversified instruments of the
Group's equity participation plans
are held in trusts on behalf of
the participants. Certain of these
trusts are recorded on the Group's
balance sheet for US GAAP
presentation, the effect of which
is to increase assets by CHF 396
million and CHF 1,485 million,
liabilities by CHF 429 million and
CHF 1,607 million, and decrease
Shareholders' equity by CHF 33
million and CHF 122 million (for
UBS AG shares held by the trusts
which are treated as treasury
shares) at 31 December 2002 and
2001 respectively.
For US GAAP,
certain of the Group's option
awards have been determined to be
variable pursuant to APB No. 25,
primarily because they may be
settled in cash or because the
Group has offered to hedge the
value of the award. The effect of
applying variable accounting to
the option awards in the US GAAP
reconciliation for the years ended
31 December 2002, 2001 and 2000,
is a CHF 51 million decrease in
compensation expense, CHF 30
million decrease in compensation
expense and CHF 85 million
increase in compensation expense,
respectively. In addition, certain
of the Group's share plans have
been deemed variable under APB No.
25 or required a new expense
measurement date due to
diversification or cash settlement
of awards. Additional expense was
also recorded related to social
tax payments on exercised options
recorded directly in Shareholders'
equity for IFRS. For US GAAP, the
net effect of these transactions
is
a decrease to compensation
expense of CHF 12 million, an
increase to compensation expense
of CHF 41 million and an increase
to compensation
expense of CHF 82 million for
the years ended 31 December 2002,
2001 and 2000, respectively.
j. Software capitalization
Under IFRS, effective 1 January
2000, certain costs associated
with the acquisitions or
development of internal use
software must be capitalized. Once
the software is ready for its
intended use, the costs
capitalized are amortized to the
Income statement over the
estimated life of the software.
Under US GAAP, the same principle
applies, however this standard was
effective 1 January 1999. For US
GAAP, the costs associated with
the acquisition or development of
internal use software that met the
US GAAP software capitalization
criteria in 1999 have been
reversed from Operating expenses
and amortized over a life of two
years from the time that the
software is ready for its intended
use. From 1 January 2000, the only
remaining reconciliation item is
the amortization of software
capitalized in 1999 for US GAAP
purposes. At 31 December 2002,
this amount was fully utilized and
there is no longer a difference
between IFRS and US GAAP.
k. Recently issued US accounting standards
In April 2002, the Financial
Accounting Standards Board (FASB)
issued SFAS No. 145, "Rescission
of FASB Statements No. 4, 44, and
64, Amendment of FASB Statement
No. 13, and Technical
Corrections". The new standard is
effective for fiscal years
beginning after 15 May 2002. UBS
will adopt the new standard for
its fiscal year 2003, but does
not expect that it will have a
significant effect on the
financial statements.
In June 2002, the FASB
issued SFAS No. 146, "Accounting
for Costs Associated with Exit or
Disposal Activities". SFAS No.
146 addresses primarily
recognition and measurement of
cost for employee termination
benefits, contract terminations,
closure or consolidation of
facilities, relocation, and
similar items associated with
exit or disposal activities. The
new standard requires that a
liability for such costs should
be recog-
165
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
nized at its fair value
in the period in which
the liability is incurred
and not at the time an
entity commits to an exit
or disposal plan. SFAS
No. 146 is applicable
prospectively for exit or
disposal activities
initiated after 31
December 2002. UBS does
not expect that the new
standard will have a
significant impact on its
financial statements.
In December 2002, the FASB
issued SFAS No. 148, "Accounting
for Stock-based Compensation -
Transition and Disclosure", an
amendment of FASB Statement No.
123, which was effective for
financial years ending after 15
December 2002. UBS adopted SFAS
No. 148 for the year ended 31
December 2002. The new standard
requires additional disclosures
in respect to pro-forma
disclosures had the fair value
based method for
valuing employee stock
option awards been applied. These
additional disclosures are
included in Note 32. Other than
additional disclosures, SFAS No.
148 currently has no impact on
the financial statements.
In January 2003, the FASB
issued FASB Interpretation (FIN)
No. 46, "Consolidation of
Variable Interest Entities", an
interpretation of Accounting
Research Bulletin No. 51. FIN 46
applies to certain entities in
which equity investors do not
have the characteristics of a
controlling financial interest or
do not have sufficient equity at
risk for the entity to finance
its activities without additional
subordinated financial support
from other parties. Such entities
are called variable interest
entities (VIE) under the new
interpretation, which requires
consolidation of a VIE if the
variable interest either absorbs
the majority of the expected
losses, or receives the majority
of the expected gains, or both.
FIN 46 applies to all VIEs
created before 1 February 2003 no
later than the beginning of the
first interim or annual reporting
period beginning after 15 June
2003. The new interpretation
applies immediately to all VIEs
created after 31 January 2003.
FIN 46 also establishes
disclosure requirements
for VIEs
that an enterprise will
consolidate or in which it will
have a significant variable
interest. These disclosure
requirements became effective for
financial statements issued after
31 January 2003 and are provided
in Note 40.2.
In November 2002, the
Emerging Issues Task Force (EITF)
reached a consensus on EITF Issue
No. 02-3, "Issues Involved in the
Accounting for Derivative
Contracts Held for Trading
Purposes and Contracts Involved
in Energy Trading and Risk
Management". The consensus
precludes mark-to-market
accounting for energy trading
contracts that are not
derivatives pursuant to SFAS No.
133, "Accounting for Derivative
Instruments and Hedging
Activities". UBS has adopted the
provisions of EITF Issue 02-3
related to energy trading
contracts as at 1 January 2003
for contracts that existed on or
before 25 October 2002, the date
when this consensus was issued.
For contracts entered into after
25 October 2002, the consensus
was applied with immediate
effect. The effect of adoption
was not material either for
contracts entered into after or
those that existed on 25 October
2002.
Included in EITF Issue 02-3
is the FASB staff's view that an
entity should not recognize an
unrealized gain or loss at
inception of a derivative
instrument unless the fair value
of that instrument is obtained
from a quoted market price in an
active market or is otherwise
evidenced by comparison to
observable market data. Management
is in the process of completing
the evaluation of the impact of
this view on the Group's financial
condition and profit. As required,
the Group applied this view to
transactions entered into after
the effective date of 21 November
2002. The impact was not
significant. The impact of this
issue is dependent upon the level
of transactions executed that rely
on data not observable in the
market. Accordingly, it is not
possible to project the
impact this matter could have on
the Group's 2003 financial
statements.
166
Table of Contents
Note 39.2 Reconciliation of IFRS Shareholders' equity and Net profit to US GAAP
Shareholders' equity
Net profit
Note 39.1
CHF million
Reference
31.12.02
31.12.01
31.12.02
31.12.01
31.12.00
Amounts determined in accordance
with IFRS
38,991
43,530
3,535
4,973
7,792
Adjustments in respect of:
SBC purchase accounting goodwill and other
purchase accounting adjustments
a
15,285
15,413
(128
)
(1,614
)
(1,669
)
Reversal of IFRS goodwill amortization
b
1,017
0
1,017
0
0
Restructuring provision
c
0
0
0
(112
)
(238
)
Derivative instruments
d
(
138
)
(169
)
354
25
(1,353
)
Financial investments (prior to the
adoption of IAS 39)
e
0
0
0
0
28
Financial investments and private equity
f
(30
)
(709
)
767
0
0
Retirement benefit plans
g
621
1,714
(156
)
119
59
Other employee benefits
h
(1
)
(8
)
7
8
8
Equity participation plans
i
(164
)
(186
)
63
(12
)
(167
)
Software capitalization
j
0
60
(60
)
(169
)
(160
)
Tax adjustments
(5
)
(363
)
147
16
137
Total adjustments
16,585
15,752
2,011
(1,739
)
(3,355
)
Amounts determined in accordance
with US GAAP
55,576
59,282
5,546
3,234
4,437
Note 39.3 Earnings per share
Under both IFRS and US GAAP, basic earnings per share ("EPS") is computed by
dividing income available to common shareholders by the weighted-average number
of common shares outstanding. Diluted EPS includes the determinants of basic
EPS and, in addition, gives effect to dilutive potential common shares that
were outstanding during the period.
The computations of basic and diluted EPS for the years ended 31 December
2002, 31 December 2001 and 31 December 2000 are presented in the following
table.
31.12.02
31.12.01
31.12.00
For the year ended
US GAAP
IFRS
US GAAP
IFRS
US GAAP
IFRS
Net profit available for ordinary shares (CHF million)
5,546
3,535
3,234
4,973
4,437
7,792
Net profit for diluted EPS (CHF million)
5,520
3,515
3,135
4,874
4,423
7,778
Weighted-average shares outstanding
1,208,055,132
1,208,586,678
1,251,180,815
1,266,038,193
1,198,680,193
1,209,087,927
Diluted weighted average shares outstanding
1,222,862,165
1,223,382,942
1,273,720,560
1,288,577,938
1,215,169,966
1,225,577,700
Basic earnings per share (CHF)
4.59
2.92
2.58
3.93
3.70
6.44
Diluted earnings per share (CHF)
4.51
2.87
2.46
3.78
3.64
6.35
167
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 39.4 Presentation differences between IFRS and US GAAP
In addition to the differences in
valuation and income recognition,
other differences, essentially
related to presentation, exist
between IFRS and US GAAP.
Although there is no impact on
IFRS and US GAAP reported
Shareholders' equity and Net
profit due to these differences,
it may be useful to understand
them to interpret the financial
statements presented in
accordance with US GAAP. The
following is a summary of
presentation differences that
relate to the basic IFRS
financial statements.
1. Settlement date vs. trade date accounting
The Group's transactions from
securities activities are
recorded under IFRS on the
settlement date. This results in
recording a forward transaction
during the period between the
trade date and the settlement
date. Forward positions relating
to trading activities are
revalued to fair value and any
unrealized profits and losses are
recognized in Net profit.
Under US GAAP, trade date
accounting is required for spot
purchases and sales of
securities. Therefore, all such
transactions with a trade date on
or before the balance sheet date
with a settlement date after the
balance sheet date have been
recorded at trade date for US
GAAP. This has resulted in
receivables and payables to
broker-dealers and clearing
organizations recorded in Other
assets and Other liabilities in
the US GAAP Balance sheet.
2. Financial investments
Under IFRS, the Group's private
equity investments and
non-marketable equity financial
investments are included in
Financial investments. For US
GAAP presentation, non-marketable
equity financial investments are
reclassified to Other assets, and
private equity investments are
shown separately on the Balance
sheet.
3. Securities received as proceeds in a securities for securities lending transaction
When the Group acts as the lender
in a securities lending agreement
and receives securities as
collateral that can be pledged or
sold, it recognizes the
securities received and a
corresponding obligation to
return them. These securities are
reflected on the US GAAP balance
sheet in the line "Securities
received as collateral" on the
asset side of the balance sheet.
The offsetting liability is
presented in the line "Obligation
to return securities received as
collateral".
4. Reverse repurchase, repurchase, securities borrowing and securities lending transactions
The Group enters into certain
specific reverse repurchase,
repurchase, securities borrowing
and securities lending
transactions that result in a
difference between IFRS and US
GAAP. Under IFRS, they are
considered borrowing and lending
transactions which are not
reflected in the balance sheet
except to the extent of cash
collateral advanced or received.
Under US GAAP, however, they are
considered purchase and sale
transactions due to the fact that
the contracts do not meet
specific collateral or margining
requirements under SFAS 140. Due
to the different treatment of
these transactions under IFRS and
US GAAP, interest income and
expense recorded under IFRS must
be reclassified to Net trading
income or Other income for US
GAAP. Additionally under US GAAP,
the securities received are
recognized on the balance sheet
as a spot purchase (Trading
portfolio assets) with a
corresponding forward sale
transaction
(Replacement values) and a
receivable (Cash collateral on
securities borrowed) is
reclassified, as applicable. The
securities delivered are
recognized as a spot sale
(Trading portfolio liabilities)
with a corresponding forward
repurchase transaction
(Replacement values) and a
liability (Cash collateral on
securities lent) is reclassified,
as applicable.
168
Table of Contents
Note 39.5 Consolidated Income Statement
The following is a Consolidated Income Statement of the Group, for the
years ended 31 December 2002, 31 December 2001 and 31 December 2000,
restated to reflect the impact of valuation and income recognition
differences and presentation differences between IFRS and US GAAP.
31.12.02
31.12.01
31.12.00
CHF million
For the year ended
Reference
US GAAP
IFRS
US GAAP
IFRS
US GAAP
IFRS
Operating income
Interest income
a, d, 4
39,679
39,963
51,907
52,277
51,565
51,745
Interest expense
a, 4
(29,334
)
(29,417
)
(44,096
)
(44,236
)
(43,584
)
(43,615
)
Net interest income
10,345
10,546
7,811
8,041
7,981
8,130
Credit loss expense/(recovery)
(206
)
(206
)
(498
)
(498
)
130
130
Net interest income after credit loss
expense/(recovery)
10,139
10,340
7,313
7,543
8,111
8,260
Net fee and commission income
18,221
18,221
20,211
20,211
16,703
16,703
Net trading income
d, 4
6,031
5,572
8,959
8,802
8,597
9,953
Other income
1
e, f, 4
96
(12
)
534
558
1,514
1,486
Total operating income
34,487
34,121
37,017
37,114
34,925
36,402
Operating expenses
Personnel expenses
c, g, h, i
18,610
18,524
19,713
19,828
17,262
17,163
General and administrative expenses
c
7,072
7,072
7,631
7,631
6,813
6,765
Depreciation of property
and equipment
a, j
1,613
1,521
1,815
1,614
1,800
1,608
Amortization of goodwill
a, b
0
930
2,484
1,025
2,018
533
Amortization of other
intangible assets
b
1,443
1,530
298
298
134
134
Restructuring costs
c
0
0
112
0
191
0
Total operating expenses
28,738
29,577
32,053
30,396
28,218
26,203
Operating profit/(loss)
before tax and minority interests
5,749
4,544
4,964
6,718
6,707
10,199
Tax expense/(benefit)
511
678
1,386
1,401
2,183
2,320
Net profit/(loss)
before minority interests
5,238
3,866
3,578
5,317
4,524
7,879
Minority interests
(331
)
(331
)
(344
)
(344
)
(87
)
(87
)
Change in accounting principle:
cumulative effect of adoption of "AICPA Audit
and Accounting Guide, Audits of
Investment Companies" on certain
financial investments, net of tax
f
639
0
0
0
0
0
Net profit
5,546
3,535
3,234
4,973
4,437
7,792
1
CHF 108 million of the difference in Other income between IFRS and
US GAAP at 31 December 2002 is due to the Group's adoption of the
"AICPA Audit and Accounting Guide, Audits of Investment Companies" on
certain private equity investments for its US GAAP financial
statements. This amount represents the increase in fair value of these
investments during 2002.
Note: References above coincide with the discussions in Note 39.1 and
Note 39.4. These references indicate which IFRS to US GAAP differences
affect an individual financial statement caption. Certain prior year
amounts have been reclassified to conform to the current year's
presentation.
169
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 39.6 Condensed Consolidated Balance Sheet
The following is a Condensed Consolidated Balance Sheet of the Group,
as of 31 December 2002 and 31 December 2001, restated to reflect the
impact of valuation and income recognition principles and presentation
differences between IFRS and US GAAP.
31.12.02
31.12.01
CHF million
Reference
US GAAP
IFRS
US GAAP
IFRS
Assets
Cash and balances with central banks
4,271
4,271
20,990
20,990
Due from banks
a
32,481
32,468
27,550
27,526
Cash collateral on securities borrowed
4
139,073
139,052
162,566
162,938
Reverse repurchase agreements
294,086
294,086
269,256
269,256
Trading portfolio assets
(including assets pledged as collateral of
CHF 110,365 million at 31.12.02
and CHF 121,456 million at 31.12.01)
1, 4
441,845
371,436
455,406
397,886
Positive replacement values
1, 4
83,757
82,092
73,474
73,447
Loans
a, d
211,755
211,647
226,747
226,545
Financial investments
f, 2
2,846
8,391
20,676
28,803
Securities received as collateral
3
16,308
10,931
Accrued income and prepaid expenses
4
6,462
6,453
7,545
7,554
Investments in associates
705
705
697
697
Property and equipment
a, j
8,358
7,869
9,276
8,695
Goodwill
a, b
28,127
11,181
29,255
14,578
Other intangible assets
b, g
1,222
2,515
4,510
4,507
Private equity investments
2
4,328
6,069
Other assets
d, f, g, h, i, 1, 2
21,314
8,952
36,972
9,875
Total assets
1,296,938
1,181,118
1,361,920
1,253,297
Liabilities
Due to banks
83,178
83,178
106,531
106,531
Cash collateral on securities lent
36,870
36,870
30,317
30,317
Repurchase agreements
366,858
366,858
368,620
368,620
Trading portfolio liabilities
1, 4
117,721
106,453
119,528
105,798
Obligation to return securities
received as collateral
3
16,308
10,931
Negative replacement values
1, 4
132,354
81,282
116,666
71,443
Due to customers
a, d
306,872
306,876
333,766
333,781
Accrued expenses and deferred income
4
15,330
15,331
17,289
17,289
Debt issued
a, d
129,527
129,411
156,462
156,218
Other liabilities
d, g, h, i, 1
32,815
12,339
38,416
15,658
Total liabilities
1,237,833
1,138,598
1,298,526
1,205,655
Minority interests
3,529
3,529
4,112
4,112
Total shareholders' equity
55,576
38,991
59,282
43,530
Total liabilities, minority interests
and shareholders' equity
1,296,938
1,181,118
1,361,920
1,253,297
Note: References above coincide with the discussions in Note 39.1 and
Note 39.4. These references indicate which IFRS to US GAAP differences
affect an individual financial statement caption. Amounts have been
adjusted to reflect the treatment of reverse repurchase, repurchase,
securities borrowing and securities lending transactions on a
consistent basis. See Note 39.4.4 for details.
170
Table of Contents
Note 39.7 Comprehensive Income
Comprehensive income under US GAAP is defined as the change in Shareholders'
equity excluding transactions with shareholders. Comprehensive income has two
major components: Net profit, as reported in the income statement, and Other
comprehensive income. Other comprehensive income includes such items as foreign
currency translation, unrealized gains/losses on available for sale
securities, unrealized gains/losses on changes in fair value of derivative
instruments designated as cash flow hedges and additional minimum pension
liability. The components and accumulated other comprehensive income amounts on
a US GAAP basis for the years ended 31 December 2002, 31 December 2001 and 31
December 2000 are as follows:
Unrealized
Unrealized
Additional
Accumulated
Foreign
gains/(losses)
gains/(losses)
minimum
other
currency
on available for
on cash flow
pension
comprehensive
Comprehensive
CHF million
translation
sale securities
hedges
liability
income/(loss)
income/(loss)
Balance at 1 January 2000
(442
)
16
(426
)
Net profit
4,437
Other comprehensive income:
Foreign currency translation
(245
)
(245
)
Net unrealized gains on available for sale investments
arising during the year, net of CHF 152 million tax
456
456
Reclassification adjustment for gains on available for sale
investments realized in net profit, net of CHF 40 million tax
(121
)
(121
)
Other comprehensive income/(loss)
90
Comprehensive income
4,527
Balance at 31 December 2000
(687
)
351
(336
)
Net profit
3,234
Other comprehensive income:
Foreign currency translation
(82
)
(82
)
Net unrealized gains on available for sale investments
arising during the year, net of CHF 27 million tax
109
109
Reclassification adjustment for gains on available for sale
investments realized in net profit, net of CHF 26 million tax
(104
)
(104
)
Net unrealized gains on cash flow hedges
arising during the year, net of CHF 1 million tax
4
4
Reclassification adjustment for losses on cash flow
hedges realized in net profit, net of CHF 1 million tax
3
3
Additional minimum pension liability, net of CHF 108 million
tax
(195
)
(195
)
Other comprehensive income/(loss)
(265
)
Comprehensive income
2,969
Balance at 31 December 2001
(769
)
356
7
(195
)
(601
)
Net profit
5,546
Other comprehensive income:
Foreign currency translation
(80
)
(80
)
Net unrealized gains on available for sale investments
arising during the year, net of CHF 34 million tax
109
109
Impairment charges reclassified to the income statement,
net of CHF 26 million tax
95
95
Reclassification adjustment for gains on available for sale
investments realized in net profit, net of CHF 102 million
tax
(368
)
(368
)
Net unrealized losses on cash flow hedges arising during
the year, net of CHF 3 million tax
(1
)
(1
)
Reclassification adjustment for gains on cash flow
hedges realized in net profit, net of CHF 0 million tax
(8
)
(8
)
Additional minimum pension liability, net of CHF 93 million
tax
(827
)
(827
)
Other comprehensive income/(loss)
(1,080
)
Comprehensive income
4,466
Balance at 31 December 2002
(849
)
192
(2
)
(1,022
)
(1,681
)
171
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 40 Additional Disclosures Required under US GAAP and SEC Rules
Note 40.1 Sales of financial assets in securitizations
During the years ended 31
December 2002 and 2001, the Group
securitized (i.e., transformed
owned financial assets into
securities through sales
transactions) residential
mortgage loans and securities,
commercial mortgage loans and
other financial assets, acting as
lead or co-manager. The Group's
continuing involvement in these
transactions was primarily
limited to the temporary
retention of various security
interests. Proceeds received at
the time of securitization from
residential mortgage, commercial
mortgage and other financial
asset securitizations were CHF
143.5 billion, CHF 4.0 billion
and CHF 5.8 billion, respectively
in 2002 and CHF 67.6 billion, CHF
4.1 billion and CHF 2.8 billion,
respectively in 2001. Related
pre-tax gains (losses)
recognized, including unrealized
gains (losses) on retained
interests, at the time of
securitization were CHF 523.9
million, CHF 206.4 million and
CHF (4.5) million, respectively
in 2002 and CHF 112.9 million,
CHF 129.7 mil-
ion and CHF 20.6
million, respectively in 2001. A
significant portion of the
securitization activities
conducted in 2002 and 2001 were
derived from businesses acquired
in the purchase of PaineWebber
Group Inc. in November 2000.
During 2000, the Group did not
engage in significant
securitization transactions
involving the transfer of its
financial assets.
At 31 December 2002 and
2001, the Group retained CHF 5.2
billion and CHF 6.8 billion,
respectively in agency
residential mortgage securities,
backed by the Government National
Mortgage Association (GNMA), the
Federal National Mortgage
Association (FNMA) and the
Federal Home Loan Mortgage
Corporation (FHLMC). The fair
value of retained interests in
residential mortgage securities
is generally determined using
observable market prices.
Retained interests in other
residential mortgage, commercial
mortgage and other securities
were not material at 31 December
2002 and 2001.
Note 40.2 Variable interest entities
FASB interpretation (FIN) No. 46,
Consolidation of Variable Interest
Entities, was issued on 17 January
2003 and provides guidance for
determining whether or not such
entities are subject to
consolidation. FIN 46 requires
that control over a special
purpose entity be first assessed
based on voting interests, and
only if voting interests do not
exist or differ significantly from
economic interests, the assessment
of control is based on variable
interests. Such entities are
referred to as Variable Interest
Entities. ("VIE's").
Variable interests are
contractual, ownership, or other
pecuniary interests in an entity
that vary with changes in that
entity's net asset value,
including fee payments to
decision makers and to providers
of guarantees (including writers
of put
options and other
instruments with similar results)
as well as the interests of
related parties (including
management, employees, affiliates
and agents).
FIN 46 is effective after 31
January 2003 for all newly
acquired or created interests in
VIE's and for periods beginning
after 15 June 2003 for all
interests in VIE's existing and
owned prior to 1 February 2003.
The table below includes
information for all entities
where it is reasonably possible
that UBS holds a significant
interest which will be
characterized as a VIE.
172
Table of Contents
Note 40.2 Variable interest entities (continued)
(in CHF million)
Notional amount
Maximum loss
S
PE category
Total assets
of derivatives
Description of primary assets
exposure
Trust vehicles for awards to UBS employees
4,624.6
37,717.0
UBS shares and derivatives thereon, alternative
investments
4,982.2
1
Private equity investments
784.6
0
Private equity investments
318.4
Hedge fund products including
Bonds, equities, derivatives
direct investment funds and funds of funds
4,970.6
8,665.0
and alternative investments
1,643.6
Passive intermediary to a derivative
transaction
2
2,131.1
37,248.2
Cash/corporate securities
876.9
Dispersion of risk in a pool of investments
2,689.1
8,125.6
Debt securities, loan receivables and credit linked notes
333.8
Cash, debt securities,
Other credit protection vehicles
1,639.0
2,922.5
asset-backed securities and credit default swaps
528.9
Other miscellaneous structures
205.3
205.3
Corporate debt and equities
194.8
Total 31.12.2002
17,044.3
94,883.6
8,878.6
1
In connection with certain leveraged investment opportunities available
to key employees, UBS has committed to provide up to CHF 440.8 million in
loans to employee investment partnerships. At 31 December 2002, a total of CHF 35.5 million in loans had actually been
drawn down. Repayment of these loans is senior to the employees' investment in
the partnerships. The remaining unfunded portion of these commitments is also
included in Note 25. In addition, if employees default on their future
investment commitments, the Group is obliged to assume the remaining unfunded
portion which amounted to CHF 137.7 million at 31 December 2002. In the event
that all the investments made by these partnerships became worthless, UBS could
be exposed to the loss of the entire committed amount of CHF 578.5 million
which is included in the CHF 4,982.2 million in the table
above.
2
The maximum
loss exposure relating to SPE's which function as a "Passive intermediary to a
derivative transaction" is calculated as the discounted value of the Group's
gross contractual swap payment obligations pursuant to the underlying
derivative contracts. In calculating the maximum loss, the Group has not
included the effect of positive or negative replacement values which are
already reflected for the Group in total on the Balance sheet and further
discussed in Note 23.
The table above includes
information for consolidated and
non-consolidated special purpose
entities. Certain entities
subject to the above disclosure
have been consolidated in the
Group's Financial Statements
under IFRS and US GAAP due to the
Group's significant economic
interest. However, in many
special purpose entities UBS has
a less than significant variable
interest, or control is
determined based on voting
interest. These entities are not
included in the table.
In addition, the "maximum
exposure to loss" presented in
the table represents worst-case
scenarios and does not consider
the offsetting effects of hedges.
It is the Group's practice to
hedge
interest rate, credit and
other market risk exposures. See
Note 29 for a further discussion
of the Group's risk mitigation
strategies.
Some of the special purpose
entities in the table above
function as passive
intermediaries to derivatives
transactions and are generally
established to facilitate the
transfer of credit risk on
portfolios to investors. The
relevant size of such entities is
measured by the "notional amount"
of the derivatives' underlying
referenced assets; i.e., the
size of the portfolio for which
credit risk has
been transferred. These
notional amounts are also
included in Note 23, Derivative
Instruments.
173
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 40.3 Supplemental Guarantor Information
Guarantee of PaineWebber securities
Following the acquisition of
Paine Webber Group Inc., UBS AG
made a full and unconditional
guarantee of the senior and
subordinated notes and trust
preferred securities ("Debt
Securities") of PaineWebber.
Prior to the acquisition,
Paine-Webber was an SEC
Registrant. Upon the acquisition,
PaineWebber was merged into UBS
Americas Inc., a wholly owned
subsidiary of UBS. Under the
guarantee, if UBS Americas Inc.
fails to make any timely payment
under the Debt Securities
agreements, the holders of the
Debt Securities or the Debt
Securities trustee may demand
payment from UBS without first
proceeding against UBS Americas
Inc. UBS's obligations under the
subordinated note guarantee are
subordinated to the prior payment
in full of the deposit
liabilities of UBS and all other
liabilities of
UBS. At 31 December 2002, the
amount of senior liabilities of
UBS to which the holders of the
subordinated debt securities
would be subordinated is
approximately CHF 1,129 billion.
The information presented in
this note is prepared in
accordance with IFRS and should be
read in conjunction with the
consolidated financial statements
of the Group of which this
information is a part. At the
bottom of each column, Net profit
and Shareholders' equity has been
reconciled to US GAAP. See Note 39
for a detailed reconciliation of
the IFRS financial statements to
US GAAP for the Group on a
consolidated basis.
Effective 1 January 2002,
the ownership of all major US
subsidiaries of UBS AG was
transferred to UBS Americas Inc.
through a capital contribution.
As a result, the current
disclosure note is not comparable
with those presented in previous
periods.
Supplemental Guarantor Consolidating Income Statement
CHF million
UBS AG
UBS
Consolidating
For the year ended 31 December 2002
Parent Bank
1
Americas Inc.
Subsidiaries
Entries
UBS Group
Operating income
Interest income
25,253
16,693
4,520
(6,503
)
39,963
Interest expense
18,187
14,273
3,460
(6,503
)
29,417
Net interest income
7,066
2,420
1,060
0
10,546
Credit loss expense
(134
)
(15
)
(57
)
0
(206
)
Net interest income after credit loss expense
6,932
2,405
1,003
0
10,340
Net fee and commission income
6,841
7,325
4,055
0
18,221
Net trading income
4,420
773
379
0
5,572
Income from subsidiaries
(1,429
)
0
0
1,429
0
Other income
(131
)
(26
)
145
0
(12
)
Total operating income
16,633
10,477
5,582
1,429
34,121
Operating expenses
Personnel expenses
8,370
7,531
2,623
0
18,524
General and administrative expenses
2,627
2,003
2,443
0
7,073
Depreciation of property and equipment
1,062
204
255
0
1,521
Amortization of goodwill and
other intangible assets
144
2,211
104
0
2,459
Total operating expenses
12,203
11,949
5,425
0
29,577
Operating profit/(loss) before tax
and minority interests
4,430
(1,472
)
157
1,429
4,544
Tax expense/(benefit)
895
(460
)
243
0
678
Net profit/(loss) before minority interests
3,535
(1,012
)
(86
)
1,429
3,866
Minority interests
0
0
(331
)
0
(331
)
Net profit/(loss)
3,535
(1,012
)
(417
)
1,429
3,535
Net profit/(loss) US GAAP
2
5,214
(65
)
397
0
5,546
1
UBS AG Parent Bank prepares its financial statements in accordance
with Swiss Banking Law requirements. For the purpose of this
disclosure, the accounts have been adjusted to IFRS.
2
Refer to Note
39 for a description of the differences between IFRS and US GAAP.
174
Table of Contents
Supplemental Guarantor Consolidating Balance Sheet
CHF million
UBS AG
UBS
Consolidating
For the year ended 31 December 2002
Parent Bank
1
Americas Inc.
Subsidiaries
Entries
UBS Group
Assets
Cash and balances with central banks
3,609
7
655
0
4,271
Due from banks
65,992
14,205
82,384
(130,113
)
32,468
Cash collateral on securities borrowed
32,248
139,424
1,056
(33,676
)
139,052
Reverse repurchase agreements
197,168
150,717
40,725
(94,524
)
294,086
Trading portfolio assets
197,184
148,430
25,823
0
371,437
Positive replacement values
82,087
3,249
17,168
(20,413
)
82,091
Loans
252,625
25,904
14,796
(81,678
)
211,647
Financial investments
1,613
1,684
5,094
0
8,391
Accrued income and prepaid expenses
2,343
3,143
1,458
(491
)
6,453
Investments in associates
9,730
20
81
(9,126
)
705
Property and equipment
6,144
731
994
0
7,869
Goodwill and other intangible assets
128
12,946
622
0
13,696
Other assets
3,989
4,009
3,603
(2,649
)
8,952
Total assets
854,860
504,469
194,459
(372,670
)
1,181,118
Liabilities
Due to banks
85,634
89,815
37,842
(130,113
)
83,178
Cash collateral on securities lent
35,800
32,625
2,121
(33,676
)
36,870
Repurchase agreements
136,797
295,885
28,700
(94,524
)
366,858
Trading portfolio liabilities
56,105
43,784
6,564
0
106,453
Negative replacement values
89,135
3,524
9,036
(20,413
)
81,282
Due to customers
339,787
19,957
28,810
(81,678
)
306,876
Accrued expenses and deferred income
7,779
6,580
1,463
(491
)
15,331
Debt issued
58,704
7,111
63,596
0
129,411
Other liabilities
6,933
2,604
5,451
(2,649
)
12,339
Total liabilities
816,674
501,885
183,583
(363,544
)
1,138,598
Minority interests
0
55
3,474
0
3,529
Total shareholders' equity
38,186
2,529
7,402
(9,126
)
38,991
Total liabilities, minority interests
and shareholders' equity
854,860
504,469
194,459
(372,670
)
1,181,118
Total shareholders' equity — US GAAP
2
44,852
3,176
7,548
0
55,576
1
UBS AG Parent Bank prepares its financial statements in accordance
with Swiss Banking Law requirements. For the purpose of this
disclosure, the accounts have been adjusted to IFRS.
2
Refer to Note
39 for a description of the differences between IFRS and US GAAP.
175
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Supplemental Guarantor Consolidating Cash Flow Statement
CHF million
UBS AG
UBS
For the year ended 31 December 2002
Parent Bank
1
Americas Inc.
Subsidiaries
UBS Group
Net cash flow from/(used in) operating activities
8,422
(927
)
(9,859
)
(2,364
)
Cash flow from/(used in) investing activities
Investments in subsidiaries and associates
(23
)
(16
)
(21
)
(60
)
Disposal of subsidiaries and associates
984
0
0
984
Purchase of property and equipment
(1,019
)
(189
)
(555
)
(1,763
)
Disposal of property and equipment
22
28
17
67
Net (investment in)/divestment of financial investments
931
307
915
2,153
Net cash flow from/(used in) investing activities
895
130
356
1,381
Cash flow from/(used in) investing activities
Net money market paper issued/(repaid)
(30,635
)
471
3,958
(26,206
)
Net movements in treasury shares and
own equity derivative activity
(5,605
)
0
0
(5,605
)
Capital issuance
6
0
0
6
Capital repayment by par value reduction
(2,509
)
0
0
(2,509
)
Issuance of long-term debt
8,414
915
7,803
17,132
Repayment of long-term debt
(11,099
)
(2,780
)
(1,032
)
(14,911
)
Increase in minority interests
0
0
0
0
Dividend payments to/and purchase from minority interests
0
0
(377
)
(377
)
Net activity in investments in subsidiaries
2,775
(161
)
(2,614
)
0
Net cash flow from/(used in) financing activities
(38,653
)
(1,555
)
7,738
(32,470
)
Effects of exchange rate differences
(2,608
)
1,919
227
(462
)
Net increase/(decrease) in cash equivalents
(31,944
)
(433
)
(1,538
)
(33,915
)
Cash and cash equivalents, beginning of the year
89,856
15,552
10,851
116,259
Cash and cash equivalents, end of the year
57,912
15,119
9,313
82,344
Cash and cash equivalents comprise:
Cash and balances with central banks
3,609
7
655
4,271
Money market paper
2
33,509
9,615
3,059
46,183
Due from banks maturing in less than three months
20,794
5,497
5,599
31,890
Total
57,912
15,119
9,313
82,344
1
UBS AG Parent Bank prepares its Financial Statements in accordance
with Swiss Banking Law requirements. For the purpose of this
disclosure, the accounts have been adjusted to IFRS.
2
Money market
paper is included in the Balance sheet under Trading portfolio assets
and Financial investments. CHF 10,475 million was pledged at 31
December 2002.
Guarantee of other securities
In October 2000, UBS AG, acting
through a wholly owned
subsidiary, issued USD 1.5
billion (CHF 2.6 billion at
issuance) 8.622% UBS Trust
Preferred securities. In June
2001, UBS issued an additional
USD 800 million (CHF 1.3 billion
at issuance) of such securities
(USD 300 million at 7.25% and USD
500 million at 7.247%). UBS AG
has fully and unconditionally
guaranteed
these securities.
UBS's obligations under the trust
preferred securities guarantee
are subordinated to the prior
payment in full of the deposit
liabilities of UBS and all other
liabilities of UBS. At 31
December 2002, the amount of
senior liabilities of UBS to
which the holders of the
subordinated debt securities
would be subordinated is
approximately CHF 1,129 billion.
176
Table of Contents
UBS Group Financial Statements
Report of the Group Auditors
177
Table of Contents
178
Table of Contents
179
Table of Contents
UBS AG (Parent Bank)
Table of Contents
UBS AG (Parent Bank)
Table of Contents
Parent Bank Review
181
Financial Statements
182
Income Statement
182
Balance Sheet
183
Statement of Appropriation of Retained Earnings
183
Notes to the Financial Statements
184
Additional Income Statement Information
185
Net Trading Income
185
Extraordinary Income and Expenses
185
Additional Balance Sheet Information
186
Value Adjustments and Provisions
186
Statement of Shareholders' Equity
187
Share Capital
187
Off-Balance Sheet and Other Information
188
Assets Pledged or Assigned as Security for Own Obligations,
Assets Subject to Reservation of Title
188
Fiduciary Transactions
188
Due to UBS Pension Plans, Loans to
Corporate Bodies/Related Parties
188
Report of the Statutory Auditors
189
Report of the Capital Increase Auditors
190
180
Table of Contents
UBS AG (Parent Bank)
Parent Bank Review
Parent Bank Review
Income Statement
The Parent Bank UBS AG net profit
increased CHF 1,179 million from
CHF 4,655 million to CHF 5,834
million. Income from investments
in associates increased to CHF
3,417 million from CHF 1,532
million in 2001 mainly due to
higher distribution received.
Sundry expense from ordinary
activities was CHF 381 million,
up from CHF 139 million in 2001.
This was mainly due to higher net
writedown of financial
investments. Depreciation and
write-offs were CHF 3,025
million, up from CHF 1,650
million in 2001 mainly caused by
higher writedown on investments
in
associated companies.
Extraordinary income contains CHF
260 million (2001: CHF 87
million) from the sale of
subsidiaries.
Balance Sheet
Total assets increased by CHF 48
billion to CHF 1,064 billion by 31
December 2002. This movement is
mostly impacted by increased
trading-related assets where
mainly trading balances in
securities and positive
replacement values have increased.
Liquid assets have significantly
decreased due to reduction of
deposits with the Bank of Japan.
181
Table of Contents
UBS AG (Parent Bank)
Financial Statements
Financial Statements
Income Statement
CHF million
% change from
For the year ended
31.12.02
31.12.01
31.12.01
Interest and discount income
20,059
29,967
(33
)
Interest and dividend income from trading portfolio
7,074
8,089
(13
)
Interest and dividend income from financial investments
23
185
(88
)
Interest expense
(20,125
)
(31,444
)
(36
)
Net interest income
7,031
6,797
3
Credit-related fees and commissions
252
291
(13
)
Fee and commission income from securities and
investment business
7,249
8,232
(12
)
Other fee and commission income
515
524
(2
)
Fee and commission expense
(1,167
)
(1,176
)
(1
)
Net fee and commission income
6,849
7,871
(13
)
Net trading income
4,634
5,015
(8
)
Net income from disposal of financial investments
125
15
733
Income from investments in associated companies
3,417
1,532
123
Income from real estate holdings
50
54
(7
)
Sundry income from ordinary activities
1,908
1,183
61
Sundry ordinary expenses
(381
)
(139
)
174
Other income from ordinary activities
5,119
2,645
94
Operating income
23,633
22,328
6
Personnel expenses
8,916
9,443
(6
)
General and administrative expenses
4,379
4,869
(10
)
Operating expenses
13,295
14,312
(7
)
Operating profit
10,338
8,016
29
Depreciation and write-offs on investments in
associated companies and fixed assets
3,025
1,650
83
Allowances, provisions and losses
1,053
1,140
(8
)
Profit before extraordinary items and taxes
6,260
5,226
20
Extraordinary income
265
95
179
Extraordinary expenses
7
7
0
Tax expense/(benefit)
684
659
4
Profit for the period
5,834
4,655
25
182
Table of Contents
Balance Sheet
% change from
CHF million
31.12.02
31.12.01
31.12.01
Assets
Liquid assets
3,609
20,215
(82
)
Money market paper
33,671
54,384
(38
)
Due from banks
265,106
252,226
5
Due from customers
165,938
173,690
(4
)
Mortgage loans
117,677
117,706
0
Trading balances in securities and precious metals
199,546
185,306
8
Financial investments
8,377
17,253
(51
)
Investments in associated companies
10,275
11,331
(9
)
Tangible fixed assets
4,633
5,624
(18
)
Accrued income and prepaid expenses
2,342
3,231
(28
)
Positive replacement values
249,064
171,798
45
Other assets
3,734
3,725
0
Total assets
1,063,972
1,016,489
5
Total subordinated assets
1
4,717
4,219
12
Total amounts receivable from Group companies
218,915
213,954
2
Liabilities
Money market paper issued
22,131
52,604
(58
)
Due to banks
303,023
303,036
0
Due to customers on savings and deposit accounts
76,687
67,664
13
Other amounts due to customers
274,431
288,684
(5
)
Medium-term note issues
4,220
5,213
(19
)
Bond issues and loans from central mortgage institutions
67,759
65,471
3
Accruals and deferred income
7,846
8,707
(10
)
Negative replacement values
256,278
172,469
49
Other liabilities
3,281
5,795
(43
)
Value adjustments and provisions
4,177
3,959
6
Share capital
1,005
3,589
(72
)
General statutory reserve
12,392
14,507
(15
)
Reserve for own shares
6,623
3,253
104
Other reserves
18,285
16,883
8
Profit brought forward
Profit for the period
5,834
4,655
25
Total liabilities
1,063,972
1,016,489
5
Total subordinated liabilities
13,315
16,444
(19
)
Total amounts payable to Group companies
142,139
126,182
13
1
The subordinated assets for 2001 have been restated to include the
subordinated traded assets of CHF 2,325 million.
Statement of Appropriation of Retained Earnings
CHF million
The Board of Directors proposes to the Annual General Meeting the following appropriation:
Profit for the financial year 2002 as per the Parent Bank's Income Statement
5,834
Appropriation to general statutory reserve
232
Appropriation to other reserves
3,237
Proposed dividends
2,365
Total appropriation
5,834
Dividend Distribution
The Board of Directors will recommend to the Annual General Meeting on
16 April 2003 that UBS should pay a dividend of CHF 2.00 per share of
CHF 0.80 par value. If the dividend is approved, the payment of CHF
2.00 per share, after deduction of 35% Swiss withholding tax would be
made on 23 April 2003 for shareholders who hold UBS shares on 16 April
2003.
183
Table of Contents
UBS AG (Parent Bank)
Notes to the Financial Statements
Notes to the Financial Statements
Accounting and Valuation Principles
The Parent Bank's accounting and
valuation policies are in
compliance with Swiss banking
law. The accounting and valuation
policies are principally the same
as for the Group Financial
Statements outlined in Note 1:
Summary of Significant Accounting
Policies. Major differences
between the Swiss banking law
requirements and International
Financial Reporting Standards are
described in Note 38 to the Group
Financial Statements.
In addition, the following
principles are applied for the
Parent Bank:
Treasury shares
Treasury shares is the term used
to describe when an enterprise
holds its own equity instruments.
Under IFRS, treasury shares are
presented in the balance sheet as
a deduction from equity. No gain
or loss is recognized in the
income statement on the sale,
issuance, acquisition, or
cancellation of those shares.
Consideration received or paid is
presented in the financial
statement as a change in equity.
Under Swiss law, treasury
shares are classified in the
balance sheet as trading balances
or as financial assets, short
positions are included in Due to
banks. Realized gains and losses
on the sale, issuance or
acquisition of treasury shares,
and unrealized gains or losses
from remeasurement of treasury
shares in the trading portfolio
to market
value are included in
the income statement. Treasury
shares included in Financial
investments are carried at the
lower of cost or market value.
Investments in associated companies
Investments in associated
companies are equity interests
which are held for the purpose of
the Parent Bank's business
activities or for strategic
reasons. They are carried at cost
less valuation reserves, if
needed.
Property and equipment
Bank buildings and other real
estate are carried at cost less
accumulated depreciation.
Depreciation of computer and
telecommunication equipment,
other office equipment, fixtures
and fittings is recognized on a
straight-line basis over the
estimated useful lives of the
related assets. The useful lives
of Property and equipment are
summarized in Note 1, Significant
Accounting Policies, of the Group
Financial Statements.
Extraordinary income and expenses
Certain items of income and
expense appear as extraordinary
within the Parent Bank Financial
Statements, whereas in the Group
Financial Statements they are
considered to be operating income
or expenses and appear within the
appropriate income or expense
category. These items are
separately identified below.
184
Table of Contents
Additional Income Statement Information
Net Trading Income
CHF million
% change from
For the year ended
31.12.02
31.12.01
31.12.01
Equities
2,208
2,435
(9
)
Fixed income
1
565
829
(32
)
Foreign exchange and other
1,861
1,751
6
Total
4,634
5,015
(8
)
1
Includes commodities trading income.
Extraordinary Income and Expenses
Extraordinary income contains CHF 260 million
(2001: CHF 87 million) from the sale of subsidiaries and CHF 5 million (2001: CHF
8 million)
from other disposals. Extraordinary expenses consist of immaterial items.
185
Table of Contents
UBS AG (Parent Bank)
Notes to the Financial Statements
Additional Balance Sheet Information
Value Adjustments and Provisions
Provisions
Recoveries,
applied in
doubtful
accordance
interest,
New
with their
currency
provisions
Balance at
specified
translation
charged
Balance at
CHF million
31.12.01
purpose
differences
to income
31.12.02
Default risks (credit and country risk)
8,032
(2,451
)
(310
)
135
5,406
Trading portfolio risks
2,133
(285
)
511
2,359
Litigation risks
528
(235
)
(39
)
191
445
Operational risks
1,264
(630
)
(90
)
893
1,437
Capital and income taxes
901
(394
)
6
766
1,279
Total allowance for general credit
losses and other provisions
12,858
(3,710
)
(718
)
2,496
10,926
Allowances deducted from assets
8,899
6,749
Total provisions as per balance sheet
3,959
4,177
186
Table of Contents
Statement of Shareholders' Equity
Total share-
General
General
holders'
statutory
statutory
equity
reserves:
reserves:
Reserves
(before
Share
Share
Retained
for own
Other
distribution
CHF million
capital
premium
earnings
shares
reserves
of profit)
As at 31.12.00 and 1.1.01
4,444
17,370
677
4,007
16,274
42,772
Par value reduction
(683
)
20
(663
)
Cancellation of own shares
(184
)
(3,815
)
(3,999
)
Capital increase
12
110
122
Increase in reserves
165
(165
)
0
Profit for the period
4,655
4,655
Changes in reserves for own shares
(754
)
754
0
As at 31.12.01 and 1.1.02
3,589
13,665
842
3,253
21,538
42,887
Par value reduction
(2,509
)
117
(2,392
)
Cancellation of own shares
(81
)
(2,209
)
(2,290
)
Capital increase
6
94
100
Increase in reserves
0
Profit for the period
5,834
5,834
Changes in reserves for own shares
3,370
(3,370
)
0
As at 31.12.02
1,005
11,550
842
6,623
24,119
44,139
Share Capital
Par value
Ranking for dividends
As at 31 December 2002
No. of shares
Capital in CHF
No. of shares
Capital in CHF
Issued and paid up
1,256,297,678
1,005,038,142
1,182,262,598
945,810,078
Conditional share capital
9,590,918
7,672,734
0
0
187
Table of Contents
UBS AG (Parent Bank)
Notes to the Financial Statements
Off-Balance Sheet and Other Information
Assets Pledged or Assigned as Security for Own Obligations,
Assets Subject to Reservation of Title
31.12.02
31.12.01
Change in %
Book
Effective
Book
Effective
Book
Effective
CHF million
value
liability
value
liability
value
liability
Money market paper
10,475
29,893
(65
)
Mortgage loans
808
506
1,239
813
(35
)
(38
)
Securities
2,495
5,224
(52
)
Total
13,778
506
36,356
813
(62
)
(38
)
Assets are pledged as collateral for securities borrowing and repo
transactions, for collateralized credit lines with central banks,
loans from mortgage institutions and security deposits relating to
stock exchange membership.
Fiduciary Transactions
% change from
CHF million
31.12.02
31.12.01
31.12.01
Deposits
with other banks
28,865
38,978
(26
)
with Group banks
351
532
(34
)
Loans and other financial transactions
713
1,042
(32
)
Total
29,929
40,552
(26
)
Due to UBS Pension Plans, Loans to Corporate Bodies/Related Parties
% change from
CHF million
31.12.02
31.12.01
31.12.01
Due to UBS pension plans and
UBS debt instruments held by pension plans
814
476
71
Securities borrowed from pension plans
2,645
824
221
Loans to directors, senior executives and auditors
1
28
32
(13
)
1
Loans to directors, senior executives and auditors are loans to
members of the Board of Directors, the Group Executive Board and the
Group's official auditors under Swiss company law. This also includes
loans to companies which are controlled by these natural or legal
persons. There are no loans to the auditors.
188
Table of Contents
UBS AG (Parent Bank)
Report of the Statutory Auditors
189
Table of Contents
UBS AG (Parent Bank)
Report of the Capital Increase Auditors
190
Table of Contents
191
Table of Contents
192
Table of Contents
193
Table of Contents
Additional Disclosure Required
under SEC Regulations
Table of Contents
Additional Disclosure Required under SEC Regulations
Table of Contents
A
Introduction
195
B
Selected Financial Data
195
Balance Sheet Data
197
US GAAP Income Statement Data
198
US GAAP Balance Sheet Data
199
Ratio of Earnings to Fixed Charges
199
C
Information on the Company
199
Property, plant and equipment
199
D
Information Required by Industry Guide 3
200
Selected statistical information
200
Average Balances and Interest Rates
200
Analysis of Changes in Interest Income and Expense
202
Deposits
204
Short-term Borrowings
205
Loans
207
Loan Maturities
208
Impaired, Non-performing and Restructured Loans
209
Cross-Boarder Outstandings
210
Summary of Movements in Allowances and
Provisions for Credit Losses
212
Allocation of the Allowances and
Provisions for Credit Losses
214
Loans by industry sector
215
Loss History Statistics
216
194
Table of Contents
A — Introduction
The following pages contain
additional disclosure about UBS
Group which is required under SEC
regulations.
Unless otherwise stated,
UBS's Financial Statements have
been prepared in accordance with
International Financial Reporting
Stan-
dards (IFRS) and are
denominated in Swiss francs, or
CHF, the reporting currency of
the Group. Certain financial
information has also been
presented in accordance with
United States Generally Accepted
Accounting Principles (US GAAP).
B — Selected Financial Data
The tables below set forth, for the periods and dates indicated,
information concerning the noon buying rate for the Swiss franc,
expressed in United States dollars, or USD, per one Swiss franc. The
noon buying rate is the rate in New York City for cable transfers in
foreign currencies as certified for customs purposes by the Federal
Reserve Bank of New York.
On 28 February 2003 the noon buying rate was 0.7376 USD per 1 CHF.
Average rate
1
Year ended 31 December
High
Low
(USD per 1 CHF)
At period end
1998
0.7731
0.6485
0.6894
0.7281
1999
0.7361
0.6244
0.6605
0.6277
2000
0.6441
0.5479
0.5912
0.6172
2001
0.6331
0.5495
0.5910
0.5857
2002
0.7229
0.5817
0.6453
0.7229
Month
High
Low
September 2002
0.6789
0.6578
October 2002
0.6760
0.6605
November 2002
0.6928
0.6714
December 2002
0.7229
0.6736
January 2003
0.7401
0.7135
February 2003
0.7411
0.7275
1
The average of the noon buying rates on the last business day of each
full month during the relevant period.
195
Table of Contents
Additional Disclosure Required
under SEC Regulations
B — Selected Financial Data (continued)
CHF million, except where indicated
For the year ended
31.12.02
31.12.01
31.12.00
31.12.99
31.12.98
Income statement data
Interest income
39,963
52,277
51,745
35,604
37,442
Interest expense
29,417
44,236
43,615
29,695
32,424
Net interest income
10,546
8,041
8,130
5,909
5,018
Credit loss (expense)/recovery
(206
)
(498
)
130
(956
)
(951
)
Net interest income after
credit loss (expense)/recovery
10,340
7,543
8,260
4,953
4,067
Net fee and commission income
18,221
20,211
16,703
12,607
12,626
Net trading income
5,572
8,802
9,953
7,719
3,313
Other income
(12
)
558
1,486
3,146
2,241
Operating income
34,121
37,114
36,402
28,425
22,247
Operating expenses
29,577
30,396
26,203
20,532
18,376
Operating profit before tax
4,544
6,718
10,199
7,893
3,871
Tax expense/(benefit)
678
1,401
2,320
1,686
904
Minority interests
(331
)
(344
)
(87
)
(54
)
5
Net profit
3,535
4,973
7,792
6,153
2,972
Cost/income ratio (%)
1
86.2
80.8
72.2
69.9
79.2
Cost/income ratio before
goodwill (%)
1, 2
79.0
77.3
70.4
68.7
77.7
Per share data (CHF)
Basic earnings per share
3
2.92
3.93
6.44
5.07
2.44
Basic earnings per share
before goodwill
2, 3
4.73
4.97
7.00
5.35
2.72
Diluted earnings per share
3
2.87
3.78
6.35
5.02
2.40
Diluted earnings per share
before goodwill
2, 3
4.65
4.81
6.89
5.30
2.68
Cash dividends declared per share
(CHF)
4
2.00
1.50
1.83
1.67
Cash dividends declared per share
(USD)
4
0.86
1.10
1.10
Dividend payout ratio (%)
4
68.49
23.28
36.18
68.21
Rates of return (%)
Return on shareholders' equity
5
8.9
11.7
21.5
22.4
10.7
Return on shareholders' equity
before goodwill
2, 5
14.4
14.8
23.4
23.6
12.0
Return on average equity
7.6
10.4
22.0
18.6
9.0
Return on average assets
0.24
0.36
0.70
0.65
0.28
1
Operating expenses/operating income before credit loss expense.
2
The amortization of goodwill and other intangible assets is excluded
from the calculation.
3
For EPS calculation, see Note 8 to the
Financial Statements.
4
Dividends are normally declared and paid in the
year subsequent to the reporting period. In 2000, as part of the
arrangements of the acquisition of PaineWebber, a dividend of CHF 1.50
was paid on 5 October 2000 in respect of the nine months ended 30
September 2000. Prior to the merger between Union Bank of Switzerland
and Swiss Bank Corporation, each paid dividends in accordance with its
own dividend policies. In 2001 a further amount of CHF 1.60 per share
was distributed to shareholders in the form of a par value reduction,
in respect of 2000. No dividend was paid out for the year 2001. A par
value reduction of CHF 2.00 per share was paid on 10 July 2002. A
dividend of CHF 2.00 per share will be paid on 23 April 2003, subject
to approval by shareholders at the Annual General Meeting. The USD
amount per share will be determined on 17 April 2003.
5
Net
profit/average Shareholders' equity excluding dividends.
196
Table of Contents
B — Selected Financial Data (continued)
CHF million, except where indicated
As at
31.12.02
31.12.01
31.12.00
31.12.99
31.12.98
Balance sheet data
Total assets
1,181,118
1,253,297
1,087,552
896,556
861,282
Shareholders' equity
38,991
43,530
44,833
30,608
28,794
Average equity to average assets (%)
3.14
3.49
3.17
3.52
3.06
Market capitalization
79,448
105,475
112,666
92,642
90,720
Shares
Registered ordinary shares
1,256,297,678
1,281,717,499
1,333,139,187
1,292,679,486
1,289,857,836
Own shares to be delivered
0
0
28,447,788
0
0
Treasury shares
97,181,094
41,254,951
55,265,349
110,621,142
73,370,094
BIS capital ratios
Tier 1 (%)
11.3
11.6
11.7
10.6
9.3
Total BIS (%)
13.8
14.8
15.7
14.5
13.2
Risk-weighted assets
238,790
253,735
273,290
273,107
303,719
Invested assets (CHF billion)
2,037
2,448
2,445
1,744
1,573
Headcount (full-time equivalents)
1
69,061
69,985
71,076
49,058
48,011
Long-term ratings
2
Fitch,
London
AAA
AAA
AAA
AAA
AAA
Moody's, New York
AA2
AA2
Aa1
Aa1
Aa1
Standard & Poor's, New York
AA+
AA+
AA+
AA+
AA+
1
The Group headcount does not include Klinik Hirslanden headcount. Klinik
Hirslanden was sold on 5
December 2002.
2
See the UBS Handbook 2002/2003, page 10 to 11 for information about the nature of these
ratings.
Balance Sheet Data
CHF million
As at
31.12.02
31.12.01
31.12.00
31.12.99
31.12.98
Assets
Total assets
1,181,118
1,253,297
1,087,552
896,556
861,282
Due from banks
32,468
27,526
29,147
29,907
68,495
Cash collateral on securities borrowed
139,052
162,938
177,857
113,162
91,695
Reverse repurchase agreements
294,086
269,256
193,801
132,391
141,285
Trading portfolio assets
371,436
397,886
315,588
211,932
159,179
Positive replacement values
82,092
73,447
57,875
62,957
90,511
Loans
211,647
226,545
244,842
234,858
247,926
Liabilities
Due to banks
83,178
106,531
82,240
76,365
85,716
Cash collateral on securities lent
36,870
30,317
23,418
12,832
19,171
Repurchase agreements
366,858
368,620
295,513
196,914
137,617
Trading portfolio liabilities
106,453
105,798
82,632
54,638
47,033
Negative replacement values
81,282
71,443
75,923
95,786
125,847
Due to customers
306,876
333,781
310,679
279,960
274,850
Debt issued
129,411
156,218
129,635
120,987
102,310
Shareholders' equity
38,991
43,530
44,833
30,608
28,794
197
Table of Contents
Additional Disclosure Required
under SEC Regulations
B — Selected Financial Data (continued)
US GAAP Income Statement Data
CHF million
For the year ended
31.12.02
31.12.01
31.12.00
31.12.99
31.12.98
Operating income
Interest income
39,679
51,907
51,565
35,404
29,136
Interest expense
(29,334
)
(44,096
)
(43,584
)
(29,660
)
(25,773
)
Net interest income
10,345
7,811
7,981
5,744
3,363
Credit loss (expense)/recovery
(206
)
(498
)
130
(956
)
(787
)
Net interest income after credit loss (expense)/recovery
10,139
7,313
8,111
4,788
2,576
Net fee and commission income
18,221
20,211
16,703
12,607
8,925
Net trading income
6,031
8,959
8,597
7,174
455
Other income
96
534
1,514
3,182
725
Total operating income
34,487
37,017
34,925
27,751
12,681
Operating expenses
Personnel expenses
18,610
19,713
17,262
12,483
7,938
General and administrative expenses
7,072
7,631
6,813
6,664
6,259
Depreciation of property and equipment
1,613
1,815
1,800
1,619
1,439
Amortization of goodwill
0
2,484
2,018
1,793
936
Amortization of other intangible assets
1,443
298
134
42
28
Restructuring costs
0
112
191
750
1,089
Total operating expenses
28,738
32,053
28,218
23,351
17,689
Operating profit/(loss)
before tax and minority interests
5,749
4,964
6,707
4,400
(5,008
)
Tax expense/(benefit)
511
1,386
2,183
1,509
(1,339
)
Net profit/(loss) before minority interests
5,238
3,578
4,524
2,891
(3,669
)
Minority interests
(331
)
(344
)
(87
)
(54
)
4
Change in accounting principle: cumulative effect
of adoption of "AICPA Audit and Accounting Guide,
Audits of Investment Companies" on certain
financial investments, net of tax
639
0
0
0
0
Net profit/(loss)
5,546
3,234
4,437
2,837
(3,665
)
Note: Certain prior year amounts have been reclassified to conform to the
current year's presentation.
198
Table of Contents
B — Selected Financial Data (continued)
US GAAP Balance Sheet Data
CHF million
As at
31.12.02
31.12.01
31.12.00
31.12.99
31.12.98
Assets
Total assets
1,296,938
1,361,920
1,124,554
893,525
899,589
Due from banks
32,481
27,550
29,182
29,954
68,554
Cash collateral on securities borrowed
139,073
162,566
177,857
113,162
91,695
Reverse repurchase agreements
294,086
269,256
193,801
132,391
141,285
Trading portfolio assets
441,845
455,406
318,788
228,230
178,130
Positive replacement values
1
83,757
73,474
57,775
62,294
90,520
Loans
211,755
226,747
245,214
235,401
248,657
Goodwill
28,127
29,255
31,016
21,163
21,455
Other intangible assets
1,222
4,510
4,710
265
252
Other assets
21,314
36,972
27,955
18,717
29,398
Liabilities
Due to banks
83,178
106,531
82,240
76,363
85,716
Cash collateral on securities lent
36,870
30,317
23,418
12,832
19,127
Repurchase agreements
366,858
368,620
295,513
173,840
136,824
Trading portfolio liabilities
117,721
119,528
87,832
52,658
47,772
Obligation to return securities received as collateral
16,308
10,931
0
0
0
Negative replacement values
1
132,354
116,666
75,423
95,004
125,857
Due to customers
306,872
333,766
310,686
279,971
274,861
Accrued expenses and deferred income
15,330
17,289
21,038
12,040
11,232
Debt issued
129,527
156,462
129,750
120,704
101,973
Shareholders' equity
55,576
59,282
62,960
51,833
54,761
1
Positive and negative replacement values represent the fair value of
derivative instruments.
Note: 2001 amounts have been adjusted to reflect the treatment of
reverse repurchase, repurchase, securities borrowing and securities
lending transactions on a consistent basis. See Note 39.4.4 for
details.
Ratio of Earnings to Fixed Charges
The following table sets forth UBS AG's ratio of earnings to fixed
charges, for the periods indicated. Ratios of earnings to combined
fixed charges and preferred stock dividends requirements are not
presented as there were no preferred share dividends in any of the
periods indicated.
For the year ended
31.12.02
31.12.01
31.12.00
31.12.99
31.12.98
IFRS
1
1.14
1.14
1.23
1.25
1.11
US GAAP
1, 2
1.18
1.10
1.15
1.14
0.80
1
The ratio is provided using both IFRS and US GAAP values, since the ratio
is materially different under the two accounting standards.
2
The deficiency in the coverage of fixed charges by earnings before fixed
charges at 31 December 1998 was CHF 5,319 million.
C — Information on the Company
Property, Plant and Equipment
At 31 December 2002, UBS operated
about 1,800 offices and branches
worldwide, of which about 47%
were in Switzerland, 10% in the
rest of Europe, 40% in the
Americas and 2% in Asia.
28% of the offices and
branches in Switzer-land were
owned directly by UBS with the
remainder, along with most of
UBS's offices outside
Switzerland, being held under
commercial leases.
These premises are subject
to continuous maintenance and
upgrading and are considered
suitable and adequate for our
current and anticipated
operations.
199
Table of Contents
Additional Disclosure Required
under SEC Regulations
D — Information Required by Industry Guide 3
Selected Statistical Information
The tables below set forth
selected statistical information
regarding the Group's banking
operations extracted from the
Financial Statements. Unless
otherwise indicated, average
balances for the year ended 31
December 2002, 31 December 2001
and 31 December 2000 are
calculated
from monthly data.
Certain prior year balances and
figures have been reclassified to
conform to current year
presentation. The distinction
between domestic and foreign is
generally based on the booking
location. For loans, this method
is not significantly different
from an analysis based on the
domicile of the borrower.
D — Information Required by Industry Guide 3 (continued)
Average Balances and Interest Rates
The following table sets forth average interest-earning assets and average
interest-bearing liabilities, along with the average rates, for the years ended
31 December 2002, 2001 and 2000.
31.12.02
31.12.01
31.12.00
Average
Average
Average
Average
Average
Average
CHF million, except where indicated
balance
Interest
rate (%)
balance
Interest
rate (%)
balance
Interest
rate (%)
Assets
Due from banks
Domestic
12,534
388
3.1
11,753
1,055
9.0
13,366
1,273
9.5
Foreign
17,603
634
3.6
15,528
1,823
11.7
16,994
2,280
13.4
Cash collateral on securities borrowed and
reverse repurchase agreements
Domestic
5,471
235
4.3
7,868
563
7.2
8,383
558
6.7
Foreign
573,576
10,949
1.9
474,295
17,774
3.7
348,395
18,530
5.3
Trading portfolio assets
Domestic
7,812
269
3.4
12,940
307
2.4
20,800
244
1.2
Foreign — taxable
373,810
16,714
4.5
332,126
16,183
4.9
255,399
11,560
4.5
Foreign — non-taxable
1,720
31
1.8
1,450
42
2.9
1,206
38
3.2
Foreign — total
375,530
16,745
4.5
333,576
16,225
4.9
256,605
11,598
4.5
Loans
Domestic
170,641
6,987
4.1
177,404
8,017
4.5
181,646
10,985
6.0
Foreign
55,199
1,789
3.2
72,176
3,090
4.3
67,528
3,813
5.6
Financial investments
Domestic
3,794
60
1.6
4,598
90
2.0
3,440
105
3.1
Foreign — taxable
8,781
105
1.2
39,252
363
0.9
22,529
297
1.3
Foreign — non-taxable
0
0
0.0
0
0
0.0
0
0
0.0
Foreign — total
8,781
105
1.2
39,252
363
0.9
22,529
297
1.3
Total interest-earning assets
1,230,941
38,161
3.1
1,149,390
49,307
4.3
939,686
49,683
5.3
Net interest on swaps
1,802
2,970
2,062
Interest income and
average interest-earning assets
1,230,941
39,963
3.2
1,149,390
52,277
4.5
939,686
51,745
5.5
Non-interest-earning assets
Positive replacement values
190,063
153,687
135,762
Fixed assets
12,532
13,376
9,660
Other
53,293
46,954
32,925
Total average assets
1,486,829
1,363,407
1,118,033
200
Table of Contents
D — Information Required by Industry Guide 3 (continued)
Average Balances and Interest Rates (continued)
31.12.02
31.12.01
31.12.00
Average
Average
Average
Average
Average
Average
CHF million, except where indicated
balance
Interest
rate (%)
balance
Interest
rate (%)
balance
Interest
rate (%)
Liabilities and Equity
Due to banks
Domestic
28,625
452
1.6
36,260
1,424
3.9
31,133
2,397
7.7
Foreign
60,621
1,362
2.2
61,642
3,506
5.7
57,258
3,758
6.6
Cash collateral on securities lent and
repurchase agreements
Domestic
18,382
355
1.9
13,147
600
4.6
12,700
478
3.8
Foreign
523,375
9,726
1.9
415,121
13,917
3.4
284,220
14,437
5.1
Trading portfolio liabilities
Domestic
3,239
146
4.5
2,526
1
0.0
1,078
4
0.4
Foreign
109,013
8,220
7.5
94,597
7,814
8.3
66,597
5,305
8.0
Due to customers
Domestic — demand deposits
42,484
435
1.0
41,664
715
1.7
44,403
595
1.3
Domestic — savings deposits
71,465
625
0.9
66,089
716
1.1
72,207
781
1.1
Domestic — time deposits
27,646
447
1.6
31,261
989
3.2
27,199
826
3.0
Domestic — total
141,595
1,507
1.1
139,014
2,420
1.7
143,809
2,202
1.5
Foreign
1
172,650
3,062
1.8
187,783
6,738
3.6
143,432
7,303
5.1
Short-term debt
Domestic
69
0
0.0
69
0
0.0
79
0
0.0
Foreign
91,616
1,915
2.1
96,184
4,227
4.4
78,075
4,338
5.6
Long-term debt
Domestic
10,082
433
4.3
12,754
587
4.6
15,490
778
5.0
Foreign
46,930
2,239
4.8
43,798
3,002
6.9
38,020
2,615
6.9
Total interest-bearing liabilities
1,206,197
29,417
2.4
1,102,895
44,236
4.0
871,891
43,615
5.0
Non-interest-bearing liabilities
Negative replacement values
192,659
165,220
157,668
Other
41,297
47,676
53,049
Total liabilities
1,440,153
1,315,791
1,082,608
Shareholders' equity
46,676
47,616
35,425
Total average liabilities and shareholders' equity
1,486,829
1,363,407
1,118,033
Net interest income
10,546
8,041
8,130
Net yield on interest-earning assets
0.9
0.7
0.9
l
Due to customers in foreign offices consists mainly of time deposits.
The percentage of total average
interest-earning assets
attributable to foreign
activities was 84% for 2002 (81%
for 2001 and 76% for 2000). The
percentage of total average
interest-bearing liabilities
attributable to foreign
activities was 83% for 2002 (82%
for 2001 and 77% for 2000).
All assets and liabilities
are translated into CHF at
uniform month-end rates. Interest
income and expense are translated
at monthly average rates.
Average rates earned and
paid on assets and liabilities
can change from period to period
based on the changes in interest
rates in general, but are also
affected by changes in the
currency mix included in the
assets and liabilities. This is
especially true for foreign
assets and liabilities.
Tax-exempt income is not recorded
on a tax-equivalent basis. For
all three years presented,
tax-exempt income is considered
to be insignificant and therefore
the impact from such income is
negligible.
201
Table of Contents
Additional Disclosure Required
under SEC Regulations
D — Information Required by Industry Guide 3 (continued)
Analysis of Changes in Interest Income and Expense
The following tables allocate, by categories of interest-earning assets
and interest-bearing liabilities, the changes in interest income and
expense due to changes in volume and interest rates for the year ended
31 December 2002 compared to the year ended 31 December 2001, and for
the year ended 31 December 2001 compared to the year ended 31 December
2000. Volume and rate variances have been calculated on movements in
average balances and changes in interest rates. Changes due to a
combination of volume and rates have been allocated proportionally.
Refer to page 209 of Industry Guide 3 for a discussion of the treatment
of impaired, non-performing and restructured loans.
2002 compared to 2001
2001 compared to 2000
Increase/(decrease)
Increase/(decrease)
due to changes in
due to changes in
Average
Average
Net
Average
Average
Net
CHF million
volume
rate
change
volume
rate
change
Interest income from interest-earning assets
Due from banks
Domestic
70
(737
)
(667
)
(153
)
(65
)
(218
)
Foreign
243
(1,432
)
(1,189
)
(196
)
(261
)
(457
)
Cash collateral on securities borrowed and
reverse repurchase agreements
Domestic
(173
)
(155
)
(328
)
(35
)
40
5
Foreign
3,673
(10,498
)
(6,825
)
6,673
(7,429
)
(756
)
Trading portfolio assets
Domestic
(123
)
85
(38
)
(94
)
157
63
Foreign — taxable
2,043
(1,512
)
531
3,456
1,167
4,623
Foreign — non-taxable
8
(19
)
(11
)
8
(4
)
4
Foreign — total
2,051
(1,531
)
520
3,464
1,163
4,627
Loans
Domestic
(304
)
(726
)
(1,030
)
(255
)
(2,713
)
(2,968
)
Foreign
(730
)
(571
)
(1,301
)
260
(983
)
(723
)
Financial investments
Domestic
(16
)
(14
)
(30
)
36
(51
)
(15
)
Foreign — taxable
(274
)
16
(258
)
217
(151
)
66
Foreign — non-taxable
0
0
0
0
0
0
Foreign — total
(274
)
16
(258
)
217
(151
)
66
Interest income
Domestic
(546
)
(1,547
)
(2,093
)
(501
)
(2,632
)
(3,133
)
Foreign
4,963
(14,016
)
(9,053
)
10,418
(7,661
)
2,757
Total interest income from
interest-earning assets
4,417
(15,563
)
(11,146
)
9,917
(10,293
)
(376
)
Net interest on swaps
(1,168
)
908
Total interest income
(12,314
)
532
202
Table of Contents
D — Information Required by Industry Guide 3 (continued)
Analysis of Changes in Interest Income and Expense (continued)
2002 compared to 2001
2001 compared to 2000
Increase/(decrease)
Increase/(decrease)
due to changes in
due to changes in
Average
Average
Net
Average
Average
Net
CHF million
volume
rate
change
volume
rate
change
Interest expense on interest-bearing liabilities
Due to banks
Domestic
(298
)
(674
)
(972
)
395
(1,368
)
(973
)
Foreign
(58
)
(2,086
)
(2,144
)
289
(541
)
(252
)
Cash collateral on securities lent and
repurchase agreements
Domestic
241
(486
)
(245
)
17
105
122
Foreign
3,681
(7,872
)
(4,191
)
6,676
(7,196
)
(520
)
Trading portfolio liabilities
Domestic
0
145
145
6
(9
)
(3
)
Foreign
1,197
(791
)
406
2,240
269
2,509
Due to customers
Domestic — demand deposits
14
(294
)
(280
)
(36
)
156
120
Domestic — savings deposits
59
(150
)
(91
)
(67
)
2
(65
)
Domestic — time deposits
(116
)
(426
)
(542
)
31
132
163
Domestic — total
(43
)
(870
)
(913
)
(72
)
290
218
Foreign
(545
)
(3,131
)
(3,676
)
2,262
(2,827
)
(565
)
Short-term debt
Domestic
0
0
0
0
0
0
Foreign
(201
)
(2,111
)
(2,312
)
1,014
(1,125
)
(111
)
Long-term debt
Domestic
(123
)
(31
)
(154
)
(137
)
(54
)
(191
)
Foreign
216
(979
)
(763
)
419
(32
)
387
Interest expense
Domestic
(223
)
(1,916
)
(2,139
)
209
(1,036
)
(827
)
Foreign
4,290
(16,970
)
(12,680
)
12,900
(11,452
)
1,448
Total interest expense
4,067
(18,886
)
(14,819
)
13,109
(12,488
)
621
203
Table of Contents
Additional Disclosure Required
under SEC Regulations
D — Information Required by Industry Guide 3 (continued)
Deposits
The following table analyzes average deposits and the average rates on
each deposit category listed below for the years ended 31 December
2002, 2001 and 2000. The geographic allocation is based on the location
of the office or branch where the deposit is made. Deposits by foreign
depositors in domestic offices were CHF 43,914 million, CHF 54,095
million and CHF 45,815 million at 31 December 2002,
31 December 2001
and 31 December 2000, respectively.
31.12.02
31.12.01
31.12.00
Average
Average
Average
Average
Average
Average
CHF million, except where indicated
deposit
rate (%)
deposit
rate (%)
deposit
rate (%)
Banks
Domestic offices
Demand deposits
3,524
0.7
3,741
1.2
4,649
1.9
Time deposits
9,010
1.7
8,012
4.2
8,717
8.7
Total domestic offices
12,534
1.4
11,753
3.3
13,366
6.3
Foreign offices
Interest-bearing deposits
1
17,603
2.2
15,528
5.7
16,994
6.6
Total due to banks
30,137
1.9
27,281
4.6
30,360
6.5
Customer accounts
Domestic offices
Demand deposits
42,484
1.0
41,664
1.7
44,403
1.3
Savings deposits
71,465
0.9
66,089
1.1
72,207
1.1
Time deposits
27,646
1.6
31,261
3.2
27,199
3.0
Total domestic offices
141,595
1.1
139,014
1.7
143,809
1.5
Foreign offices
Interest bearing deposits
1
172,650
1.8
187,783
3.6
143,432
5.1
Total due to customers
314,245
1.5
326,797
2.8
287,241
3.3
1
Mainly time deposits.
At 31 December 2002, the maturity of time deposits exceeding CHF
150,000, or an equivalent amount in other currencies, was as follows:
CHF million
Domestic
Foreign
Within 3 months
27,456
110,053
3 to 12 months
8,202
26,821
1 to 5 years
768
2,766
Over 5 years
44
859
Total time deposits
36,470
140,499
204
Table of Contents
D — Information Required by Industry Guide 3 (continued)
Short-term Borrowings
The following table presents our period-end, average and maximum month-end
outstanding amounts for short-term borrowings, along with the average rates and
period-end rates at and for the years ended 31 December 2002, 2001 and 2000.
Money market paper issued
Due to banks
Repurchase agreements
1
CHF million, except where indicated
31.12.02
31.12.01
31.12.00
31.12.02
31.12.01
31.12.00
31.12.02
31.12.01
31.12.00
Period-end balance
72,800
99,006
74,780
48,780
77,312
51,245
464,020
462,316
330,857
Average balance
91,685
96,253
78,154
59,109
70,621
58,031
509,572
400,648
278,601
Maximum month-end balance
108,463
117,022
89,821
77,312
85,808
73,355
593,786
502,578
342,427
Average interest rate during the period (%)
2.1
4.4
5.6
3.1
7.0
7.0
1.8
3.2
4.8
Average interest rate at period-end (%)
1.5
2.6
6.0
2.0
2.2
4.1
1.7
2.9
4.8
1
For the purpose of this disclosure, balances are presented on a gross basis.
205
Table of Contents
Additional Disclosure Required
under SEC Regulations
D — Information Required by Industry Guide 3 (continued)
Contractual Maturities of the Investments in Debt Instruments
Due to the adoption of IAS 39, Financial investments, available for sale, are
reported at fair value from 1 January 2001. 31 December 2000 amounts have not
been restated.
Within 1 year
1 - 5 years
5 - 10 years
Over 10 years
CHF million, except percentages
Amount
Yield (%)
Amount
Yield (%)
Amount
Yield (%)
Amount
Yield (%)
31 December 2002
1
Swiss national government and agencies
0
0.00
7
4.88
8
3.86
1
4.00
Swiss local governments
8
4.02
30
3.94
4
3.59
0
0.00
US Treasury and agencies
0
0.00
0
0.00
0
0.00
0
0.00
Foreign governments and official institutions
35
4.63
45
3.13
1
6.12
0
0.00
Corporate debt securities
675
2.23
249
2.64
19
3.41
21
8.02
Mortgage-backed securities
4
2.25
15
3.97
4
4.03
0
0.00
Other debt securities
1
4.77
48
2.65
0
0.00
0
0.00
Total fair value
723
394
36
22
1
Money market papers have contractual maturities of less than one year.
Within 1 year
1 - 5 years
5 - 10 years
Over 10 years
CHF million, except percentages
Amount
Yield (%)
Amount
Yield (%)
Amount
Yield (%)
Amount
Yield (%)
31 December 2001
1
Swiss national government and agencies
9
5.26
10
4.50
16
3.43
1
4.00
Swiss local governments
3
4.36
38
3.90
4
3.59
0
0.00
US Treasury and agencies
0
0.00
24
4.38
8
5.15
0
0.00
Foreign governments and official institutions
5,014
0.97
5,048
1.01
27
2.88
0
0.00
Corporate debt securities
63
4.53
1,102
4.59
30
3.22
23
15.37
2
Mortgage-backed securities
0
0.00
5
5.41
0
0.00
0
0.00
Other debt securities
2
4.77
87
3.91
28
3.56
0
0.00
Total fair value
5,091
6,314
113
24
1
Money market papers have contractual maturities of less than one year.
2
The yield presented is the current contractual yield based on current market rates
at 31 December 2001, but may not represent the yield through maturity since
this is a floating rate debt instrument.
Within 1 year
1 - 5 years
5 - 10 years
Over 10 years
CHF million, except percentages
Amount
Yield (%)
Amount
Yield (%)
Amount
Yield (%)
Amount
Yield (%)
31 December 2000
Swiss national government and agencies
2
6.90
16
5.13
16
6.45
0
0.00
Swiss local governments
1
6.11
27
5.19
18
4.43
0
0.00
US Treasury and agencies
0
0.00
0
0.00
0
0.00
0
0.00
Foreign governments and official institutions
2,451
1.62
1,236
1.80
1,165
0.85
0
0.00
Corporate debt securities
16
5.20
917
6.02
206
2.21
0
0.00
Mortgage-backed securities
20
6.02
5
6.54
22
14.46
0
0.00
Other debt securities
21
6.57
56
4.33
11
3.68
0
0.00
Total amortized cost
2,511
2,257
1,438
0
Total market value
2,514
2,272
1,434
0
206
Table of Contents
D — Information Required by Industry Guide 3 (continued)
Loans
Loans are widely dispersed over industry sectors both within and
outside of Switzerland. With the exceptions of private households
(foreign and domestic) and banks and financial institutions outside
Switzerland and real estate and rentals in Switzerland, there is no
material concentration of loans. For further discussion of the loan
portfolio, see the UBS Handbook 2002/2003. The following table
illustrates the diversification of the loan portfolio among industry
sectors at 31 December 2002, 2001, 2000, 1999 and 1998. The industry
categories presented are consistent with the classification of loans
for reporting to the Swiss Federal Banking Commission and Swiss
National Bank.
CHF million
31.12.02
31.12.01
31.12.00
31.12.99
31.12.98
Domestic
Banks
1,029
1,533
2,896
5,802
4,543
Construction
2,838
3,499
4,870
6,577
7,897
Financial institutions
4,301
5,673
5,725
9,387
10,240
Hotels and restaurants
2,655
2,950
3,526
4,259
4,129
Manufacturing
1
7,237
8,686
9,577
11,377
13,505
Private households
95,295
93,746
91,667
93,846
97,664
Public authorities
5,529
5,222
5,658
5,277
5,858
Real estate and rentals
13,573
14,992
16,673
19,835
21,231
Retail and wholesale
7,172
8,674
9,635
10,904
8,912
Services
2
10,237
12,161
11,767
14,862
11,582
Other
3
1,738
1,860
2,651
1,818
1,662
Total domestic
151,604
158,996
164,645
183,944
187,223
Foreign
4
Banks
31,882
26,728
27,168
24,983
65,000
Chemicals
519
1,080
1,423
Construction
153
266
773
Electricity, gas and water supply
1,105
977
1,584
Financial institutions
18,378
14,458
20,348
Manufacturing
5
2,300
4,258
4,596
Mining
868
1,313
2,070
Private households
33,063
25,619
29,470
Public authorities
2,628
6,454
11,754
Real estate and rentals
616
10,227
5,077
Retail and wholesale
1,367
1,732
1,862
Services
1,654
4,786
1,585
Transport, storage and communication
676
2,117
993
Other
6
2,557
2,973
11,168
69,087
78,741
Total foreign
97,766
102,988
119,871
94,070
143,741
Total gross
249,370
261,984
284,516
278,014
330,964
1
Includes chemicals, food
and beverages.
2
Includes
transportation, communication, health and social work, education and
other social and personal service
activities.
3
Includes mining
and electricity, gas and water
supply.
4
For the years prior
to the year 2000, no detailed industry classifications are
available.
5
Includes food and beverages.
6
Includes hotels and restaurants.
207
Table of Contents
Additional Disclosure Required
under SEC Regulations
D — Information Required by Industry Guide 3 (continued)
Loans (continued)
The following table analyzes the Group's mortgage portfolio by
geographic origin of the client and type of mortgage at 31 December
2002, 2001, 2000, 1999 and 1998. Mortgages are included in the
industry categories mentioned above.
CHF million
31.12.02
31.12.01
31.12.00
31.12.99
31.12.98
Mortgages
Domestic
116,359
116,628
116,348
126,677
138,306
Foreign
11,510
9,583
4,206
1,310
2,479
Total gross mortgages
127,869
126,211
120,554
127,987
140,785
Mortgages
Residential
108,779
101,969
96,181
91,408
106,093
Commercial
19,090
24,242
24,373
36,579
34,692
Total gross mortgages
127,869
126,211
120,554
127,987
140,785
Loan Maturities
The following table discloses loans by maturity at 31 December 2002.
The determination of maturities is based on contract terms.
Information on interest rate sensitivities can be found in Note 29 to
the UBS Group Financial Statements.
CHF million
Within 1 year
1 to 5 years
Over 5 years
Total
Domestic
Banks
969
60
0
1,029
Mortgages
57,875
55,676
2,808
116,359
Other loans
24,905
7,534
1,777
34,216
Total domestic
83,749
63,270
4,585
151,604
Foreign
Banks
31,285
373
224
31,882
Mortgages
10,711
688
111
11,510
Other loans
52,447
1,492
435
54,374
Total foreign
94,443
2,553
770
97,766
Total gross loans
178,192
65,823
5,355
249,370
208
Table of Contents
D — Information Required by Industry Guide 3 (continued)
Impaired, Non-performing and Restructured Loans
A loan is classified as impaired
if the book value of the claim
exceeds the present value of the
cash flows actually expected in
future periods — interest
payments, scheduled principal
repayments or other payments due
(for example on derivative
transactions), and including
liquidation of collateral where
available. Impaired obligations
are thus obligations where losses
are foreseeable. An allowance for
credit loss is then made with
respect to the loan in question.
Impaired loans include
non-performing loans, for which
the contractual payments of
principal, interest or commission
are overdue by 90 days. When
loans are classified as
non-performing, the recognition
of interest or commission income
ceases according to the original
terms of the loan agreement.
Allowances are provided for
non-performing
loans to reflect
their net estimated recoverable
amount.
The gross interest income
that would have been recorded on
non-performing loans was CHF 201
million for the year ended 31
December 2002, CHF 336 million
for the year ended 31 December
2001 and CHF 182 million for the
year ended 31 December 2000. The
amount of interest income that
was included in net income for
those loans was CHF 174 million
for the year ended 31 December
2002 and CHF 201 million for the
year ended 31 December 2001.
There was no interest income
recorded in net income for
non-performing loans in 2000. The
table below provides an analysis
of the Group's non-performing
loans, for further information
see the UBS Handbook 2002/2003.
CHF million
31.12.02
31.12.01
31.12.00
31.12.99
31.12.98
Non-performing loans:
Domestic
4,609
6,531
7,588
11,435
14,023
Foreign
1,420
2,108
2,864
1,638
2,091
Total non-performing loans
6,029
8,639
10,452
13,073
16,114
Foreign restructured loans
1
179
287
449
1
Include only performing foreign restructured loans. UBS does not, as
a matter of policy, typically restructure loans to accrue interest at
rates different from the original contractual terms or reduce the
principal amount of loans. Instead, specific loan allowances are
established as necessary. Unrecognized interest related to foreign
restructured loans was not material to the results of operations
during these periods.
In addition to the non-performing
loans shown above, the Group had
CHF 4,336 million, CHF 5,990
million, CHF 8,042 million and CHF
9,383 million in "other impaired
loans" for the years ended 31
December 2002, 2001, 2000 and
1999, respectively. These are
loans that are current,
or less
than 90 days in arrears, with
respect to payment of principal or
interest; however, the Group's
credit officers have expressed
doubts as to the ability of the
borrowers to repay the loans. As
at 31 December 2002 specific
allowances of CHF 1,407 million
had been established against these
loans.
209
Table of Contents
Additional Disclosure Required
under SEC Regulations
D — Information Required by Industry Guide 3 (continued)
Cross-Border Outstandings
Cross-border outstandings consist
of general banking products such
as loans (including unutilized
commitments) and deposits with
third parties, credit equivalents
of over the counter (OTC)
derivatives and repurchase
agreements, and the market value
of the inventory of
securities. Outstandings are
monitored and reported on an
ongoing basis by the credit risk
management and control
organization with a dedicated
country risk information system.
With the exception of the 32 most
developed economies, these
exposures are rigorously limited.
Claims that are secured by
third-party guarantees are
recorded against the guarantor's
country of domicile. Outstandings
that are secured by collateral
are recorded against the country
where
the asset could be
liquidated. This follows the
"Guidelines for the Management of
Country Risk", which are
applicable to all banks that are
supervised by the Swiss Federal
Banking Commission.
The following tables list
those countries for which
cross-border outstandings exceeded
0.75% of total assets at 31
December 2002, 2001 and 2000. At
31 December 2002, there were no
outstandings that exceeded 0.75%
of total assets in any country
currently facing liquidity
problems that the Group expects
would materially affect the
country's ability to service its
obligations.
For more information on
cross-border exposure, see the
UBS Handbook 2002/2003.
210
Table of Contents
D — Information Required by Industry Guide 3 (continued)
31.12.02
Banking products
Traded
Tradable
% of total
CHF million
Banks
Non-banks
products
1
assets
2
Total
assets
United States
1,083
698
27,617
95,046
124,444
10.5
Germany
2,590
4,732
13,101
9,104
29,527
2.5
Italy
1,139
296
7,229
14,852
23,516
2.0
United Kingdom
4,161
606
5,437
12,106
22,310
1.9
France
2,077
1,805
5,710
11,403
20,995
1.8
Australia
133
535
4,514
6,651
11,833
1.0
Canada
130
872
4,964
5,115
11,081
0.9
Japan
312
88
1,766
7,816
9,982
0.8
Cayman Islands
7
1,175
5,054
3,387
9,623
0.8
Netherlands
289
1,548
4,110
3,313
9,260
0.8
31.12.01
Banking products
Traded
Tradable
% of total
CHF million
Banks
Non-banks
products
1
assets
2
Total
assets
United States
2,360
1,284
31,129
114,615
149,388
11.9
United Kingdom
2,483
543
9,128
27,754
39,908
3.2
Germany
3,605
6,395
11,962
11,755
33,717
2.7
Japan
640
770
4,442
22,995
28,847
2.3
Italy
1,086
498
11,628
11,180
24,392
1.9
France
159
2,043
4,114
8,052
14,368
1.1
Canada
114
950
5,220
8,038
14,322
1.1
Netherlands
1,834
2,414
6,126
3,110
13,484
1.1
31.12.00
Banking products
Traded
Tradable
% of total
CHF million
Banks
Non-banks
products
1
assets
2
Total
assets
United States
1,826
958
21,796
64,077
88,657
8.2
Japan
123
895
6,378
58,779
66,175
6.1
United Kingdom
1,795
1,224
9,037
22,440
34,496
3.2
Germany
2,686
3,720
13,198
5,085
24,689
2.3
Italy
1,293
931
3,629
9,700
15,553
1.4
France
1,085
1,900
3,956
5,987
12,928
1.2
Netherlands
910
1,480
6,092
3,803
12,285
1.1
Australia
27
370
3,113
7,508
11,018
1.0
1
Traded products consist of derivative instruments and
repurchase agreements. In 2002, 2001 and 2000 unsecured OTC derivatives exposure is reported based on the
Potential Credit Exposure measurement methodology and is therefore not directly comparable to the exposures in
the prior years, which were measured based on Gross Replacement Values plus Add-on.
2
Tradable assets
consist of equity and fixed income financial instruments held for trading purposes, which are marked to market on a daily basis and private equity investments at the lower of book or market value.
211
Table of Contents
Additional Disclosure Required
under SEC Regulations
D — Information Required by Industry Guide 3 (continued)
Summary of Movements in Allowances and Provisions for Credit Losses
The following table provides an analysis of movements in allowances and
provisions for credit losses.
As a result of Swiss bankruptcy laws, banks write-off loans
against allowances only upon final settlement of bankruptcy
proceedings, the sale of the underlying assets and/or in case of
debt forgiveness. Under Swiss law, a creditor can continue to collect
from a debtor who has emerged from bankruptcy, unless the debt has
been forgiven through a formal agreement.
CHF million
31.12.02
31.12.01
31.12.00
31.12.99
31.12.98
Balance at beginning of year
8,218
10,581
13,398
14,978
16,213
Write-offs
Domestic
Banks
0
0
0
(4
)
(2
)
Construction
(148
)
(248
)
(261
)
(296
)
(228
)
Financial institutions
(103
)
(51
)
(178
)
(92
)
(66
)
Hotels and restaurants
(48
)
(52
)
(193
)
(137
)
(98
)
Manufacturing
1
(275
)
(109
)
(264
)
(242
)
(214
)
Private households
(536
)
(1,297
)
(640
)
(598
)
(534
)
Public authorities
0
0
0
0
(2
)
Real estate and rentals
(357
)
(317
)
(729
)
(823
)
(610
)
Retail and wholesale
(101
)
(115
)
(160
)
(210
)
(178
)
Services
2
(155
)
(93
)
(227
)
(315
)
(116
)
Other
3
(49
)
(46
)
(30
)
(41
)
(15
)
Total domestic write-offs
(1,772
)
(2,328
)
(2,682
)
(2,758
)
(2,063
)
Foreign
4
Banks
(49
)
(24
)
(15
)
Chemicals
0
(2
)
0
Construction
0
(10
)
(13
)
Electricity, gas and water supply
(36
)
(63
)
(3
)
Financial institutions
(228
)
(74
)
(33
)
Manufacturing
5
(70
)
(119
)
(11
)
Mining
(1
)
(304
)
0
Private households
(65
)
(5
)
0
Public authorities
(1
)
0
(4
)
Real estate and rentals
(2
)
(1
)
0
Retail and wholesale
(10
)
0
(160
)
Services
(39
)
(30
)
(8
)
Transport, storage and communication
(74
)
0
(11
)
Other
6
(189
)
(48
)
(55
)
Total foreign write-offs
(764
)
(680
)
(313
)
(517
)
(261
)
Total write-offs
(2,536
)
(3,008
)
(2,995
)
(3,275
)
(2,324
)
Recoveries
Domestic
43
58
124
54
59
Foreign
27
23
39
11
0
Total recoveries
70
81
163
65
59
Net write-offs
(2,466
)
(2,927
)
(2,832
)
(3,210
)
(2,265
)
Credit loss expense/(recovery)
206
498
(130
)
956
951
Other adjustments
7
(337
)
66
145
674
79
Balance at end of year
5,621
8,218
10,581
13,398
14,978
1
Includes
chemicals, food and beverages.
2
Includes
transportation, communication, health and
social work, education and other social
and personal service activities.
3
Includes
mining and electricity,
gas and water supply.
4
For
years prior to 2000, no detailed
industry classifications are available.
5
Includes
food and beverages.
6
Includes
hotels and restaurants.
7
See
the following table for details.
212
Table of Contents
D — Information Required by Industry Guide 3 (continued)
Summary of Movements in Allowances and Provisions for Credit Losses (continued)
CHF million
31.12.02
31.12.01
31.12.00
31.12.99
31.12.98
Doubtful interest
0
0
182
409
423
Net foreign exchange
(269
)
44
23
351
(98
)
Subsidiaries sold and other
(68
)
22
(60
)
(86
)
(246
)
Total adjustments
(337
)
66
145
674
79
213
Table of Contents
Additional Disclosure Required
under SEC Regulations
D — Information Required by Industry Guide 3 (continued)
Allocation of the Allowances and Provisions for Credit Losses
The following table provides an analysis of the allocation of the
allowances and provisions for credit loss by industry sectors and
geographic location at 31 December 2002, 2001, 2000, 1999 and 1998.
For a description of procedures with respect to allowances and
provisions for credit losses, see the UBS Handbook 2002/2003.
CHF million
31.12.02
31.12.01
31.12.00
31.12.99
31.12.98
Domestic
Banks
10
34
0
41
49
Construction
265
467
843
1,247
1,671
Financial institutions
89
262
328
342
668
Hotels and restaurants
286
346
454
690
657
Manufacturing
1
458
722
863
1,223
1,331
Private households
750
1,082
1,570
2,350
2,741
Public authorities
39
37
0
40
107
Real estate and rentals
577
1,067
1,635
2,696
3,333
Retail and wholesale
315
395
629
779
825
Services
2
470
448
419
934
766
Other
3
315
165
413
141
71
Total domestic
3,574
5,025
7,154
10,483
12,219
Foreign
4
Banks
5
24
39
32
Chemicals
5
5
0
Construction
6
0
11
Electricity, gas and water supply
96
88
107
Financial institutions
153
420
262
Manufacturing
6
314
653
547
Mining
148
169
586
Private households
58
103
72
Public authorities
0
0
0
Real estate and rentals
6
9
82
Retail and wholesale
13
0
41
Services
262
414
126
Transport, storage and communication
144
45
2
Other
7
82
242
267
Total foreign,
net of country provisions
1,311
2,187
2,135
1,539
1,309
Country provisions
736
1,006
1,292
1,376
1,450
Total foreign
8
2,047
3,193
3,427
2,915
2,759
Total allowances and
provisions for credit losses
5,621
8,218
10,581
13,398
14,978
1
Includes chemicals,
food and beverages.
2
Includes transportation,
communication, health and social work, education and other social and
personal service activities.
3
Includes
mining and electricity, gas and water
supply.
4
For years
prior to 2000, no detailed industry classifications are
available.
5
Counterparty
allowances and provisions only.
Country provisions with banking counterparties amounting to
CHF 409 million are disclosed
under country provisions.
6
Includes
food and beverages.
7
Includes
hotels and restaurants.
8
The
2002, 2001, 2000, 1999 and 1998 amounts include CHF 366 million, CHF
305 million, CHF 54 million, CHF 149 million and CHF 435 million respectively of provisions and for unused commitments and contingent liabilities.
214
Table of Contents
D — Information Required by Industry Guide 3 (continued)
Loans by industry sector
The following table presents the percentage of loans in each industry
sector and geographic location to total loans. This table can be read
in conjunction with the preceding table showing the breakdown of the
allowances and provisions for credit losses by industry sectors to
evaluate the credit risks in each of the categories.
in %
31.12.02
31.12.01
31.12.00
31.12.99
31.12.98
Domestic
Banks
0.4
0.6
1.0
2.1
1.4
Construction
1.1
1.3
1.7
2.4
2.4
Financial institutions
1.7
2.2
2.0
3.4
3.1
Hotels and restaurants
1.1
1.1
1.2
1.5
1.2
Manufacturing
1
2.9
3.3
3.4
4.1
4.1
Private households
38.2
35.8
32.2
33.8
29.5
Public authorities
2.2
2.0
2.0
1.9
1.8
Real estate and rentals
5.5
5.7
5.9
7.1
6.4
Retail and wholesale
2.9
3.3
3.4
3.9
2.7
Services
2
4.1
4.6
4.1
5.3
3.5
Other
3
0.7
0.8
1.0
0.7
0.5
Total domestic
60.8
60.7
57.9
66.2
56.6
Foreign
4
Banks
12.8
10.2
9.5
9.0
19.6
Chemicals
0.2
0.4
0.5
Construction
0.1
0.1
0.3
Electricity, gas and water supply
0.4
0.4
0.6
Financial institutions
7.4
5.5
7.2
Manufacturing
5
0.9
1.6
1.6
Mining
0.3
0.5
0.7
Private households
13.3
9.8
10.4
Public authorities
1.1
2.5
4.1
Real estate and rentals
0.2
3.9
1.8
Retail and wholesale
0.5
0.7
0.7
Services
0.7
1.8
0.6
Transport, storage and communication
0.3
0.8
0.3
Other
6
1.0
1.1
3.8
24.8
23.8
Total foreign
39.2
39.3
42.1
33.8
43.4
Total gross loans
100.0
100.0
100.0
100.0
100.0
1
Includes chemicals,
food and beverages.
2
Includes
transportation, communication, health and social work,
education and other social and personal
service activities.
3
Includes
mining and electricity, gas and water
supply.
4
For the years prior
to 2000, no detailed industry classifications are
available.
5
Includes
food and beverages.
6
Includes hotels and restaurants.
215
Table of Contents
Additional Disclosure Required
under SEC Regulations
D — Information Required by Industry Guide 3 (continued)
Loss History Statistics
The following is a summary of the Group's loan loss history.
CHF million, except where indicated
31.12.02
31.12.01
31.12.00
31.12.99
31.12.98
Gross loans
249,370
261,984
284,516
278,014
330,964
Impaired loans
10,365
14,629
18,494
22,456
26,447
Non-performing loans
6,029
8,639
10,452
13,073
16,114
Allowances and provisions for credit losses
5,621
8,218
10,581
13,398
14,978
Net write-offs
2,466
2,927
2,832
3,210
2,265
Credit loss expense/(recovery)
206
498
(130
)
956
951
Ratios
Impaired loans as a percentage of gross loans
4.2
5.6
6.5
8.1
8.0
Non-performing loans as a percentage
of gross loans
2.4
3.3
3.7
4.7
4.9
Allowances and provisions
for credit losses as a percentage of:
Gross loans
2.3
3.1
3.7
4.8
4.5
Impaired loans
54.2
56.2
57.2
59.7
56.6
Non-performing loans
93.2
95.1
101.2
102.5
93.0
Allocated allowances as a percentage
of impaired loans
1
47.2
49.9
52.4
55.5
51.4
Allocated allowances as a percentage
of non-performing loans
2
57.8
62.2
60.6
3
66.3
62.1
Net write-offs as a percentage of:
Gross loans
1.0
1.1
1.0
1.2
0.7
Average loans outstanding during the period
1.1
1.2
1.1
1.2
0.8
Allowances and provisions for credit losses
43.9
35.6
26.8
24.0
15.1
Allowances and provisions for credit
losses as multiple of net write-offs
2.28
2.81
3.74
4.17
6.61
1
Allowances relating to impaired loans
only.
2
Allowances relating to
non-performing loans only.
3
31 December 2000 figure has been restated
to account for an overallocation of allowances to non-performing
loans.
216
Table of Contents
Contents
Profile
Introduction
1
UBS Group Financial Highlights
2
The UBS Group
3
Our Business Groups
4
Sources of Information about UBS
5
The UBS Group
9
Strategy, Structure and History
10
The Business Groups
21
UBS Wealth Management &
Business Banking
22
UBS Global Asset Management
34
UBS Warburg
38
UBS PaineWebber
45
Corporate Center
50
Capital and Risk Management
53
Risk Management and Control
54
Risk Analysis
59
Group Treasury
78
Corporate Governance
89
Introduction and Principles
90
Group Structure and Shareholders
91
Capital Structure
93
Board of Directors
95
Group Executive Board
101
Compensation, Shareholdings
and Loans
104
Shareholders' Participation Rights
109
Change of Control and
Defensive Measures
111
Auditors
112
Information Policy:
UBS Financial Disclosure Principles
114
Regulation and Supervision
117
Compliance with NYSE
Listing Standards on
Corporate Governance
121
Group Managing Board
124
Corporate Responsibility
127
UBS Share Information
133
The Global Registered Share
134
UBS Share 2002
136
Introduction
This is the third annual edition of the UBS Group Handbook.
The Handbook describes the UBS Group: its
strategy, organization, and businesses. It
outlines the principles by which the Group
manages risk, and reports on developments in
2002 for the credit risk, market risk, and
treasury management areas.
The Handbook extensively discusses the Group's
corporate governance arrangements and its
relationships with regulators and
shareholders, along with detailed facts about
the UBS share.
The Handbook should be read in conjunction
with the other information published by UBS,
described on page 5 and 6.
We hope that you will find the information in
our reporting documents useful and
informative. We believe that UBS is among the
leaders in corporate disclosure, but we would
be very interested to hear your views on how
we might improve the content and presentation
of our information portfolio.
Mark Branson
Chief Communication Officer
UBS AG
1
Table of Contents
Profile
UBS Group Financial Highlights
1
Operating
expenses/operating income
before credit
loss expense.
2
Excludes the
amortization
of goodwill
and other
intangible
assets.
3
For EPS
calculation,
see Note 8 to
the Financial
Statements.
4
Net
profit/average
shareholders'
equity
excluding
dividends.
5
Includes
hybrid Tier 1
capital,
please refer
to Note 29e in
the Notes to
the Financial
Statements.
6
Klinik
Hirslanden was
sold on 5 December 2002.
The Group
headcount does
not include the
Klinik
Hirslanden
headcount of
2,450 and 1,839
for 31 December
2001 and 31 December 2000,
respectively
7
See the
Capital
strength
section on
pages 10 to
11.
8
Details of
significant
financial
events can be
found in the
Group Financial
Review section
of the
Financial
Report 2002.
The segment results
have been restated
to reflect the new
Business Group
structure and
associated
management
accounting changes
implemented during
2002.
All results
presented include
PaineWebber from
the date of
acquisition, 3 November 2000.
CHF million, except where indicated
% change from
For the year ended
31.12.02
31.12.01
31.12.00
31.12.01
Income statement key figures
Operating income
34,121
37,114
36,402
(8
)
Operating expenses
29,577
30,396
26,203
(3
)
Operating profit before tax
4,544
6,718
10,199
(32
)
Net profit
3,535
4,973
7,792
(29
)
Cost/income ratio (%)
1
86.2
80.8
72.2
Cost/income ratio before goodwill(%)
1, 2
79.0
77.3
70.4
Per share data (CHF)
Basic earnings per share
3
2.92
3.93
6.44
(26
)
Basic earnings per share before goodwill
2, 3
4.73
4.97
7.00
(5
)
Diluted earnings per share
3
2.87
3.78
6.35
(24
)
Diluted earnings per share before goodwill
2, 3
4.65
4.81
6.89
(3
)
Return on shareholders' equity (%)
Return on shareholders' equity
4
8.9
11.7
21.5
Return on shareholders' equity before goodwill
2, 4
14.4
14.8
23.4
CHF million, except where indicated
% change from
As at
31.12.02
31.12.01
31.12.00
31.12.01
Balance sheet key figures
Total assets
1,181,118
1,253,297
1,087,552
(6
)
Shareholders' equity
38,991
43,530
44,833
(10
)
Market capitalization
79,448
105,475
112,666
(25
)
BIS capital ratios
Tier 1 (%)
5
11.3
11.6
11.7
Total BIS (%)
13.8
14.8
15.7
Risk-weighted assets
238,790
253,735
273,290
(6
)
Invested assets (CHF billion)
2,037
2,448
2,445
(17
)
Headcount (full-time equivalents)
69,061
69,985
6
71,076
6
(1
)
Long-term ratings
7
Fitch, London
AAA
AAA
AAA
Moody's, New York
Aa2
Aa2
Aa1
Standard & Poor's, New York
AA+
AA+
AA+
Earnings adjusted for significant financial events and pre-goodwill
2, 8
CHF million, except where indicated
% change from
For the year ended
31.12.02
31.12.01
31.12.00
31.12.01
Operating income
33,894
37,114
36,402
(9
)
Operating expenses
27,117
29,073
25,096
(7
)
Operating profit before tax
6,777
8,041
11,306
(16
)
Net profit
5,529
6,296
8,799
(12
)
Cost/income ratio (%)
1
79.5
77.3
69.2
Basic earnings per share (CHF)
3
4.57
4.97
7.28
(8
)
Diluted earnings per share (CHF)
3
4.50
4.81
7.17
(6
)
Return on shareholders' equity (%)
4
13.9
14.8
24.3
2
Table of Contents
The UBS Group
UBS is one of the world's leading financial firms, serving a
discerning global client base. We combine financial strength with a
global culture that embraces change. We are the world's leading
provider of wealth management services and one of the largest asset
managers globally. In the investment banking and securities
businesses, we are among the select bracket of major global houses. In
Switzerland, we are the clear market leader serving corporate and
retail clients. As an integrated firm, we create added value for our
clients by drawing on the combined resources and expertise of all our
businesses.
Our first priority is always our clients' success and we put advice at
the heart of our relationships with them. We aim to take the time to
understand the unique needs and goals of each of our clients. Our
priority is to provide premium quality services to our clients, giving
them the best possible choice by supplementing best-in-class solutions
we develop ourselves with a quality-screened selection of products
from others.
With head offices in Zurich and Basel, and more than 69,000 employees,
we operate in over 50 countries and from all major international
financial centers. Our global physical presence is complemented by our
strategy of offering clients products and services via a variety of
different channels — from the traditional retail bank branch to
sophisticated, interactive online tools, helping us to deliver our
services more quickly, widely and cost-effectively than ever before.
3
Table of Contents
Profile
Our Business Groups
All our Business Groups are in the top echelons of their sectors
globally and are committed to vigorously growing their franchises.
UBS Wealth Management & Business Banking
UBS Wealth Management & Business Banking is the world's leading wealth
management business and the leading corporate and retail bank in
Switzerland. Almost 3,300 private banking client advisors, working
from offices around the world, provide a comprehensive range of
in-house and third party products and services customized for wealthy
individuals. The Business Banking unit, holding roughly a quarter of
the Swiss lending market, offers comprehensive banking and securities
services for 3.5 million individuals and 180,000 corporate clients in
Switzerland as well as 5,000 financial institutions worldwide.
UBS Global Asset Management
UBS Global Asset Management is a leading institutional asset manager
and mutual fund provider, with invested assets of CHF 557 billion. It
offers a broad range of asset management services and products for
institutional clients and financial intermediaries across the world.
UBS Warburg
UBS Warburg is a global investment banking and securities firm.
Consistently placing in the top tier of major industry rankings, it is
a leading player in the global primary and secondary markets for
equity and fixed income products. In investment banking, it provides
first-class advice and execution capabilities to its client base
worldwide. Sharply client-focused, it provides innovative products,
top-quality research and comprehensive access to the world's capital
markets for its corporate and institutional clients and for the rest
of UBS.
UBS PaineWebber
UBS PaineWebber is the fourth largest private client business in the
US, with a client base of over 2 million private investors — focused
on the most affluent in the country. Its network of almost 9,000
financial advisors manage CHF 584 billion in invested assets and
provide sophisticated wealth management services to their clients.
Corporate Center
The role of the Corporate Center is to ensure that the Business Groups
operate as a coherent and effective whole, in alignment with UBS's
overall corporate goals. The scope of Corporate Center's activities
covers financial and capital management, risk management and control,
branding, communication, legal advice and human resources management.
4
Table of Contents
Sources of Information about UBS
This Handbook contains a detailed description of UBS, its strategy, its
organization and its businesses. You can find out more about UBS from the
sources shown below.
Publications
This Handbook is available in
English and German.
(SAP-R/3
80532-0301).
Annual Review 2002
Our Annual Review contains a
short description of UBS, and a
summary review of our performance
in the year 2002. It is available
in English, German, French,
Italian and Spanish.
(SAP-R/3
80530-0301).
Financial Report 2002
Our Financial Report contains our
audited Financial Statements for
the year 2002 and related
detailed analysis. It is
available in English and German.
(SAP-R/3 80531-0301).
Quarterly reports
We provide detailed quarterly
financial reporting and analysis,
including comment on the progress
of our businesses and key
strategic initiatives. These
quarterly reports are available
in English.
How to order reports
Each of these reports is available
on the internet at:
www.ubs.com/investors, in the
"Financials" section.
Alternatively, printed copies can
be ordered, quoting the SAP number
and the language preference where
applicable, from UBS AG,
Information Center, CA50-XMB, P.O.
Box, CH-8098 Zurich, Switzerland.
E-information tools for investors
Website
Our Investors and Analysts
website at www.ubs.com/investors
offers a wide range of
information about UBS, including
our financial reporting, media
releases, UBS share price graphs
and data, corporate calendar and
dividend infor-
mation and copies
of recent presentations given by
members of senior management to
investors at external
conferences.
Our internet-based
information is available in
English and German, with some
sections in French and Italian.
Messenger service
On the Investors and Analysts
website, you can register to
receive news alerts about UBS via
Short Messaging System (SMS) or
e-mail. Messages are sent in
either English or German and
users are able to state their
preferences for the theme of the
alerts received.
Results presentations
Senior management present UBS's
results every quarter. These
presentations are broadcast live
over the internet, and can be
downloaded on demand. The most
recent results webcasts can also
be found in the "Financials"
section of our Investors and
Analysts website.
UBS and the environment
This Handbook contains a summary
of UBS environmental policies as
part of the Corporate
Responsibility section. More
detailed information is available
at www.ubs.com/environment.
Form 20-F and other submissions to the US Securities and Exchange Commission
We file periodic reports and
submit other information about
UBS with the US Securities and
Exchange Commission (SEC).
Principal among these filings is
the Form 20-F, our Annual Report
filed pursuant to the US
Securities Exchange Act of 1934.
Our Form 20-F filing is
structured as a "wrap-around"
document. Most sections of the
filing are satisfied by referring
to parts of this
5
Table of Contents
Profile
Handbook or to parts of the
Financial Report 2002. However,
there is a small amount of
additional information in the
Form 20-F which is not presented
elsewhere, and is particularly
targeted at readers in the US.
You are encouraged to refer to
this additional disclosure.
You
may read and copy any document
that we file with the SEC on the
SEC's website, www.sec.gov, or at
the SEC's public reference room
at 450 Fifth Street NW,
Washington, DC, 20549. Please
call the SEC at 1-800-SEC-0330
(in the US) or at +1 202 942 8088
(outside
the US) for further
information on the operation of
its public reference room. You
may also inspect our SEC reports
and other information at the New
York Stock Exchange, Inc., 20
Broad Street, New York, NY 10005
and the American Stock Exchange
LLC, 86 Trinity Place, New York,
NY 10006. Much of this additional
information may also be found on
the UBS website at
www.ubs.com/investors, and copies
of documents filed with the SEC
may be obtained from UBS's
Investor Relations team, at the
addresses shown on the following
page.
Corporate information
The legal and commercial name of
the company is UBS AG. The
company was formed on 29 June
1998, when Union Bank of
Switzerland (founded 1862) and
Swiss Bank Corporation (founded
1872) merged to form UBS.
UBS AG is incorporated and
domiciled in Switzerland and
operates under Swiss Company Law
and Swiss Federal Banking Law as
an Aktiengesellschaft, a
corporation that has issued
shares of common stock to
investors.
The addresses and
telephone numbers of our
two
registered offices and principal
places of business are:
Bahnhofstrasse 45, CH-8098
Zurich, Switzerland, telephone
+41-1-234 11 11;
and
Aeschenvorstadt 1, CH-4051 Basel,
Switzerland, telephone +41-61-288
20 20.
UBS AG shares are listed on
the SWX Swiss Exchange and traded
through the latter's
majority-owned virt-x trading
platform. UBS shares are also
listed on the New York Stock
Exchange and the Tokyo Stock
Exchange.
6
Table of Contents
Switchboards
Zurich
+41 1 234 1111
For all general queries.
London
+44 20 7568 0000
New York
+1 212 821 3000
Hong Kong
+852 2971 8888
UBS Investor Relations
Zurich
Our Investor Relations team supports
Hotline:
+41 1 234 4100
UBS AG
institutional, professional
Christian Gruetter
+41 1 234 4360
Investor Relations G41B
and retail investors from offices in
Mark Hengel
+41 1 234 8439
P.O. Box
Zurich and New York.
Catherine Lybrook
+41 1 234 2281
CH-8098 Zurich, Switzerland
Oliver Lee
+41 1 234 2733
www.ubs.com/investors
Fax
+41 1 234 3415
New York
Hotline:
+1 212 713 3641
UBS Americas Inc.
Richard Feder
+1 212 713 6142
Investor Relations
Christopher McNamee
+1 212 713 3091
135 W. 50th Street, 9th Floor
Fax
+1 212 713 1381
New York, NY 10020, USA
sh-investorrelations@ubs.com
UBS Group Media Relations
Zurich
+41 1 234 8500
sh-gpr@ubs.com
Our Group Media Relations team
London
+44 20 7567 4714
sh-mr-london@ubsw.com
supports global media and journalists
New York
+1 212 713 8391
sh-mediarelations-ny@ubsw.com
from offices in Zurich, London,
Hong Kong
+852 2971 8200
sh-mediarelations-ap@ubs.com
New York and Hong Kong.
www.ubs.com/media
UBS Shareholder Services
Hotline
+41 1 235 6202
UBS AG
UBS Shareholder Services, a unit of
Fax
+41 1 235 3154
Shareholder Services — GUMV
the Company Secretary, is responsible
P.O. Box
for the registration of the Global
CH-8098 Zurich, Switzerland
Registered Shares. It is split into two
parts — a Swiss register, which is main-
sh-shareholder-service@ubs.com
tained by UBS acting as Swiss transfer
agent, and a US register, which is
maintained by Mellon Investor Service
as US transfer agent (see below).
US Transfer Agent
calls from the US
+1 866 541 9689
c/o Mellon Investor Services
For all Global Registered Share
calls outside the US
+1 201 329 8451
Overpeck Centre
related queries in the USA.
85 Challenger Road
Ridgefield Park, NJ 07660, USA
www.melloninvestor.com
shrrelations@melloninvestor.com
UBS listed its Global Registered Shares on the New York Stock Exchange on 16 May 2000. Prior to that date UBS operated
an ADR program. See the Frequently Asked Questions (FAQs) section at www.ubs.com/investors for further details
about the UBS share.
7
Table of Contents
8
Table of Contents
9
Table of Contents
The UBS Group
Strategy, Structure and History
Strategy, Structure and History
Our vision of UBS is as one of the world's pre-eminent financial firms. We are
the world's largest private bank, while in investment banking and securities
trading we are among a select bracket of major global houses. In Switzerland,
we are the clear market leader in corporate and retail banking. As an
integrated group, we deliver the whole firm to our clients, giving them added
value by drawing on the combined resources and expertise of all our businesses.
Every client is a client of UBS, not of an individual business unit. Our first
priority is always our clients' success.
Our vision
We are determined to be recognized as the best global
financial services company. We will earn this
recognition from clients, shareholders and professionals
through our ability to anticipate, learn and shape our
future, while always delivering the very best quality in
all that we do. We share a common ambition to succeed.
Throughout our development as a leading global financial
services group, we have evolved a distinct culture of
ambition, performance and learning that has enabled us
to continually innovate and broaden our expertise.
Through harnessing all of our resources, we develop
smart solutions with and for our clients and partners,
and enable them to make savvy financial decisions. Our
ambitious, performance-driven working atmosphere is what
attracts and retains the best talent for our company,
and by growing our client and talent franchises, we add
sustainable value for our shareholders.
Our strategic future
Our strategy remains one of
growth. In the current economic
environment, and after a decade
of transformational mergers and
acquisitions, we believe that
the best way to expand our
business is to grow it
organically using the internal
resources we already have at our
disposal. We have the right
people, an ideal platform, a
sound capital base and the
confidence that we can achieve
our chosen objectives.
In the wealth management
market, we believe there is a
strong secular growth trend in
private wealth and a tendency
towards a further worldwide
concentration of that wealth. We
also believe that the investment
banking market pos-
Capital strength
Our financial stability stems
from the fact that we are one
of the best capitalized banks
in the world. We believe that
this financial strength is a
key part of our value
proposition for both our
clients and our investors.
In June 2002, Moody's
reaffirmed UBS's Aa2
long-term credit rating and
commented that "the ratings
of UBS AG reflect the group's
leadership position in a
number of its core businesses
as well as solid financial
fundamentals — in particular,
resilient revenue generation,
improving cost efficiency,
low risk appetite and strong
core economic
capitalization". At the same
time, Moody's noted that "the
sustained
performance of UBS
reflects the Group's strong
franchise in each of its core
businesses" resulting in
broadly-diversified revenue
sources.
In July 2002, Standard &
Poor's reaffirmed its AA+
long-term debt rating for
UBS, but revised the outlook
to negative, "reflecting the
fall in global equity
markets, particularly since
May". S&P commented that the
AA+ rating reflects "UBS's
strong market positions and
franchises across a wide
range of private banking and
international securities
activities, which support
solid profitability, strong
capitalization, and excellent
liquidity".
10
Table of Contents
sesses long-term growth
opportunities and we will
therefore continue to strongly
expand in the key US market. An
extensive presence in the US is
critical to maintaining a strong
global position as it accounts
for half of the global investment
banking fee pool.
However, a strategy of
organic growth does not mean we
will become inactive. We will
continue to keep options open
regarding acquisitions that round
out or further balance our
business portfolio.
Our product strategy is to
deliver a comprehensive line of
top-quality products and advice
to individual, institutional and
corporate clients. Choice is
central to our client offering,
with our in-house range of
products enhanced by a
quality-screened selection of
third party products.
We are
committed to attaining scale and
scope in all our key businesses
as this will enable us to deliver
a full spectrum of services
efficiently. In order to maintain
operational efficiency, we
ensure that our processes are
streamlined and avoid duplication
of activities. Our client
philosophy is advice-led, with
the quality and expertise of our
relationship managers helping us
to build long-term and mutually
beneficial relationships with our
clients.
We are committed to
remaining at the forefront of
technology, although we do not
believe it
should be pursued
solely for its own sake. It is a
tool that is an integral
component of all our businesses.
We use technology to extend our
reach to clients and markets we
could not previously have
accessed, enhancing client
service and experience.
We have a strong and
well-managed capital structure
and are dedicated to remaining
one of the best capitalized
financial services firms in the
world. We will continue to manage
our balance sheet prudently and
are committed to the optimization
of UBS's capital structure for
the benefit of its shareholders.
Business and management structure
Integrated business model
One of the keys to our success is
our integrated business model. We
believe our clients should
effortlessly be able to access
all the services our firm can
provide, where and when they are
required, and regardless of what
combinations of teams lie behind
the necessary solutions. Our
clients should not feel the
boundaries inherent, and even
necessary, in a large, global
organization. Our integrated
model means that teams from
across Business Groups work
together to pool different skills
for the benefit of an individual
client.
A clear example of how
our integrated model works is
illustrated by the services we
provided
In August 2002, Fitch
reaffirmed its AAA long-term
rating of UBS, while keeping
the outlook negative,
"because of the potential
threat a sustained bear
market over the next year
would pose to earnings". At
the same time Fitch commented
that "UBS is exceptionally
well-capitalized with a
strong performance,
particularly in comparison
with its European peers but
also on a global scale".
UBS's ratings remain
among the best of any major
globally active financial
institution.
Well-capitalized, with strong
and balanced cash-flow
generation, and a cautious
risk profile, UBS is one of
the soundest financial
institutions worldwide.
UBS's long-term credit
ratings are shown in the
table below. Each of these
ratings reflects only the
view of the applicable rating
agency at the time the rating
was issued, and any
explanation of the
significance of a rating may
be obtained only from the
rating
agency. There is no
assurance that any credit
rating will remain in effect
for any given period of time
or that a rating will not be
lowered, suspended or
withdrawn entirely by the
rating agency, if in the
rating agency's judgment,
circumstances so warrant.
Long-term credit ratings
As at
31.12.02
31.12.01
31.12.00
Fitch, London
AAA
AAA
AAA
Moody's, New York
Aa2
Aa2
Aa1
Standard & Poor's, New York
AA+
AA+
AA+
11
Table of Contents
The UBS Group
Strategy, Structure and History
last year to a renowned private equity firm which came to us wanting to raise
new money. UBS Warburg's Financial Sponsors Group managed the day-to-day
relationship with the client, while the Private Equity Funds Group, also part
of UBS Warburg, raised institutional funds in Europe and Asia. At the same
time, we successfully offered the investment opportunity to both UBS
PaineWebber and UBS Private Banking's high-net worth clients.
It is our four Business
Groups, each in the top echelon
of their field, who put our
integrated business model into
action. Our wealth management
businesses provide
client-centered advice and
tailored products to their
clients. They, in turn, are
supplied with a world class
product and research offering
from the UBS Warburg and UBS
Global Asset Management Business
Groups. At the same time, UBS
Warburg and UBS Global Asset
Management provide advice and
tailored products to their own
corporate and institutional
clients while being kept abreast
of changing client needs by the
wealth management businesses.
That in turn helps them develop
innovative new products and
services. Overall, the exchange
benefits both sides — UBS's
individual clients get access to
sophisticated products and
services; and UBS's wholesale
Business Groups have access to
first-class distribution
opportunities. In the end, our
integrated model ensures that,
where UBS has a best-in-class
offering, we capture the whole of
the value chain. The partnership
between our businesses ensures
that the exchange of services,
knowledge and capabilities across
the Group gives us the ability to
build a coherent infrastructure
that does not duplicate
activities unnecessarily.
Our integrated business model
also helps us capture synergies
between different components of
our businesses, eliminating
redundant infrastructure,
services, management and control.
An example of that is our
centralized treasury process which
ensures that cash flows within UBS
are pooled and netted before being
funded through one access point to
the money markets. At the same
time, embedding risk management
deeply into all our businesses is
one of our most important success
factors. Risk identification,
management and control are
critical components of all our
business processes and plans, and
our integrated approach to risk
control ensures that risks are
consistently assessed and
evaluated across the Group.
The
value created by the integrated
business model derives from the
breadth and depth of UBS's
expertise which is an immediate
result of our diverse roots. Each
of the entities that joined UBS in
recent years brought strengths
that have had a significant impact
on our business. Unlike a holding
company or a conglomerate, our
approach to building a powerful
Group by integrating these
components has helped us to
successfully develop a common set
of values and aspirations. The
latest step in our efforts to
define the future as one firm is
demonstrated by our decision to
introduce UBS as a single brand
for all our businesses.
This will enable us to
concentrate our capabilities on
building a clear and distinct
corporate identity, increasing the
efficiency and effectiveness of
our marketing efforts.
12
Table of Contents
The Business Groups
UBS's Business Groups are managed
together to optimize shareholder
value — making the whole worth
more than the sum of the parts.
Each Business Group is led by a
member of the Group Executive
Board who is individually
responsible for the performance
of the Business Group.
UBS Wealth Management &
Business Banking
UBS Wealth Management & Business
Banking delivers comprehensive
financial services to wealthy
private individuals worldwide and
is the leading bank for
individual and corporate clients
in Switzerland. It comprises the
business units of UBS Private
Banking and Business Banking
Switzerland.
UBS Private Banking is the
world's largest private bank,
with more than 140 years of
private banking experience, 164
offices worldwide and CHF 688
billion invested by clients. It
provides a comprehensive range of
products and services
individually tailored to wealthy
clients from Switzerland and
abroad. Working around the world,
our 3,291 highly trained client
advisors combine strong personal
client relationships with access
to the resources of the whole UBS
Group. Clients benefit from a
complete range of wealth
management services — from asset
management to estate planning,
and from corporate finance advice
to art banking.
Business Banking is the
leading bank in Switzerland with
more than 3.5 million individual
client accounts, and
relationships with 180,000
enterprises across the country
and 5,000 financial institutions
from around the world.
Business Banking has 311
branches and 1,225 ATMs in
Switzerland — the broadest
distribution network of any Swiss
bank. It is the leading lender to
private clients in Switzerland,
and the biggest player in both
the credit card and private
mortgage markets.
Clients have
invested assets of over CHF 200
billion with Business Banking and
its loan book total of CHF 139
billion on 31 December 2002
corresponded to the leading
position in the Swiss mortgage
and retail lending market.
UBS Global Asset Management
UBS Global Asset Management is a
leading asset manager,
distinguished by the diversity
and global scope of its
investment capabilities.
With its integrated global
investment platform, it seeks to
deliver superior investment
performance to institutional
investors and financial
intermediaries. More than 440
investment professionals, located
in all the major financial
centers around the world, provide
clients with access to a breadth
and scope of investment
capabilities that distinguishes
it from its competitors.
The
organization consists of three
platforms. The first, the
price/value investment philosophy
is at the heart of our core
investment management business.
The second, the alternative and
quantitative investments
platform,
encompasses several
specialist businesses with
distinctive brands, including
O'Connor. The third, our real
estate businesses — principally
located in the US and the UK,
with significant presence in
Switzerland and Japan — have been
combined into a separate and
global real estate capability.
UBS Global Asset Management had
total invested assets of CHF 557
billion on 31 December 2002, of
which CHF 279 billion were from
institutional investors and CHF
278 billion from private clients
via the wholesale intermediary
market.
UBS Warburg
UBS Warburg is a leading
investment banking and securities
firm that provides a full
spectrum of products to
institutional and corporate
clients, governments and
financial intermediaries around
the world. UBS Warburg consists
of the Corporate and
Institutional Clients and UBS
Capital business units.
The Corporate and
Institutional Clients business
unit provides securities products
and advisory services to a broad
customer base worldwide. It is
one of the top-ranked firms in
the world for institutional
clients, where its strength lies
in global equity research and
distribution, as well as in
structuring and distributing
fixed income cash and derivative
products. The business is
organized into three main areas,
distinguished by the type of
products and services offered as
well as the inherent nature of
their business risks. The
business areas are:
–
Investment Banking
–
Equities
–
Fixed Income, Rates and Currencies
13
Table of Contents
The UBS Group
Strategy, Structure and History
In the investment banking
business, UBS Warburg provides
first-class advice and execution
capabilities to a global
corporate client base. In the
equities business, it is a leader
in both primary and secondary
markets for equity, equity-linked
(e.g. convertible bonds) and
equity derivative products. In
the fixed income and foreign
exchange business, it is a
top-tier global house, providing
innovative products and original
thinking to corporate and
institutional clients in all
major markets.
UBS Capital is UBS
Warburg's private equity business
unit, managing a portfolio that
consists of investments in
unlisted companies spread
throughout Europe, the US and
Asia. These investments are
typically held for a period of
approximately three to six years
and made with a view to preparing
them for sale to a trade or
financial buyer, or, where
appropriate, staging an initial
public offering (IPO).
UBS PaineWebber
UBS PaineWebber is one of the top
wealth managers in the US. It
builds consultative relationships
with affluent clients and
provides them with a complete set
of sophisticated wealth
management services.
With
approximately 2 million client
relationships, it is one of the
largest private client businesses
in the US, offering a full set of
services to the most affluent
Americans. Its
strength lies in the emphasis it
puts on building and maintaining
consultative relationships
between high net
worth clients
and their financial advisors, who
offer their clients a wide array
of investment products and
services.
The network of almost 9,000
highly trained financial
advisors, working from 369
offices across the US, handled
CHF 584 billion in assets
invested by clients as of 31
December 2002. Providing tailored
investment advice based on each
client's individual specific
needs, advisors focus on
households with investable assets
in excess of USD 500,000 — the
largest and fastest growing pool
of assets in the US.
Corporate Center
The role of the Corporate Center
is to ensure that the Business
Groups operate as a coherent and
effective whole, in alignment
with UBS's overall corporate
goals. Corporate Center's
activities cover financial and
capital management, risk
management and control as well as
branding, communication, legal
advice and human resources
management.
Board structure
The management and oversight
structure of UBS is based on two
separate boards — the Board of
Directors and the Group Executive
Board.
The Board of Directors is
the most senior body with
ultimate responsibility for the
strategy and the management of
the company, and for the
supervision of executive
management. The Board of
Directors also defines UBS's risk
appetite and risk limit
structure. A clear majori-
14
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ty of
the members of the Board of
Directors are non-executive and
fully independent.
The Group
Executive Board, on the other
hand, assumes overall
responsibility for the daily
management of UBS, for the
implementation of strategy and
for business results. Together
with the Chairman of the Board
and the Vice-Chairmen, it is
responsible for developing UBS's
strategies.
The functions of
Chairman of the Board of
Directors and President of the
Group Executive Board are
conferred on two different
people. No member of one board
may be a member of the other. Our
dual board structure establishes
a system of checks and balances,
ensuring the Board of Directors
and executive management are
institutionally independent of
each other.
Industry trends
As 2003 progresses, the
environment for the financial
services industry as a whole
continues to be a challenging
one. Uncertainty over economic
developments and rising
geopolitical concerns are
affecting investor sentiment and
therefore transaction levels, and
are holding back a significant
recovery in corporate activity.
Despite that, we believe UBS
Warburg's extremely strong
institutional client franchise
and growing corporate client
franchise will help it further
grow its business in the future,
with restructuring activity by
corporations expected to provide
new business opportunities. The
global reach of our wealth
management businesses and the
quality of our financial advisors
worldwide make us confident that
we will be able to meet the
varied aspirations of our clients
in different markets. In the
short-term, market levels will
have a direct impact on
asset-based fees while
transaction
revenues remain heavily linked to
investor confidence. We still
firmly
believe, however, in the
long-term potential of the global
wealth management market as we
continue to invest in building up
our domestic presence in key
European markets.
Long-term perspectives
Despite the market setbacks
experienced over the last few
years, we remain excellently
positioned to benefit from the
worldwide growth in wealth and
the concentration of that wealth
among the affluent, the two key
long-term secular market trends
influencing wealth management
businesses worldwide.
Although the prolonged
market declines seen last year
and in 2001 have reduced the
total global bankable and liquid
assets of the core affluent
market segment (those holding
more than EUR 500,000 in such
assets) by approximately 18% to
EUR 23.5 trillion, the correction
also served to accentuate the
demand for skilled financial
advice. Our experience over the
past two years indicates that
sophisticated and tailored
solutions for high net worth
individuals are even more in
demand in difficult economic and
financial environments.
Despite
the current market conditions,
the long-term trend towards
wealth growth is confirmed by our
internal research, which predicts
that total bankable and liquid
assets held by the core affluent
segment will expand on average by
6% a year between 2002 and 2012 —
driven, among other factors, by a
heightened need to save for
retirement as western societies
age further. Regionally, Asia
(excluding Japan) is seen growing
this aggregate pool of assets 9%
a year until 2012, while in
Europe growth is forecast at 8%.
Over the same timeframe, total
assets of the core affluent
segment are seen increasing 5% a
year in the US and 4.5% in Japan.
The second trend, towards a
further concentration of wealth,
is also confirmed by our inter-
15
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The UBS Group
Strategy, Structure and History
nal research, which indicates that the world's core affluent, an estimated 11
million households globally, will raise their current 50% share of total global
financial wealth. The US is one example, where core affluent individuals are
expected to hold 70% of all wealth by 2012, up from 64% in 2002.
The first trend, for further
wealth growth, underpins the
strategic rationale of our
European wealth management
initiative. Europe is expected to
experience the second highest
rate of wealth growth worldwide
over the next ten years, and that
is a key reason why we have built
up a strong domestic presence in
Germany, France, Italy, the UK
and Spain in the last two years
and continue to expand in those
markets. Together, the five
countries account for EUR 3.8
trillion or 80% of total Western
European wealth, and 16% of the
world total. The core affluent in
what we call the EU-5 accounted
for 35% of all private wealth in
2002, with that figure seen
rising to 42% by 2012.
Turning to
the investment banking and
securities markets, we see
continued strong client demand
for corporate advice combined
with a broad array of securities
services. Despite the general
slowdown experienced in
investment banking and
securities activity last year and
the generally pessimistic
investor sentiment, we see market
opportunities in the merger and
acquisition, restructuring and
corporate advisory businesses.
Overall levels of activity,
however, will not return to the
levels seen in 1999-2000 in the
near future. The current
environment still presents
opportunities to firms with a
global presence and in-depth
experience in cross-border
transactions. The expansion we
are undertaking will take some
time, although we are currently
seeing the first signs of success
in the US, where we achieved
clear market share gains last
year as our recent hires acquire
new business and deal mandates.
In the institutional client
business, where we have a strong
position in equities, fixed
income and foreign exchange, we
expect the environment to remain
competitive with an ongoing
commoditization of wholesale
products and shrinking margins.
We expect overall volumes to grow
further, so keeping the overall
pool of commission income roughly
stable. Institutions
with scale
and scope, global reach and
advanced technology will benefit
in the long-term despite the
current market environment.
In
asset management, we believe that
the long-term outlook is a strong
one. Despite continued equity
market volatility, business will
be driven by demographic
pressures, which should bring
further pension reform by
governments worldwide. We will
continue to take advantage of the
trend towards open architecture,
which will provide opportunities
in giving us access to new
distribution channels while also
providing our clients with a wide
array of alternative forms of
investments such as hedge funds,
which allow them to diversify
their allocation of assets and
investment styles.
In Switzerland, we will seek
to maintain our leading position
while continuing to increase the
overall efficiency of our
activities, although we do not
believe the retail and corporate
market will grow significantly in
coming years.
Adoption of a single UBS brand
In November 2002 we announced a
further evolution of our brand
strategy and portfolio. On 9 June
2003, we will adopt the single
UBS brand to represent all our
businesses and will no longer
market our services using the UBS
Warburg or UBS PaineWebber
brands. The move to a simpler
branding accurately reflects our
integrated business model and the
"one firm" approach we deliver to
clients.
Before the decision was
taken to adopt a single brand, we
undertook a thorough review of
our brand strategy, focusing on
brand values as much as brand
structure. The review included
market research in 14 countries
involving thousands of existing
and potential clients, including
high net worth individuals,
corporate and institutional
clients, asset management
clients, and Swiss individual
clients. UBS client advisors and
relationship managers were also
part of the research. The results
showed that all UBS's different
client groups had similar
expectations regarding the
provision of their financial
services and their relationship
with UBS. Across the board, they
expect their financial firm to
relentlessly pursue their
financial success and provide
access to the resources of a
global powerhouse, while giving
proactive advice and a choice of
solutions.
16
Table of Contents
Branding structure, to be implemented during 2003
Overall Brand
Business
Old names
New logo with
client segment descriptor
Wealth management
(Swiss and International Clients)
UBS Private Banking
Wealth management
in the US
UBS PaineWebber
Investment banking
and securities
UBS Warburg
Institutional asset management
and funds
UBS Global Asset Management
Retail and corporate banking
in Switzerland
UBS
17
Table of Contents
The UBS Group
Strategy, Structure and History
The making of UBS
All of the firms which have come
to make up today's UBS look back
on a long and illustrious
history. The two Swiss
predecessor banks came into being
in the 19th century, as did
PaineWebber, while SG Warburg was
founded in 1934. But it is in the
past decade that UBS's current
identity began to take concrete
shape.
In the early 1990s, the
two Swiss banks that are part of
the current UBS, Swiss Bank
Corporation (SBC) and Union Bank
of Switzerland (UBS), were
commercial banks operating mainly
out of Switzerland. The two banks
shared a similar vision: to
become a world leader in wealth
management and a global bulge
bracket investment bank with a
strong position in global asset
management, while remaining an
important main commercial and
retail bank in Switzerland.
Union Bank of Switzerland,
the largest and best-capitalized
Swiss bank, opted to pursue a
strategy of organic growth, or
expansion by internal means. In
contrast, SBC, then the third
largest Swiss bank, decided to
take another route by starting a
joint venture with O'Connor, a
leading US derivatives firm that
was fully acquired by SBC in
1992. O'Connor was noted for its
young, dynamic and innovative
culture, its meritocracy and
team-orientation. It brought SBC
state-of-the-art risk management
and derivatives technology.
In 1994, SBC acquired Brinson Partners — one
of the leading US-based
institutional asset management firms. Both the O'Connor and Brinson deals
represented fundamental steps in the development of the firm's products and
processes.
The next major step followed
in 1995, when SBC merged with SG
Warburg, the British merchant
bank. The deal helped to fill
SBC's strategic gaps in corporate
finance, brokerage and research,
and most importantly, brought
with it an institutional client
franchise, which is still at the
core of today's equities
business.
The 1998 merger of
Swiss Bank Corporation and Union
Bank of Switzerland brought
together these two leading Swiss
financial institutions, creating
the world leader in private
banking and improving the new
firm's chances of becoming a
bulge-bracket investment bank,
not to mention providing it with
greater capital strength.
But there was still a major
item left on the firm's broader
strategic agenda. It needed to
garner a significant presence in
the key US market in order to be
fully credible as a truly global
player in investment banking and
wealth management. That was
achieved with the PaineWebber
merger in 2000, whose integration
has been a notable success.
Because of that transaction and a
decade of transformational
change, UBS is now set for a
strategy based primarily on
organic growth — thanks to its
complete and global set of
businesses.
18
Table of Contents
Taking responsibility
Although the synergies and
strategic benefits resulting from
the 1998 merger between the
former Union Bank of Switzerland
and Swiss Bank Corporation are
widely acknowledged, less is
known of a comprehensive program
in Switzerland that has softened
the blow for many employees
displaced by the integration.
Called MIDSAM (a combined German
acronym that roughly equates with
"job reduction measures"), the
program has effectively helped
over 3,000 UBS employees affected
by merger-related restructuring
in the four years it was in
place. Employees who lost their
jobs as a result of the merger or
the subsequent reorganization
were given considerable support.
Their periods of notice were
doubled, while financial
contributions were made to
training programs and
outplacement consulting. They
were also closely assisted by
dedicated teams of
experts,
specifically trained for the
task, whose sole job was to find
creative ways for employees to
find a new and fulfilling
occupation — or help them settle
into early retirement. For UBS
itself, with total program costs
of around CHF 900 million, MIDSAM
was by no means a low-cost
option.
Although the MIDSAM
program itself ended in December
last year, there is a continued
need for a policy and program in
Switzerland that helps deal with
the effects of possible
restructurings and
reorganizations. To that effect,
a new program, called COACH, was
introduced on 1 January 2003.
Essentially, it is a full-time
advisory team whose task is to
place employees who lose their
jobs as a result of restructuring
- either externally or
internally, or help them with
early retirement, with many of
its conditions similar to the
MIDSAM program.
19
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20
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21
Table of Contents
The Business Groups
UBS Wealth Management & Business Banking
UBS Wealth Management & Business Banking
Georges Gagnebin
Chairman UBS Wealth Management
& Business Banking
Marcel Rohner
CEO UBS Wealth Management
& Business Banking
UBS Wealth Management & Business Banking provides private banking
services for wealthy clients around the world and is the leading bank
for individual and corporate clients in Switzerland.
Business Group reporting adjusted for significant financial events
1
Business Banking
UBS Wealth Management
Private Banking
Switzerland
& Business Banking
CHF million, except where indicated
For the year ended
31.12.02
31.12.01
31.12.02
31.12.01
31.12.02
31.12.01
Income
7,279
7,696
5,494
5,792
12,773
13,488
Credit loss expense
(28
)
(37
)
(286
)
(567
)
(314
)
(604
)
Total operating income
7,251
7,659
5,208
5,225
12,459
12,884
Personnel expenses
2,083
1,947
2,727
2,878
4,810
4,825
General and administrative expenses
2,158
2,038
159
396
2,317
2,434
Depreciation
125
151
355
465
480
616
Amortization of goodwill and other intangible assets
111
109
0
0
111
109
Total operating expenses
4,477
4,245
3,241
3,739
7,718
7,984
Business Group performance before tax
2,774
3,414
1,967
1,486
4,741
4,900
Cost/income ratio before goodwill (%)
60
54
59
65
60
58
Net new money (CHF billion)
16.6
24.6
3.7
9.2
Invested assets (CHF billion)
688
791
205
215
Headcount (full-time equivalents)
10,488
10,249
18,442
19,220
28,930
29,469
1
Details of significant financial events can be found in the Financial
Report 2002.
Business
Our extensive global branch
network delivers comprehensive
financial services to wealthy
private individuals around the
world and to private and
corporate clients in Switzerland.
Our strategy puts clients at the
center of all business activity,
with our efforts sharply focused
on providing them with the
financial products and tools that
meet their personal needs.
Organizational structure
On 1 July 2002, our new name and
management came into effect,
replacing the former UBS
Switzerland designation. High-end
affluent clients that were
previously the responsibility of
the former Private and Corporate
Clients (PCC) unit became Private
Banking clients, although their
advisor relationships remained
the same. Product development was
consolidated into a single
Products and Services area, and a
new Market Strategy and
Development area was created,
which provides comprehensive
marketing services for the whole
Business
Group. We report results for the
following two business units:
–
Private Banking, which
comprises the full private
banking business, and now
includes the high-end
affluent clients segment
–
Business Banking Switzerland,
consisting mainly of the
individual and corporate client
businesses of the former PCC
business unit.
All logistics and
service costs are allocated to
these two business units.
Competitors
UBS Private Banking's major
competitors comprise all private
banks active globally such as the
private banking operations of
Credit Suisse Group, Deutsche
Bank and Citigroup. We also
compete with private banks that
operate within their respective
domestic markets.
Business Banking
Switzerland's major competitors
are banks active in the retail
and corporate banking markets in
Switzerland. This includes Credit
Suisse Group, cantonal banks
throughout the country, and other
regional Swiss banks.
22
Table of Contents
Private Banking
With more than 140 years of private banking experience, an extensive global
network and CHF 688 billion in invested assets on 31 December 2002, UBS Private
Banking is the world's largest private bank.
Business
UBS Private Banking provides a
comprehensive range of products
and services individually
tailored for wealthy clients
around the world via its global
branch network and an extensive
channel of financial
intermediaries.
With CHF 688 billion in
invested assets on 31 December
2002, more than 140 years of
private banking experience and an
extensive branch network
comprising 111 offices in
Switzerland and 53 offices around
the world, UBS Private Banking is
the world's largest private bank.
Our 3,291 highly trained
client advisors back up strong
personal relationships with
access to the resources of the
whole UBS Group, providing a full
range of wealth management
services from asset management to
estate planning and from
corporate finance advice to art
banking. Furthermore, our open
product platform gives clients
access to a wide array of
pre-screened, top-quality
products from third party
providers that complement UBS's
own line.
At the beginning of 2001, we
launched the European wealth
management initiative, a major
growth initiative to expand our
domestic private banking presence
in the five key European markets
of France, Germany, Italy, Spain
and the UK. Since 2001, we have
steadily opened offices and hired
experienced client advisors in
key locations within our five
target markets.
Organizational structure
Our global product offering is
carefully tailored to meet
country-specific tax and legal
regulations as well as the varied
aspirations of clients in
different markets. With this
geographical focus in mind, our
client advisors are organized
into the two business areas of:
–
Private Banking — Swiss
Clients, covering clients
domiciled in Switzerland,
divided into eight
geographical regions in
Switzerland
–
Private Banking — International Clients,
serving clients domiciled
outside of Switzerland,
including the clients of the
European wealth management
initiative. It is organized
into the seven regions of
Italy, Western Europe,
Germany and Benelux,
UK/Northeastern and
Southeastern Europe, the
Middle East and Africa,
Asia, and the Americas.
We have a number of global
teams that have areas of
specialized expertise and which
concentrate on the requirements
of particular client groups. In
September 2002, we were the first
European financial group to open
a subsidiary in Bahrain. Called
Noriba bank, it offers
sharia-compliant products to
institutions and high net worth
individuals residing in the
Arabian Gulf and around the
world.
We also provide financial
intermediaries, both inside and
outside Switzerland, with our
solutions, products and services,
helping them to add substantial
value to their client
relationships.
23
Table of Contents
The Business Groups
UBS Wealth Management & Business Banking
Growth platform for independent wealth
management subsidiaries
During the first half of 2003,
UBS will create a new holding
company to incorporate GAM, its
specialist asset management firm,
as well as its five independent
private banks — Cantrade
(Zurich), Banco di Lugano
(Lugano), Ferrier Lullin
(Geneva), Bank Ehinger (Basel)
and Armand von Ernst (Bern). With
this common platform, all of our
independent wealth management
subsidiaries will be equipped and
encouraged to grow faster, and
deliver their full value creation
potential. The new structure will
ease the path to integration
where it makes sense, targeting
economies of scale not achievable
by each organization on its own.
It may allow a future role in the
consolidation of the private
banking industry.
The new company will be
chaired by Hans De Gier,
currently UBS Executive
Vice-Chairman, who will as a
result leave UBS's Chairman's
Office. He will be joined on the
board as Deputy Chairman by
Georges Gagnebin, Chairman of UBS
Wealth Management & Business
Banking and Peter Kurer, UBS
Group General Counsel. Hans De
Gier will lead the strategic
reorganization and integration
efforts, supported by the six
current Chief Executives of the
subsidiaries, and will join the
boards of all six firms.
The companies involved
employ approximately 1,750 staff
globally, and their clients have
invested assets of approximately
CHF 70 billion. The new company
will not
be integrated with UBS's
wealth management operations, and
will be part of the Corporate
Center. This structure will be
reflected in our financial
reporting with effect from first
quarter 2003. We will release
restated figures for 2000, 2001
and 2002 reflecting these changes
prior to the publication of first
quarter results.
24
Table of Contents
Clients
In order to achieve our business
objectives and maintain our
position as the wealth management
provider of choice, it is
imperative that we constantly
work to fulfill our clients
objectives, demands and needs
around the world.
Four-step advisory process
A key part of fulfilling our
clients' needs is our structured
advisory process. The consistent
delivery of a truly consultative
advisory process combined with a
comprehensive product-positioning
framework is essential to putting
Private Banking's value
proposition into action. Highly
skilled client advisors take time
to understand client needs,
taking into account all the
different factors that might
affect a client's investment
goals and risk appetite. The
client advisor then acts as a
consultant, helping to build a
personalized financial strategy
that meets those requirements -
one that provides best-in-class
solutions supported by
state-of-the-art technology.
Thus, our commitment to open
architecture forms a key part of
the value proposition for our
clients in this process. The
selection of the most appro-
priate
solution is based on an agreement
between the client and the client
advisor, a solid basis for a
long-lasting relationship.
The whole process is rounded
out by comprehensive monitoring
and reporting of investment
performance, as well as the
regular communication between the
client advisor and the client in
which goals and strategies are
constantly evaluated, and
adjusted or revised as required.
Our extensive training
programs ensure that client
advisors become fully versed in
all aspects of this structured,
four-step advisory process,
thereby giving them the tools to
strengthen their client
relationships.
Financial intermediaries
We are a market leader in
providing products and services
to financial intermediaries. They
include small to medium-sized
banks, independent asset managers
and financial consultants in
Switzerland, France and Germany
as well as in other locations
around the world. Using
intermediaries to offer our
products and services allows us
to further leverage the scale and
scope of our private banking
expertise, while giving them
integrated, comprehensive
solutions suited to their
clients' needs.
European wealth management
The European wealth management
initiative was launched in early
2001 and is aimed at wealthy
clients in the five target
countries of France, Germany,
Italy, Spain and the UK. Together
they comprise around 80% of the
total European market for wealthy
clients. The initiative combines
our extensive private banking
experience with the best of UBS
PaineWebber's marketing and
product
skills, using both as powerful
catalysts to build a significant
domestic European presence.
25
Table of Contents
The Business Groups
UBS Wealth Management & Business Banking
People
Acquiring high quality client
advisors with specialized
knowledge of their domestic
markets is a cornerstone of the
European wealth management
initiative. Since the
initiative's start in early 2001,
we have tripled the number of
advisors in our five key European
countries. In 2002, we employed
an additional 181, raising the
total to 551 client advisors on
31 December 2002. New hires
benefit from a training
initiative that helps every
private banker learn about the
current state-of-the-art in
wealth management, complemented
by product-specific training on
the new generation of open
architecture solutions. We
regularly review the performance
of our client advisors against
pre-set, mutually agreed targets.
Strategy
In 2002, the European wealth
management initiative proved
itself on many fronts. Its growth
potential was underlined by the
continued hiring of new client
advisors, who helped bring in net
new money of CHF 7.6 billion.
This inflow represents an annual
growth rate of 48%. In the same
timeframe, invested assets
increased by 75% to CHF 28
billion on 31 December 2002. The
impact of Italy's tax amnesty at
the beginning of 2002 highlighted
the initiative's defensive
characteristics as almost half of
the assets repatriated by our
Italian clients were directed to
our domestic Italian business.
Our current strategy for
this initiative focuses on the
three building blocks of
"People", "Products" and
"Platform". Only by deploying the
best people, with the best
products and superior technology
to support them, will we build
the client base we seek in our
target countries.
Products
We offer our clients a full range
of Private Banking's products
based on our open architecture
philosophy. We carefully tailor
our investment solutions to the
regulatory and tax environment of
each specific country and, of
course, to individual client
needs.
Platform
We are continuing to expand our
European branch network,
extending our reach to new
clients and improving our service
to our existing clients.
Potential locations in our five
target countries are
systematically
screened according to a number of
criteria including market
potential, the market share
required to break even, and the
potential availability of
professional client advisors. We
have three different types of
offices: main country offices,
branch offices and satellite
offices. The main country offices
are located in a country's most
important financial center and
enjoy extensive infrastructure.
Branch offices and satellite
offices operate with a leaner set
up. We currently have 25 offices,
up from the 19 offices operating
at the start of 2002. The new
branch offices opened during 2002
are located in Bielefeld,
Bordeaux, Lille, Nantes, Naples,
and Strasbourg. In addition,
although not directly part of the
European wealth management
initiative, a satellite office
was opened in Brussels.
In order
to ensure our flexibility and
capability to swiftly introduce
innovative new products, we are
building a new IT infrastructure
to sup-
26
Table of Contents
port the European wealth
management initiative. It was
successfully launched in France
in 2002, and will be rolled out
next in Germany and Italy,
followed by the remaining target
markets.
Market forecasts
indicate that the client segment
targeted by the initiative will
grow significantly in coming
years. We believe that our
expertise, strategy and
technology put us in an excellent
position to significantly enhance
our position in Europe, and help
to establish ourselves as the
wealth manager of choice in our
five target countries.
Products and services
In order to maintain our
credibility and reputation with
clients, we have to offer them
neutral advice that is not biased
towards any particular set of
products or services. Doing this
successfully entails opening our
product architecture to include
products and services from
third-party suppliers. At the
same time, we have no intention
of becoming a one-stop financial
supermarket, and we therefore
carefully choose and screen third
party offers, only selecting
those that meet the high quality
standards our clients demand.
Combining this careful product
selection with our structured
advisory process ensures that the
solutions we propose to clients
are the ones that best fit their
needs and goals. Open
architecture is key to offering
high-quality solutions building
on the trust inherent in any
relationship between client and
client advisor.
To have the greatest
possible impact, our open
architecture framework focuses on
products or services that differ
substantially in both scope and
content between the different
providers.
Product positioning framework
Depending on their financial
situation and individual
preferences, clients have varying
requirements regarding the level
of service they expect from their
advisor.
On a first level,
UBS
Investment Products
comprises
advisory services primarily
focused upon effective management
of a standard suite of
transaction-oriented products.
UBS Investment Solution
s, the
second level, adds systematic
advisory services such as asset
allocation, investment selection
and portfolio management. Clients
choose investments based on a
consultative advisory service or
delegate all decision making to
their client advisor. The third
level
, UBS Financial Plannin
g,
goes beyond pure investment
decisions and offers
comprehensive advice reflecting
the client's needs and tax
implications. At the
top end of the range,
UBS Wealth
Management Solutions
provides the
whole range of financial services
in an exclusive and very
individualized format for ultra
high net worth individuals,
taking their entire asset base
into account, including, for
example, real estate and art
objects.
Investment products
Our clients benefit from
exemplary service and execution
standards across a full range of
products that stretches from
equities to foreign exchange,
from structured products to
precious metals. In addition, our
clients can access a wide range
of alternative investments, from
in-house hedge funds to third
party private equity funds and
fund of funds products.
Increasingly, we are finding that
clients taking advantage of our
discretionary portfolio
management services are including
alternative investments into
their overall asset allocation
strategy.
27
Table of Contents
The Business Groups
UBS Wealth Management & Business Banking
Our UBS Life business, which
was established in first quarter
2001, focuses on the sale of
unit-linked products. They are
sold alongside more traditional
life insurance policies that we
provide from third party sources.
In 2002, 4,193 clients bought
life insurance from UBS Life,
ranking it among the top
providers in the Swiss market for
unit-linked insurance.
Investment solutions
We offer systematic advisory
services such as investment
selection and portfolio
management. Our clients can
choose between discretionary
portfolio management and advisory
management of assets, just as
they can choose between UBS and
third party investment
management.
Clients that choose
discretionary portfolio
management delegate the
management of their assets to a
team of professional UBS
portfolio managers according to
an investment strategy agreed
with their client advisor and
which reflects their risk
appetite. Discretionary portfolio
management allows our clients to
directly benefit from the
investment policy of a leading
financial institution with
international resources. It gives
them access to a large reservoir
of knowledge and experience, and
they are secure in the knowledge
that portfolios and risks are
continuously being monitored.
Many clients increasingly wish to
be involved in the management of
their own assets, with
support
from UBS's investment
professionals. For them, Private
Banking provides analysis and
supervision of portfolios and
their risk profiles, together
with tailor-made proposals to
support investment decisions. We
offer different levels of
structured advisory services,
each based on an all-inclusive
fee.
Financial planning
We provide professional financial
planning services that help our
clients achieve their personal
and financial
objectives while assisting them
when they have to make key
financial decisions at different
stages of their lives. The
financial planning advice we
provide to our clients and their
families covers all
eventualities, from education
funding and gifts to children
through to business start-ups and
inheritance planning. Specific
advisory services we provide
include strategic wealth
management and lifestyle
planning, retirement planning,
inheritance and succession
planning, real estate advice,
asset protection, tax planning,
insurance advice and the
establishment of trusts,
foundations and other corporate
structures.
Wealth management solutions
Wealth management solutions
comprise the whole range of
financial services offered by
Private Banking to ultra high net
worth individuals in an exclusive
and very individualized format.
28
Table of Contents
The family office team helps
wealthy families preserve and
optimize their investments across
generations, taking into account
all economic, political, legal,
and personal aspects.
Private Banking also provides
independent corporate finance
advice and services to business
owners through a team of
professional investment bankers at
UBS Private Banking who can draw
on the extensive resources of UBS
Warburg.
Real estate is the
world's largest asset class — about
50% of the world's wealth is held
in real estate assets. UBS Private
Banking offers comprehensive
advisory services for real estate
matters around the globe. It
assists clients evaluating their
real estate portfolios, offering
support in complicated
cross-border real estate
transactions.
In addition, we offer a
unique professional approach to
art investment. Experienced art
client service advisors
collaborate with our clients to
design an art collection,
structure tailored art-related
solutions or advise on buying and
selling rare coins. We draw upon
the resources of over 150
international service providers
in the art-related business.
We also provide executives
and corporations with a leading
edge platform that manages stock
and options plans, based on a
similar UBS PaineWebber service.
29
Table of Contents
The Business Groups
UBS Wealth Management & Business Banking
Business Banking Switzerland
Business Banking Switzerland, UBS Wealth Management & Business Banking's retail
and commercial banking unit, is the market leader in Switzerland and provides a
complete set of banking and securities services for individual and corporate
clients.
Business
UBS is the leading bank in
Switzerland. At the end of 2002,
the Business Banking Switzerland
unit had around 3.5 million
individual client accounts, and
relationships with around 180,000
enterprises across Switzerland as
well as 5,000 financial
institutions worldwide. Clients
have invested assets of CHF 205
billion with us. With a
total loan book of CHF 139
billion on 31 December 2002, we
have a leading position in the
Swiss lending and retail mortgage
market.
We aim to provide our clients
with optimal levels of convenience
and service by continuously
expanding our comprehensive range
of distribution channels. Together
with our successful e-banking
offering and customer service
centers, our 1,225 ATMs and 311
branches across Switzerland
provide a network that is more
extensive than that of any
domestic competitors. At the end
of 2002, Business Banking
Switzerland employed 18,442 people
throughout Switzerland. This
represents a reduction of more
than 6,000 employees since the
merger in 1998 between the Union
Bank of Switzerland and Swiss Bank
Corporation. To a great extent,
this was due to merger synergies,
including a reduction in the
number of retail branches by
almost 250.
One of Business
Banking Switzerland's key
objectives is to increase
profitability by continuously
realizing cost savings and by
improving revenues through a
further implementation of our
risk-adjusted pricing model. We
strive to create additional value
by providing integrated financial
solutions for our clients'
individual requirements.
Organizational structure
The Business Banking Switzerland
unit comprises the Business
Banking retail network, as well
as the main activities of the
three logistics business
areas of
Operations, Resources, and
Information Technology.
Clients and products
Business Banking Switzerland
offers high-quality, standardized
products to the retail market for
individual and small company
clients, as well as more complex
products and advisory services
for larger corporate and
institutional clients and
financial institutions.
Private clients
We serve around 3.5 million
individual client accounts in
Switzerland, offering them a wide
range of product and services.
Supported by a powerful
electronic distribution channel,
our branches, which are organized
into eight regions, are key
driving forces in serving our
clients effectively.
Our range of products and
services for private clients
provides a comprehensive
selection of current accounts,
savings products, residential
mortgages, pensions and life
insurance.
Business Banking
Switzerland has a leading
position in many Swiss markets.
In the loan and savings markets
for individuals it has a market
share of 25%, while in the credit
card business its market share is
31%.
Corporate clients
Business Banking Switzerland
services 180,000 corporate
clients, including institutional
investors, public entities and
foundations based in Switzerland.
Of the 180,000, around 160
are capital market companies,
with operations that span a broad
range of markets and geographical
regions. These clients require
our advanced financing and risk
management skills and
comprehensive access to the
capital markets for funding
needs.
30
Table of Contents
Around 7,500 of our clients
are large companies that utilize
our expertise in handling complex
financial transactions. We
provide a wide range of financial
advice to them, from the
selection and design of
investment products to assisting
with complex mergers and
acquisitions or providing
structured financing advice
services, often working in close
cooperation with specialists from
elsewhere in the UBS Group.
The
remaining some 170,000 corporate
clients are small and
medium-sized enterprises
requiring local market expertise
and access to our full range of
products and services.
In 1998,
we introduced a new lending
business process that uses a
risk-adjusted pricing model. It
was designed to shift the focus
away from lending volumes while
putting more emphasis on
transactions that create economic
value by establishing an
appropriate risk/return
relationship. As a result of this
process, the risk profile of our
loan portfolio has gradually
improved in the four years since
its introduction, while the
credit quality of counterparties
has also improved. At the same
time, risk-adjusted pricing
benefits our clients by promoting
transparent and open discussions
between client and advisor. The
advisor clearly communicates the
basis for credit decisions, and
possible areas of improvement can
be identified, which, if
successfully implemented, can
then be reflected in lower loan
pricing.
We also provide substantial
business process support to our
(clients, ranging from
transactional payments and
securities services to
facilitating cross-border
transactions with trade finance
products.
Our global custody services
offer institutional investors the
opportunity to consolidate
multiple bank relationships into
a single cost-efficient global
custodial relationship. This
simplifies their processing and
administration arrangements and
allows them to take advantage of
our value-added services, such as
flexible consolidated performance
reporting, and powerful portfolio
management tools.
Financial institutions
We also offer payments,
securities, and custodial
services to more than 5,000
financial institutions worldwide
and play a leading role together
with UBS Warburg in the firm's
"Bank for Banks" initiative that
focuses on offering
state-of-the-art services to
other banks. This allows us to
optimize the utilization of our
existing infrastructure and
increase efficiency, while other
banks who lack our scale can
outsource activities and benefit
from UBS's wide-ranging
expertise.
Logistics areas
Business areas focusing on client
needs can only fully exploit
their potential if they are
provided with a reliable and
efficient infrastructure.
The logistics business areas
(Operations, Resources and IT)
provide products and services to
UBS Wealth Management & Business
Banking and to other UBS
businesses. For example,
inter-bank foreign exchange and
options transactions from key UBS
Warburg locations
such as London, Stamford,
Singapore, Hong Kong, and Tokyo
are centrally processed in
Switzerland.
31
Table of Contents
The Business Groups
UBS Wealth Management & Business Banking
Distribution
In recent years the needs of our
private clients have changed.
Although our physical branch
network used to be the principal
distribution platform, today
clients want the flexibility of
being able to access their
accounts using the full range of
modern communication technology.
They want to contact their bank
when it is convenient for them,
and without restrictions imposed
by regular business hours.
Because of that, UBS Wealth
Management & Business Banking
pursues an integrated,
multi-channel strategy. We use
technology to complement, rather
than replace the traditional
physical branch network. Standard
transactions can be conveniently
executed using one of the
alternative electronic channels,
enabling client advisors to focus
on providing personalized advice
to individuals, developing
financial solutions to match each
client's individual requirements.
Technology is therefore critical
to supporting our goal of
building strong client
relationships, with advice at the
center.
For basic products and
services, technology is used to
ensure round the clock
availability. Our customer
service centers provide basic
information and advice 24 hours a
day. In 39 of our branches in
Switzerland we have implemented a
"two-zone concept" where standard
transactions are executed via
ATMs, while client advisors focus
on value-added advice.
e-commerce
Our internet and other e-banking
platforms are part of this
integrated multi-channel
strategy. As well as being a
transaction tool, e-banking is an
important method for distributing
information about UBS's products
and services. UBS's website
provides a wide spectrum of
information on specific UBS
products. If questions arise,
call centers are available to
support the client or to arrange
in-depth advice from specialists.
Security of the e-banking
platform has become an important
competitive factor for UBS Wealth
Management & Business Banking.
Because of that, over the course
of last year, we introduced a new
UBS Smartcard access system to
replace our paper password lists.
UBS Smartcard is based on a code
that is saved on each individual
UBS e-banking card and does not
require any installation. The
card's content is protected and
cannot
be copied or decoded. Its
codes are only valid for a very
short timespan — unlike the paper
list.
Our customers make
extensive use of our e-banking
channels. On 31 December 2002,
almost 330,000 clients had active
e-banking contracts. During 2002,
74% of payment orders were
initiated via e-banking, and 12%
of securities transactions were
initiated via e-banking.
Loan portfolio
On 31 December 2002, Business
Banking Switzerland's loan
portfolio was CHF 139 billion.
Mortgages represented CHF 107
billion, of which more than 80%
were residential mortgages.
Continued discipline in
implementing our risk-adjusted
pricing model has resulted in a
strengthened focus of origination
efforts on higher
quality exposures with an
attractive risk/return
relationship. Thanks to the
introduction of this model, the
risk profile of our portfolio
continues to improve.
32
Table of Contents
For details on the credit
portfolio, please refer to the
"Risk Analysis" section on pages
59 to 77.
Recovery portfolio
Because there will always be a
certain percentage of clients
unable to meet their financial
obligations, we have dedicated
teams of recovery specialists to
help them, either by pursuing a
possible economic recovery
through restructuring, or
alternatively, by achieving the
best possible value through
liquidation of available
collateral in order to limit
financial loss on the loan.
The recovery portfolio
amounted to CHF 8.6 billion at 31
December 2002, of which CHF 7.8
billion was impaired and carried
provisions of CHF 3.4 billion.
The recovery portfolio has been
cut by 67% over the last four
years from CHF 26 billion at 31
December 1998 thanks to our
successful recovery efforts. Over
the same period, non-performing
loans (those with payments
outstanding for ninety days or
longer) decreased from CHF 14.0
billion to CHF 5.0 billion,
leading to a non-performing loans
to gross loans ratio of 3.6%.
Strategic Solution Project (SSP)
The extensive consolidation in
the financial industry over the
last decade and the rise of new,
interactive technologies such as
the internet have substantially
changed the demands and
performance requirements for the
IT infrastructures of major
global financial service
providers. Flexible platforms and
online capabilities are now de
rigueur, as are IT applications
that give clients comprehensive
real-time, online services and
allow the bank and client
advisors to get an integrated
view of client data and
transactions.
Recognizing the
need to comprehensively overhaul
our basic IT architecture, in
1999 we launched a large-scale
project called the "Strategic
Solution Program" for
Switzerland. It will provide us
with a wholly new IT platform and
replace a number of current
platforms, which have reached,
despite continual updates and
renewals, certain limits. The SSP
is a basic platform that will
hold all basic data and
information necessary for UBS's
business in Switzerland, and from
which business-critical
applications can be built on top.
The main objectives of the
new banking software platform are
to increase business flexibility,
improve online, interactive
capabilities, lower
operational
risks, achieve shorter times to
market for products and services,
introduce front-line applications
for all business processes, cut
operational costs and create
clearly-defined interfaces based
on industry standards.
In 2003, the core system
will be programmed and installed,
after which all bank applications
in Switzerland will be built on
top of it. Users themselves will
not notice a great difference on
their computer screens as a
conscious decision was taken at
the outset to change as little to
the graphic interface as possible
during the first stage of the
project.
As SSP progresses,
certain applications will be
bought from external providers;
some will be taken from the old
UBS platform and updated, while
UBS's internal
business and IT specialists
will develop others.
We also know
that SSP works effectively. Some
components of our information
technology infrastructure started
to be processed on the SSP
platform last year. Moreover, to
test stability and performance,
we ran the basic system
successfully in parallel with our
old system when performing
year-end processing.
33
Table of Contents
The Business Groups
UBS Global Asset Management
UBS Global Asset Management
John A. Fraser
Chairman and CEO
UBS Global Asset Management
UBS Global Asset Management is a leading asset manager, providing
investment management solutions to institutional clients as well as to
private clients through financial intermediaries.
Business Group reporting
UBS Global Asset Management
CHF million, except where indicated
For the year ended
31.12.02
31.12.01
Institutional fees
899
1,174
Wholesale Intermediary fees
1,054
1,044
Total operating income
1,953
2,218
Personnel expenses
946
1,038
General and administrative expenses
513
569
Depreciation
37
46
Amortization of goodwill and other intangible assets
270
286
Total operating expenses
1,766
1,939
Business Group performance before tax
187
279
Cost/income ratio before goodwill (%)
77
75
Net new money — Institutional (CHF billion)
(0.6
)
6.2
Invested assets — Institutional (CHF billion)
279
328
Net new money — Wholesale Intermediary (CHF billion)
(1.8
)
28.7
Invested assets — Wholesale Intermediary (CHF billion)
278
344
Headcount (full-time equivalents)
3,346
3,281
Business
UBS Global Asset Management
provides investment management
services for institutional
investors, and for financial
intermediaries worldwide. Our
purpose is to deliver superior
results for clients through our
integrated investment platform.
We are distinguished by our
integrated global investment
platform and the breadth, depth
and scope of our investment
capabilities that enable us to
offer clients investment
portfolios in nearly every major
asset class.
Invested assets
totaled CHF 557 billion on 31
December 2002, making us one of
the largest global institutional
asset managers, the second
largest mutual fund manager in
Europe, and by far the largest
mutual fund manager in
Switzerland.
Our organization consists of
three platforms. Our price/value
investment philosophy is at the
heart of our core investment
management business. We can
demonstrate strength and depth of
investment resources around the
world and have the critical mass
to attract and retain the best
people. State-of-the-art risk
management tools
34
Table of Contents
and processes
are central to our disciplined
investment approach. Developed
in-house, our Global Equity Risk
System allows portfolio managers
to call upon comprehensive risk
analysis within seconds. In this
way, portfolio managers can be
sure that portfolios are managed
in line with clients' individual
risk/return objectives.
Our second alternative and
quantitative investments platform
encompasses several specialist
businesses with distinctive
brands, including O'Connor (hedge
funds and other alternative
investments), AIS (the Hong
Kong-based fund of hedge funds
business), DSI (global equity
index managers) and ACM (the
Zurich-based institutional hedge
fund and private equity manager).
The third, the real estate
business — principally located in
the US and the UK, with
significant presence in
Switzerland and Japan — have been
combined into a separate and
global real estate capability.
UBS Global Asset Management has
devoted substantial resources to
creating and maintaining its
systems. We run a number of
proprietary systems including
models and tools for equity and
fixed income research, valuation,
risk monitoring and portfolio
management. We have also invested
in sophisticated, web-based
communication tools to
disseminate investment
information internally. Through
these communication links between
our investment professionals
worldwide, we create conditions
for generating superior
investment research and for
sharing knowledge and ideas for the benefit of our clients.
Organizational structure
UBS Global Asset Management's
main offices are in London,
Chicago, New York, Tokyo and
Zurich. With over 3,000 employees
in more than 20 countries, UBS
Global Asset Management is truly
global.
UBS Global Asset Management
was formed as a result of the
merger of Union Bank of
Switzerland and Swiss Bank
Corporation in 1998. In July
2000, this culminated in the
integration of the investment
teams of the respective asset
management businesses — UBS Asset
Management, Brinson Partners
(whose Chicago origins date back
to the early 1970s) and Phillips
& Drew (established in London in
1895). In April 2002, with the
integration completed, the
Business Group was re-branded as
UBS Global Asset Management.
GAM (specialist
multi-manager, founded in 1983
and acquired by UBS in 1999),
which was part of our Business
Group, will be transferred to the
Corporate Center as of first
quarter 2003. For further details
please refer to the "Private
Banking" section on page 24).
Competitors
UBS Global Asset Management
competes against other global
asset managers such as Merrill
Lynch Investment Managers,
Deutsche Asset Management,
Fidelity and AMVESCAP.
Clients
UBS Global Asset Management
offers a range of investment
capabilities designed for
institutional investors and the
wholesale intermediary
marketplace around the globe.
35
Table of Contents
The Business Groups
UBS Global Asset Management
We combine investment
expertise and sophisticated risk
and currency management with a
clear commitment to providing
client-centric solutions. Our
capabilities include active
investment in equity and fixed
income, passive and
exchange-traded funds, as well as
alternative investment strategies
using fund-of-funds and
multi-manager funds, real estate
and timber.
These investment
management services are offered
in the form of segregated, pooled
and advisory mandates as well as
through investment funds. We aim
to deliver superior investment
performance to clients through
the management and allocation of
their investments across and
within all major asset classes.
We believe that client
service means more than providing
investment expertise and
wide-ranging investment
capabilities. UBS Global Asset
Management also recommends
relevant investment
solutions based on its
understanding of the needs of
clients. Ongoing dialogue is
critical. Beyond the consultative
and reporting aspects of our
client relationships, we
communicate with clients
utilizing a comprehensive range
of publications and events to
keep them up-to-date with
research, investment views and
business issues.
Institutional
We have a diverse institutional
client base located throughout
the world. Our clients include:
–
corporate and public pension
plans
–
endowments and private
foundations
–
insurance companies
–
sovereign governments and their
central banks; and
–
supranationals
In consultant-driven
markets, such as the US and UK,
we rely on developing and
maintaining strong relationships
with the major consultants that
advise institutions. We also
dedicate resources to generating
new business directly with large
clients.
Wholesale Intermediary
UBS Global Asset Management
offers over 400 investment funds,
exchange traded funds and other
investment vehicles, across all
asset types in diverse country,
regional and industry sectors.
Distribution of our
investment funds is principally
through financial intermediaries.
Our most significant distribution
channels are UBS Wealth
Management & Business Banking and
UBS PaineWebber. We are
continuing to evolve towards a
distribution architecture in
which an increasing proportion of
funds will be sold through third
party channels.
36
Table of Contents
Strategic opportunities
Industry trends and competitive positioning
Despite the recent equity market
volatility the longer-term
outlook for the asset management
industry remains strong,
primarily driven by demographic
pressures and accompanying
pension reform. However, asset
management, like most of the
financial services industry, is
undergoing a period of
reassessment and review. There is
widespread recognition that costs
will need to be reduced and that
fee levels cannot be sustained.
Open architecture
distribution appears to be
increasingly commonplace in the
US while it is making inroads
into the European and Asia
Pacific regions. This continues
to present both opportunities and
challenges for asset managers;
opportunities to gain access to
new and formerly closed
distribution channels and
challenges in maintaining
penetration rates within
proprietary ones.
Recent volatility within the
equity markets has encouraged
many investors to seek
alternative forms of investment
that diversify their investment
styles. This has led to the
increased popularity of hedge
funds and private equity
investments driven by higher
potential returns and lower
correlation with stock market
indices. Furthermore, in the
short-term, an increased
allocation to fixed income and
money market instruments has been
witnessed. Only asset managers
possessing global,
multi-specialist offerings are
able to service such changing
needs in a flexible manner.
We believe we are strongly
positioned to take advantage of
this changing market as we have
the reach and necessary scale to
succeed in an
increasingly global
industry, and we have a
multi-specialist offering of
diverse investment capabilities
matched by very few companies.
The more clearly focused
structure we have implemented,
now more clearly delineates
between our price/value
investment capabilities,
alternative and quantitative
investments platform and our
global real estate capabilities.
Distribution of all these
capabilities to both
institutional and wholesale
clients will continue to rely
heavily upon our strong regional
business structure. In this way,
we will endeavor to provide
clients with the best solutions
to their needs.
Investment performance
In all capabilities, there have
been strong investment
performance trends in recent
years. In the core investment
management platform, this was
particularly evident in 2002 —
portfolios were well positioned
early in the year for the
disappointment faced by investors
in capital markets flowing from
both poor economic and earnings
growth. Balanced portfolios
benefited from equity
underweightings in the first half
of the year and overweightings
thereafter. Across the various
asset classes, individual
security selection proved as
strong as in recent years,
especially in the global equity
mandate. Performance in active
currency mandates was also
strong. In the other
capabilities, performance was
affected by the challenging
market conditions. Several of the
capabilities performed well while
others faced particular
difficulties in the middle part
of the year. Performance towards
the end of the year was stronger
across the board.
37
Table of Contents
The Business Groups
UBS Warburg
UBS Warburg
John P. Costas
Chairman and CEO
UBS Warburg
UBS Warburg is one of the leading investment banking and securities
firms, providing a full spectrum of services to institutional and
corporate clients, governments and financial intermediaries around the
world.
Business Group reporting
Corporate and
Institutional Clients
UBS Capital
UBS Warburg
CHF million, except where indicated
For the year ended
31.12.02
31.12.01
31.12.02
31.12.01
31.12.02
31.12.01
Income
14,100
15,587
(1,602
)
(872
)
12,498
14,715
Credit loss expense
(128
)
(112
)
(128
)
(112
)
Total operating income
13,972
15,475
(1,602
)
(872
)
12,370
14,603
Personnel expenses
7,784
8,258
94
96
7,878
8,354
General and administrative expenses
2,314
2,586
64
64
2,378
2,650
Depreciation
381
454
1
2
382
456
Amortization of goodwill and
other intangible assets
364
402
0
0
364
402
Total operating expenses
10,843
11,700
159
162
11,002
11,862
Business Group performance before tax
3,129
3,775
(1,761
)
(1,034
)
1,368
2,741
Cost/income ratio before goodwill (%)
74
72
85
78
Net new money (CHF billion)
0.5
0.1
Invested assets (CHF billion)
3
1
Headcount (full-time equivalents)
15,964
15,562
73
128
16,037
15,690
Business
UBS Warburg operates globally as
a client-driven investment
banking and securities firm. Our
salespeople, research analysts
and investment bankers provide
products and services to the
world's key institutional
investors, intermediaries, banks,
insurance companies,
corporations, sovereign
governments and supranational
organizations.
For both its own corporate
and institutional clients and the
individual clients of other parts
of the UBS Group, UBS Warburg
provides product innovation,
research and advice, and
comprehensive access to the
world's capital markets.
Organizational structure
Since 1 January 2002, UBS Warburg
has been organized into two
business units:
–
the Corporate and Institutional
Clients business unit, which is
one of the leading global
investment banking and securities
firms, providing products and
advice to institutional and
corporate clients
–
UBS Capital, which is
responsible for managing our
private equity investments in a
diverse global range of private
companies
Our former private
clients business centered around
UBS PaineWebber, became a
separate and independent Business
Group effective 1 January 2002.
Results shown in the Business
Group reporting table have
therefore been restated to
reflect this.
Competitors
As a global investment banking
and securities firm, we compete
against other global players like
Merrill Lynch, Goldman Sachs,
Morgan Stanley and Credit Suisse
Group.
38
Table of Contents
Corporate and Institutional Clients
Our global reach gives our clients unique access to financial markets around
the world backed up by a complete array of services and products.
Business
The Corporate and Institutional
Clients (CIC) business unit
provides wholesale products and
advisory services to a diverse
client base worldwide. It has a
significant corporate client
financing and advisory business,
with particular strengths in
advising on cross-border mergers
and acquisitions and the capital
raising requirements of our
global corporate and governmental
client base. Although
historically we have been among
the
leaders in European corporate
finance, we are also now the
fastest growing investment bank
in the US, according to Freeman &
Co's "All Industries" data.
We are also an important
partner for institutional
clients, with strengths in
equities research and
distribution as well as in
originating, structuring and
distributing fixed income cash
and derivatives products. We have
risk management skills across all
product areas, covering cash and
derivative products. We leverage
these skills to provide a broad
array of risk management products
for our institutional and
corporate clients.
We also manage cash and
collateral trading and interest
rate risks on behalf of the UBS
Group while executing the vast
majority of securities,
derivatives and foreign exchange
transactions for UBS's retail
clients.
Due to the nature of our
business, our revenues vary
seasonally from quarter to
quarter. Historically, the first
half of the year tends to be
stronger than the second half.
CIC, headquartered in
London, employs almost 16,000
people in 31 countries around the
world.
Organizational structure
We organize our business into three distinct areas:
–
Equities
–
Investment Banking
–
Fixed Income, Rates and Currencies
They are distinguished by the
type of products and services
offered and the nature of the
business risks they raise. All
businesses are run on a global
basis.
Legal structure
UBS Warburg operates through
branches and subsidiaries of UBS
AG. Securities activities in the
US are conducted through UBS
Warburg LLC, a registered
broker-dealer.
Products and services
Equities
UBS Warburg's equity business is
a leading player in the global
primary and secondary markets for
equity, equity-linked and equity
derivative products. We sell,
trade, finance and clear cash
equity and equity-linked
products. We also structure,
originate and distribute new
equity and equity-linked issues.
Additionally, we provide research
on companies, industry sectors,
geographic markets and
macro-economic trends.
39
Table of Contents
The Business Groups
UBS Warburg
Corporate and
Institutional Clients: income by client type
For the year ended
% of total
31.12.02
31.12.01
31.12.00
Investment banking clients
23
23
23
Securities revenue from corporate clients
6
6
5
Institutional clients and markets
71
71
72
Total
100
100
100
We are members of over 87
different stock exchanges in 31
countries and have a local
presence in 40 offices around the
world, with a team of 900
salespeople giving our clients
access to the global equity
markets. In the US, our equities
business is among the top
investment banks in terms of
trading volume, and for market
share of client commissions
(according to an industry
survey). We remain an important
provider of non-US primary and
secondary equities into the US
market.
In Europe, we continue to
defend our leading position while
in the Asia-Pacific region, we
have built a substantial equities
franchise. Also, we have
maintained longstanding and
first-ranked positions in
Australia in the research,
primary and secondary categories,
according to leading market
surveys. In Japan, we are one of
the main foreign players in the
domestic market. During 2002, UBS
Warburg received the following
awards, among others, from
industry publications and
surveys:
–
"Equity House of the Year"
from
The Banker
(second year
running)
–
"No. 1 Global Product Sales" from
Institutional Investor
–
"Equity Derivatives House of the Year" from
International Financing Review
The technology platform has
been incorporated into the
day-to-day management of each
business area, allowing us to
adapt, expand and improve our
business processes and client
services.
Our Equity Capital
Markets team lead manages many of
the world's largest and most
complex pricing transactions,
demonstrating the cross-border
nature of our relationships and
the strength of our distribution
network, with a significant
global position in distributing
block trades, rights offerings,
IPOs, and hybrid and convertible
issues to both institutional and
private clients.
The global Equity Finance
business focuses on hedge funds,
with substantial market positions
in equity swaps, stock borrowing
and lending, and integrated
international prime brokerage
services.
Our equity research
team supplies independent
assessments of the prospects of
approximately 3,400 companies
across diverse sectors worldwide,
representing about 90% of world
market capitalization, as well as
economic, strategy, and
derivative research. Our equity
research principles are very
strict in maintaining effective
confidential information barriers
between investment banking and
research and in following
appropriate and clear procedures
for any crossing of those
barriers in connection with
investment banking transactions.
Investment Banking
In the investment banking
business, UBS Warburg provides
advice and execution capabilities
to a global client base. This
advice encompasses mergers and
acquisitions, strategic reviews
and corporate restructuring
solutions. In conjunction with
other business areas of UBS
Warburg, and other Business
Groups of UBS, the investment
banking business also arranges
execution of new debt and equity
issues on a global basis.
In 2002, against a
challenging economic background,
we assisted our clients in a
range of successful M&A
transactions and capital market
issues. Some of the more notable
deals of 2002 included:
–
Carnival's USD 7.5 billion
acquisition of P&O Princess
–
Univision Communications
USD 3.5 billion all-stock
acquisition of Hispanic
Broadcasting Corporation — a
landmark strategic deal to
combine the leading US
Spanish language television
and radio companies
40
Table of Contents
–
Network Rail's GBP 9 billion
acquisition of Railtrack Plc,
which was supported by GBP 21
billion of standby loans
–
the
USD 24 billion restructuring of
NTL — one of the largest corporate
restructuring transactions in
history for the leading UK
broadband cable operator
–
Bank of China (Hong Kong)
restructuring and USD 2.7
billion IPO, the first from
a state-owned financial
institution in the People's
Republic of China.
We have more than 2,100
investment banking professionals
worldwide.
One of our strategic
goals is the expansion of our
global corporate client
franchise. We continue to invest
in completing the buildup of our
US franchise, which we started to
do in late 2000, by hiring highly
qualified bankers. Despite these
investments, we do not expect
immediate results. Gaining new
investment banking business
involves long lead times, but we
are pleased with the progress
made in 2002. The combination of
our expanded investment banking
and equities footprint in the US
gives us greater access to key
corporate executives which has
allowed us to become involved in
some of the largest and most
complex deals in 2002. We
achieved the highest US market
share growth of any investment
bank in 2002.
We have a longer
term goal of achieving market
share, on a global basis, in
excess of 5%. We believe that the
results achieved this year
globally, with a market share of
5% compared to 4.4% a year
earlier, against a background of
very challenging conditions for
corporates, clearly show the
strength and momentum of our
investment banking franchise.
Fixed Income, Rates and Currencies
UBS Warburg is also a substantial
fixed income and foreign exchange
house, providing products and
original thinking to corporate
and institutional clients in all
major markets. With over 2,100
professionals employed around the
world, we offer our clients a
genuinely seamless global
service. Our business includes:
–
government and corporate bonds
–
foreign exchange
–
interest rates
derivatives
–
vanilla and
structured credit derivatives
–
mortgage and asset-backed
securities
–
principal finance
–
cash and collateral trading
–
structured products
Our approach
to specific products and markets
varies. Where potential for
sufficient risk-adjusted returns
exist, we seek market share
leadership in high-volume, liquid
markets, using our client flow,
capital and economies of scale to
generate returns. As an example
of that, we have, according to
Euromoney, the leading 23.8%
market share in the online
foreign exchange trading market.
However, there are certain fixed
income markets where scale can
only be gained at the expense of
returns. In these cases, we focus
on earning higher margins in
specialized products.
In 2002, we maintained our
presence in the international and
US debt capital markets through
our ability to execute across a
range of currencies and products
and our placing capabilities in
global institutional and retail
markets. We have not pursued
volume and have not chased
mandates through large-scale
lending, nor have we issued in
large volume where mandates are
awarded on price.
Furthermore,
while there are no definitive
surveys or measures of market
share in the highly fragmented
fixed income and foreign exchange
markets, we continue to win
awards for the depth of our
client coverage and technical
expertise.
Awards we won last year
include the 2002 FX House of the
Year from
The Banker,
and second
rank in
Thomson Financial's
Extel
Survey for Fixed Income Strategy,
Fixed Income Derivatives, and
European Government Bonds.
Loan portfolio
UBS took a strategic decision in
1998 to reduce the size of its
international loan portfolio,
limiting exposures to those which
directly support
41
Table of Contents
The Business Groups
UBS Warburg
core client
relationships. UBS
continues to avoid
engaging in
substantial
balance-sheet-led
earnings growth,
with the result
that the size of
its international
loan portfolio has
fallen considerably
from the level
recorded in 1998.
Despite this, we
continue to support
our core clients in
their financing
needs. Risk/return
considerations are
the paramount
drivers in
determining balance
sheet usage. We
occasionally
provide bridge
financing to our
core clients for
the purposes of
completing
significant deals.
Thanks to this more
risk-averse
approach,
we were not
significantly
exposed to the
heavily publicized
corporate failures
of 2001 and 2002.
Corporate and
Institutional
Clients' loan
portfolio was CHF
62 billion at 31
December 2002. The
"Risk analysis"
section on pages 59
to 77 contains an
in-depth review of
UBS's credit
portfolio and
business, including
a discussion of
impaired and
non-performing
loans.
E-commerce capabilities
Our e-commerce capabilities are
based around our client online
portal. This site gives our
clients direct access to prices,
research, trade ideas and
analytical tools through
applications such as ResearchWeb
- our equity research site,
DealKey, an internet facility for
managing equity and equity-linked
new issues, and CreditDelta, our
credit portfolio management
product.
Strategic opportunities
We believe that markets will
continue to be difficult until at
least the second half of 2003,
which will have a short-term
negative impact, particularly on
our equities and investment
banking businesses. Nonetheless,
we are confident that as recent
new investment banking hires
build their productivity, and as
the momentum we have built in the
European and US markets pays
dividends, we will continue to
gain market share in 2003.
In investment banking, we
have focused on specific sectors
where there is a substantial
current fee pool, as well as
sectors where we believe there
are significant opportunities in
the future. Our hiring efforts
have been mainly centered on the
development of industry-leading
franchises in several key areas,
including Consumer Products,
Energy and Power, Healthcare,
Wireless, Media and Industrials.
We also intend to build on our
existing franchise in the
Financial Institutions sector.
Building our franchise in this
way will not result in overnight
success. Despite this, we have
already achieved clear results
with our market share in the
Americas rising from 2.0% in
first quarter 2001 to 3.5% at the
end of 2001 and 4.4% by the end
of 2002 (according to "Freeman &
Co.").
We aim to build a secondary
market franchise in the US that
is similar in depth and breadth
to our leading European and Asia
Pacific businesses. As a result
of the boost to our franchise
from the integration of UBS
PaineWebber, we now rank
strongly in equity research
and have more than doubled our US
secondary equity market share,
although we remain some way
behind the market share we enjoy
in Europe.
42
Table of Contents
UBS Capital
UBS Capital is the Group's private equity business. It now focuses on managing
its existing portfolio to maximize value.
Business
UBS Capital invested in unlisted
companies with a view to
preparing them for sale to a
trade or financial buyers, and,
where appropriate, staging an
Initial Public Offering (IPO). A
review in late 2001 and early
2002, carefully considered the
strategic future of UBS Capital
in light of the generally
negative market environment, the
overall changes occurring in the
private equity industry and our
assessment of the long-term
opportunities inherent in the
business. After the review, and
in light of UBS's focus on
advisory services, we decided
that UBS Capital should focus on
managing down its existing
portfolio, capitalizing on exit
opportunities where they arise
and minimizing the level of new
direct investments.
Organizational structure
UBS Capital is structured along
regional lines and is fully
integrated within the UBS Warburg
Business Group. Its portfolio in
Asia and Europe mostly comprises
balance sheet investments. UBS
Capital in the US is focused on
both balance sheet investments
and the UBS Capital Americas
fund. Around 30% of UBS Capital's
portfolio is invested in third
party funds which are overseen by
a dedicated portfolio management
team.
Investment portfolio
UBS Capital had a total
investment portfolio of CHF 3.1
billion on 31 December 2002,
measured by the historic cost of
investments less divestments and
permanent impairments. The fair
value of the portfolio at the
same date was CHF 3.8 billion.
On 31 December 2002,
approximately 52% of the
investment portfolio was three
years old or less. Generally,
investments are sold between the
third and the sixth year after
the initial investment.
In line with the bank's aim
of reducing exposure to private
equity, UBS Capital gradually
reduced undrawn commitments to
CHF 2.1 billion on 31 December
2002 from CHF 3.0 billion a year
earlier, while obtaining the best
possible returns for UBS
shareholders and for existing UBS
Capital funds.
Investment process
UBS Capital's portfolio primarily
comprises late stage investments
that are spread throughout
Europe, the US and Asia and are
typically held for
three to six years. UBS Capital's
exit strategies include direct
sales to strategic buyers,
initial public offerings,
leveraged recapitalizations and
sales to other financial
sponsors.
Strategic opportunities
Conditions in the international
capital markets, and in the
global economy more generally,
are expected to remain harsh for
some time. UBS Capital's strategy
is to manage existing assets in
order to reduce balance sheet
risk. The investment teams
managing UBS Capital's assets
will endeavor to obtain the best
possible returns for UBS and for
investors in its private equity
funds.
43
Table of Contents
The Business Groups
UBS Warburg
UBS Capital investment portfolio
Aging (based on date of initial investment)
As at
CHF million
1
31.12.02
31.12.01
31.12.00
pre-1994
54
85
65
1994
97
190
253
1995
112
214
272
1996
63
202
166
1997
134
207
520
1998
373
722
842
1999
636
1,123
1,490
2000
1,119
1,781
1,941
2001
438
487
2002
58
Total
3,084
5,011
5,549
1
All amounts are Investment, defined as cost less disposals and impairments.
UBS Capital investment portfolio
Geographic region (by headquarters of investee)
As at
CHF million
1
31.12.02
31.12.01
31.12.00
North America
1,302
2,134
2,356
Europe
1,238
2,018
2,333
Latin America
189
339
382
Asia Pacific
355
520
478
Total
3,084
5,011
5,549
1
All amounts are Investment, defined as cost less disposals and impairments.
UBS Capital investment portfolio
Industry sector (based on industry classification codes)
As at
CHF million
1
31.12.02
% of Portfolio
31.12.01
% of Portfolio
31.12.00
% of Portfolio
Consumer related
517
17
773
15
1,023
18
Transportation
85
3
522
10
640
12
Communications
240
8
414
8
380
7
Computer related
342
11
833
17
819
15
Energy
83
3
152
3
190
3
Other electronics related
174
6
247
5
247
4
Other manufacturing
286
9
94
2
106
2
Chemicals and materials
8
0
54
1
106
2
Industrial products and services
746
24
1,360
27
1,361
25
Others
603
19
562
12
677
12
Total
3,084
100
5,011
100
5,549
100
1
All amounts are Investment, defined as cost less disposals and permanent impairments.
44
Table of Contents
The Business Groups
UBS PaineWebber
UBS PaineWebber
Joseph J. Grano,
Jr.
Chairman and CEO, UBS PaineWebber
Mark B. Sutton
President and Chief Operating Officer
UBS PaineWebber
UBS PaineWebber, one of the top wealth managers in the US, provides a
complete set of sophisticated wealth management services through
consultative relationships with affluent and high net worth clients.
Business Group reporting adjusted for significant financial events
1
UBS PaineWebber
CHF million, except where indicated
For the year ended
31.12.02
31.12.01
Income
5,561
6,391
Credit loss expense
(13
)
(18
)
Total operating income
5,548
6,373
Personnel expenses
4,245
5,019
General and administrative expenses
1,263
1,441
Depreciation
149
124
Amortization of goodwill and other intangible assets
457
502
Total operating expenses
6,114
7,086
Business Group performance before tax
(566
)
(713
)
Business Group performance before tax and acquisition costs
2
632
693
Cost/income ratio before goodwill (%)
102
103
Cost/income ratio before acquisition costs (%)
2
89
90
Net new money (CHF billion)
18.5
33.2
Interest and dividend income (CHF billion)
17.9
21.5
Invested assets (CHF billion)
584
769
Headcount (full-time equivalents)
19,563
20,413
1
Details of significant financial events can be found in the
Financial Report 2002.
2
Acquisition costs include goodwill and
intangible asset amortization and related funding, net of risk-free
return on the corresponding equity allocated, and retention payments.
45
Table of Contents
The Business Groups
UBS PaineWebber
Business
UBS PaineWebber, with CHF 584
billion in invested assets and 2
million private client
relationships, focuses on
providing wealth management
services to the core affluent
(clients with more than USD
500,000 in investable assets) and
to high net worth individuals
(upwards of USD 5 million in
investable assets). We have a
network of almost 9,000 financial
advisors in 365 branch office
locations. Our strength lies in
the emphasis we put on building
and maintaining consultative
relationships with our clients.
Organizational structure
When PaineWebber merged in
November 2000 with UBS, its US
private clients business became a
business unit of UBS Warburg.
PaineWebber's Capital Markets
Group was integrated into the
Corporate and Institutional
Clients business unit of UBS
Warburg; the asset management
unit (formerly called Mitchell
Hutchins) moved into UBS Global
Asset Management and most of the
non-US private client business
became part of UBS Private
Banking.
On 1 January 2002, UBS
PaineWebber became a separate
Business Group within UBS. Our
business comprises the US Private
Client Group, which offers a full
range of wealth management
products and services to affluent
investors in the United States.
Legal Structure
UBS PaineWebber operates through
direct and indirect subsidiaries
of UBS. Securities activities
in
the US are conducted through four
registered broker-dealers.
Competitors
UBS PaineWebber competes against
other wealth management firms in
the US, including Citigroup's
Smith Barney business, Morgan
Stanley and Merrill Lynch.
Clients and strategy
Our business strategy is based on
gathering new assets, which we
achieve by focusing on meeting
the investment needs of core
affluent and high net worth
clients in the US. During 2002,
we attracted CHF 18.5 billion in
net new money excluding interest
and dividends, and, according to
a leading industry survey, our
share of the US private clients
market grew to 13.8% from 12.8%
in 2001.
46
Table of Contents
Our asset-gathering strategy
also emphasizes the importance of
generating recurring fees from
advice and products. Fee-based
relationships provide UBS
PaineWebber with a source of
regular, low volatility revenues.
Another component of our
asset-gathering strategy is the
work of the Corporate Employee
Financial Services group, which
provides stock option financing
and other services to many of the
largest US corporations. This
corporate relationship, in turn,
helps create relationships with
core affluent and high net worth
corporate executives.
At the heart
of the relationship between the
client and the financial advisor is our consultative
process, in which each financial advisor profiles and creates an investment
plan for his or her client based on the client's individual needs and goals.
Centered around an asset allocation strategy and considering the client's risk
tolerance, the plan is designed to help the client accumulate, preserve and
transfer wealth. After the plan is in place, there are regular portfolio
reviews that help ensure it remains on track to meet the client's long-term
goals.
We continually commit
considerable resources to develop
and expand the capabilities
47
Table of Contents
The Business Groups
UBS PaineWebber
of
our financial
advisors. All new
financial advisors
undergo a training
program designed to
provide them with
the necessary
financial planning,
analysis, client
relationship
management, and
legal and
compliance
expertise. This is
a continuous
process and does
not end when the
financial advisor
enters a branch
office. In our
experience, our
training programs
are a key factor in
both
developing
long-term, mutually
beneficial
relationships with
our clients as well
as in retaining our
financial advisors.
Our dedication to
and emphasis on
training is one of
the reasons why our
financial advisors
are among the most
productive in the
industry. A leading
industry survey
made in fourth
quarter 2002 put
our revenue per
financial advisor
at 16.5% above the
industry average at
the end of 2002. By
comparison, in
second quarter 2000
(when we announced
the merger with
UBS), our
productivity stood
4% above the
average.
Products and services
We offer clients wealth
management services that meet
individual investment needs. We
have an open architecture product
platform that gives our clients
investment products from both UBS
and third party providers — where
and when appropriate. This
ensures that financial advisors
and clients have a comprehensive
source of investment solutions at
their disposal. Our wealth
management services include
financial planning and wealth
management consulting,
transaction-based services such
as securities brokerage,
asset-based and advisory services
such as discretionary and
non-discretionary portfolio
management, money market accounts
and fiduciary products, and
lending products, including
collaterized loans and mortgages
Investment products
We offer core affluent and high
net worth clients a number of
products designed to help enhance
the equity portion of their
investment portfolios. For
example, in 2002, in order to
meet client needs for innovative
types of products, we launched
two equity-linked investments:
the Enhanced Appreciation
Security, linked to 20 blue chip
stocks, and a Principal Protected
Note, linked to the S&P 500
Index.
Our clients can choose
from an array of fixed income
securities, including government,
mortgage-backed, corporate and
municipal bonds, as well as
preferred stock. As one of the
leading US underwriters of
municipal bonds, an investment
class particularly attractive to
many core affluent and high net
worth investors, we offer clients
access to new issue offerings and
the secondary market. Our
Municipal Securities Group
is a complete origination,
structuring and distribution
team. It assists municipalities
and agencies in addressing their
funding needs by accessing the
debt markets, and distributing
securities through the UBS
PaineWebber network. For 2002,
the Group was ranked second in
senior negotiated volume.
We offer a broad range of
fee-based money management
programs that utilize the
expertise of professional money
managers, both within UBS and
through third parties.
Indicative
of the scope of investment
products for our clients, we have
selling arrangements with over
140 mutual fund companies, many
of which are leaders in the
industry.
In response to investor
interest in such products as hedge
funds and fund of funds, we offer
the capability to create,
structure and manage a broad array
of alternative investments for
qualified high net worth
individuals and institutions.
In
2002, we broadened the scope of
our financial relationship with
clients by entering the lending
business in the US, and
introducing a number of
securities-based borrowing
solutions for a variety of
investor and business needs. Early
in the year, we rolled out the
Premier Fixed and Variable Credit
Lines. These are revolving lines
of credit that offer competitive
interest rates and are secured by
the client's investment portfolio.
In addition to collaterized
lending, the creation of UBS
PaineWebber Mortgage LLC in first
quarter 2002, in partnership with
Wells Fargo Home Mortgages,
enables our financial advisors
48
Table of Contents
to
offer a full array of mortgage
products that helps meet our
clients' home financing needs.
For corporations and corporate executives
Providing appropriate financial
solutions also extends to the
relationships that we enjoy with
our corporate clients.
UBS
PaineWebber's Corporate Employee
Financial Services business has
been providing stock option
financing services to large
corporations and their executives
since the mid-1990s.
Technology for clients and financial advisors
For financial advisors, 2002 saw
the introduction of a number of
tools to leverage the
asset-gathering technology
available on ConsultWorks, the
firm's web-based workstation.
Chief among these was the UBS
PaineWebber
Advisor,sm
which can
help lead financial advisors
step-by-step through our
consultative process with both
clients and prospects. In 2003,
we will introduce Consultworks2
that will give our financial
advisors the ability to con-
duct
comprehensive profiling and asset
allocation, and offer investment
recommendations.
Industry trends
In 2003, we plan to remain
focused on further increasing our
market share of US household
financial assets and capitalizing
on the enhanced capabilities and
balance sheet strength that the
merger with UBS has brought.
A key to achieving further growth
will be a continued commitment to
recruiting top financial advisors
and providing them with the
resources they need to sustain
increased productivity. We ended
2002 with 8,857 financial
advisors, and are focused on
growing that number.
The union
with UBS has enabled us to expand
our product offerings in such
areas as global asset management,
lending products, alternative
investments and risk management.
We are committed to pursuing
financial success in 2003 and
beyond by providing US clients
with access to the resources of a
global powerhouse.
49
Table of Contents
The Business Groups
Corporate Center
Corporate Center
Corporate Center's aim is to ensure that all our businesses act as
coherently and effectively as possible.
Business Group reporting adjusted for significant financial events
1
Corporate Center
CHF million, except
where indicated
For the year ended
31.12.02
31.12.01
Income
1,315
800
Credit loss recovery
249
236
Total operating income
1,564
1,036
Personnel expenses
645
592
General and administrative expenses
601
537
Depreciation
473
372
Amortization of goodwill and other intangible assets
24
24
Total operating expenses
1,743
1,525
Business Group performance before tax
(179
)
(489
)
Headcount (full-time equivalents)
1,185
1,132
1
Details of significant financial events can be found in the Financial
Report 2002.
Aims and objectives
Our commitment to a strong,
integrated business model means
that our portfolio of
complementary businesses are
managed together to optimize
shareholder value, making the
whole worth more than the sum of
its parts.
Our Business Groups are
accountable for their results and
enjoy considerable autonomy in
pursuing their business
objectives — hence the need for a
strong Corporate Center. Its
mission is to maximize
sustainable shareholder value by
coordinating the activities of
the Business Groups to ensure
that they operate as a coherent
and effective whole with a common
set of values and principles.
In performing its role,
Corporate Center avoids ownership
of processes wherever possible,
but instead establishes standards
and principles, thereby
minimizing its own staffing
levels.
Key functions
Chief Risk Officer/Chief Credit Officer
The Chief Risk Officer and Chief
Credit Officer functions pool
together a number of vital Group
risk functions. They are
responsible for safeguarding
our long-term financial stability
by aiding the Group in
maintaining an appropriate
balance between risk and rewards.
The Group Chief Credit
Officer is responsible for
formulating credit risk policies,
for determining methodologies to
measure credit risk, and for
setting and monitoring credit,
settlement and country risk
limits.
The Group Chief Risk Officer
is responsible for the policies,
methodologies and limits for all
other risk categories, and for
aggregating and assessing the
total risk exposure of the Group.
A more detailed discussion of our risk man-
50
Table of Contents
agement and control principles can
be found in the "Risk Management and Control" section of this Handbook.
Group Treasurer
The Group Treasury area optimizes
our financial management,
providing cost efficient equity
and wholesale debt funding and
co-ordinating regulatory capital
and balance sheet requirements.
The Group Treasury area is
also responsible for the
efficient management of the UBS
share. It is charged with
preserving our excellent funding
capacity, issuing cost-efficient
funding in the form of notes and
bonds in the name of UBS and
ensuring that we fully comply
with all payment obligations at
all times. It also manages UBS's
holdings of its own shares.
Further details on our
Treasury activities can be found
in the "Group Treasury" section
of this Handbook.
Group Controller
The Group Controller function
produces accurate and objective
regulatory, financial and
management accounts and reports.
It provides significant decision
support information to the Board
of Directors and executive
management and is a key liaison
to both our internal and external
auditors. It is responsible for
devising and implementing
integrated and consistent
financial control and accounting
processes throughout UBS. Another
important responsibility is the
coordination of the Group's
planning and budgeting process as
well as the control of Group tax
issues, ensuring compliance with
all local tax requirements. The
Group Controller function also
ensures a central treatment of
UBS's real estate activities and
controls their impact on Group
results as well as on its capital
and tax position.
Group Human Resources
Group Human Resources' mission is
to make UBS a global employer of
choice, able to attract, develop,
motivate and retain top talent by
establishing standards,
principles and procedures for
performance evaluation,
compensation and benefits,
graduate and professional
recruitment, training and
development.
Chief Communication Officer
The Chief Communication Officer
area of the Corporate Center has
an integrated structure that
comprises the firm's central
branding, communications and
public policy functions. Overall,
the area is responsible for the
effective communication of UBS's
strategy, values and results to
employees, clients, investors,
media, rating agencies and the
public, and for building the UBS
brand worldwide.
Group Legal Services
Group Legal Services provides
business-related legal services
in matters that affect the firm
as a whole, while monitoring and
reporting on legal risk,
litigation and legal implications
of major transactions at the
corporate level.
Group Legal
Services has both an advisory and
a risk control function. It
provides close-to-business legal
advice to business, oversees
litigation, ensures
enforceability of UBS's legal
undertakings and opines on legal
issues with the aim of minimizing
legal and liability risk.
51
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52
Table of Contents
53
Table of Contents
Capital and Risk Management
Risk Management and Control
Risk Management and Control
Risk is an integral part of all our activities. Excellence in risk management
and control is a key success factor and requires everyone's commitment within
our organization.
Risk management and control principles
UBS's approach to risk management
and control is set out in the
firm's Risk Management and
Control Principles, which lay the
foundations on which we build our
risk culture and risk process.
Business Management
Accountability.
The management of
each business throughout UBS is
responsible for the risks it
assumes and for the continuous
and active management of all risk
exposures, so that risk and
return are balanced.
Independent Controls.
An
independent control process is
implemented when required by the
nature of the inherent risks and
the incentive structure of the
business processes. The control
functions are responsible for
providing an independent and
objective check on risk-taking
activities to safeguard the
integrity of the entire risk
management and control process.
Risk Disclosure.
Comprehensive, transparent and
objective risk reporting and
disclosure to senior management
and to shareholders is the
cornerstone of the risk control
process.
Earnings Protection.
Operating limits are set to
quantify risk appetite and
allocated among business lines to
control normal periodic adverse
results, in an attempt to limit
such losses relative to the
potential profit of each
business. The Group's risk
capacity is expressed through
stress loss limits with the aim
of protecting UBS from
unacceptable
damage to our annual
earnings capacity, our dividend
paying ability and, ultimately,
our reputation and ongoing
business viability.
Reputation Protection.
Failure to manage and control any
of the risks incurred in the
course of our business could
result in damage to UBS's
reputation. For this reason:
–
we continue to develop potential
stress loss measures for credit
and market risk
–
we avoid taking extreme positions in tax,
reg-
ulatory and accounting sensitive transactions
–
we aspire to the highest standards
in protecting the confidentiality
and integrity of our client
information
–
we aim to maintain the highest ethical standards in
all our businesses.
Every employee, but in
particular those involved in risk
decisions, must make UBS's
reputation an overriding concern.
Responsibility for the risk of
damage to our reputation cannot
be delegated or syndicated.
An integrated approach to risk
management and control
Risk management and control are
an integral part of our
commitment to providing
consistent, high-quality returns
for our shareholders. We believe
that delivery of superior
shareholder returns depends on
achieving the appropriate balance
between risk and return, both in
day-today business and in the
strategic management of the
balance sheet and capital. We
recognize that risk is integral
to UBS's business, but our
approach to risk management and
control seeks to limit the scope
for adverse variations in
earnings and, in particular, to
protect UBS from the risk of
severe loss as a result of
unlikely, but plausible, stress
events arising from any of the
material risks we face.
UBS has an integrated
Corporate Center responsible for
finance, strategic planning, risk
control, and balance sheet and
capital management. Excellence in
risk management is, however, most
fundamentally based upon a
business management team that
makes risk identification,
management and control critical
components of its processes and
plans.
Key responsibilities
The
Board of Directors
is
responsible for the firm's
fundamental approach to risk (the
Risk
54
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Management and Control
Principles), and for the
determination of our risk
capacity and risk appetite.
The
Chairman's Office
is
responsible for the annual review
of the Group's principal risk
limits.
The
Group Executive Board
(GEB)
is responsible for
implementing the Risk Management
and Control Principles, for
approving core risk policies, for
allocating risk limits to the
Business Groups, and for managing
the risk profile of the Group as
a whole. The GEB is the Risk
Council of the Group.
The
GEB Risk Sub-Committee
(established in 2002) prepares
the decisions of the GEB in the
risk area and monitors the
implementation of such decisions
via the risk reporting process.
The
Group Chief Credit
Officer (CCO)
is responsible for
formulating credit risk policies,
for determining methodologies to
measure credit risks, and for
setting and monitoring credit,
settlement and country risk
limits.
The
Group Chief Risk Officer
(CRO)
is responsible for the
policies, methodologies and
limits for other inherent risk
categories (see "The risks we
take" section on page 56), and
for aggregating and assessing the
total risk exposure of the Group.
The
Business Group CEOs
are
responsible for all risk
exposures within their Business
Groups and must take corrective
action where
necessary, given the
aggregate risk profile of the
portfolio or the risks of
specific positions.
The
Business Group Risk
Control Functions,
headed by
Chief Risk and Chief Credit
Officers (CROs and CCOs), are
empowered to enforce the Risk
Management and Control Principles
and are responsible for the
implementation of independent
control processes within their
Business Groups.
The
Group Risk Committee
reviews and evaluates the key
risk issues being presented to
the senior committees of the
Group, the state of the current
portfolio, emerging risk and
revenue trends, and
concentrations and
vulnerabilities. It is chaired by
the Group CRO.
Business Group Risk
Committees
monitor the risks
taken by the Business Groups.
They are chaired by the Business
Group CEOs and include heads of
business areas and delegates of
the Group CRO and CCO.
The risk control process
There are five critical elements
in our independent risk control
process:
–
risk identification,
particularly in new businesses
and in complex or unusual transactions, but also in
response to external events and in the continuous monitoring of
the portfolio
–
risk measurement
of quantifiable risks, using
approved methodologies and models which have been independently
validated
55
Table of Contents
Capital and Risk Management Risk
Management and Control
–
risk policies,
consistent with evolving business requirements
and international best practice
–
comprehensive
risk reporting
to management at all levels against
the approved risk control framework and, where applicable,
limits
–
risk control,
to enforce compliance with the Risk
Management and Control Principles, and with policies,
limits and regulatory requirements.
There are coordinated
processes covering all inherent
risk categories which are applied
before commencement of any new
business or significant change in
business, and before the
execution of any transaction
which is complex or unusual in
its structure or motivation, to
ensure that all these critical
elements are addressed, including
the assurance that transactions
can be booked in a way that will
permit appropriate ongoing risk
monitoring, reporting and
control.
The risk control process
also extends beyond the
independent risk control
functions to Financial Control
and the Logistics Areas
,
notably
Operations, which are critical to
establishing an effective control
environment.
Group Internal Audit
provides an independent view to
the Board of Directors, via the
Chairman's Office, of the
effectiveness of the Risk
Management and Control Principles
and their enforcement, and of the
effectiveness of the independent
control units.
The risks we take
Business risks
are the risks
associated with a chosen business
strategy, including business
cycles, industry cycles, and
technological change. They are
the sole responsibility of the
relevant business, and are not
subject to an independent control
process. They are, however,
factored into the firm's planning
and budgeting process.
Inherent risks
are the risks
inherent in our business
activities which are subject to
independent risk control. A
distinction is made between
primary and consequential risks.
Primary risks
are the
exposures deliberately entered
into for business reasons and
which are actively traded and
managed:
–
credit risk
is the risk of loss resulting from
client, counterparty or issuer default and arises on credit
exposure in all forms, including settlement risk
–
market risk
is exposure to observable market
variables such as interest rates, exchange rates and equity markets
–
liquidity and funding risk
is the risk that the Group is unable
to fund assets or meet obligations at a reasonable price
or, in extreme situations, at any price. These risks are discussed
in the "Group Treasury" section on pages 78 to 87.
Consequential risks
(also
known as operational risks) are
exposures that are not actively
taken, but which are incurred as
a consequence of business
undertaken:
–
transaction processing risk
arises from errors, failures or
shortcomings at any point in the transaction process, from deal
execution and capture to final settlement
–
compliance risk
is the risk of financial loss due to
regulatory fines or penalties, restriction or suspension of
business, or costs of mandatory corrective action. Such risks may
be incurred by not adhering to applicable laws, rules and
regulations, local or international best practice
(including ethical standards), or UBS's own internal standards
–
legal risk
is the risk of financial loss resulting from the
non-enforceability of UBS's actual or anticipated rights
arising under a contract or other arrangement or under case or
statute law
–
liability risk
is the risk that we, or someone
acting on our behalf, fail to fulfill the obligations,
responsibilities or duties imposed by law or assumed under a
contract and that claims are therefore made against us
–
security risk
is the risk of loss of confidentiality, integrity or
availability of our information or other assets
–
tax risk
is the risk of additional tax arising from technically incorrect
positions taken on tax matters, or failure to comply with tax
56
Table of Contents
withholding or reporting requirements on behalf of clients
or employees; and the risk of claims by clients or
counterparties as a result of UBS involvement in tax sensitive
products or transactions.
A failure adequately to
identify, manage or control any
of these risks, including
business risks, may result not
only in financial loss but also
in loss of reputation, and
repeated or widespread failure
compounds the impact. Reputation
risk is not directly quantifiable
and cannot be managed and
controlled independently of other
risks.
How we measure risk
For risks which are quantifiable,
in principle we measure the
potential loss at three levels — expected loss, statistical loss
and stress loss.
Expected loss is the loss
that is expected to arise on
average in connection with an
activity. It is an inherent cost
of such activity, and should be
budgeted and deducted from
revenues directly. The use of the
expected loss concept for credit
risk is discussed in the
"Expected loss" section on page
60. In the context of market
risk, expected loss is reflected
in valuation adjustments which
are routinely made in
mark-to-market books to reflect
market liquidity or model risk.
We are continuing to develop the
expected loss framework for
consequential risks, including
preparation for regulatory
capital requirements under the
New Basel Capital Accord ("Basel
II").
Statistical loss (also known
as "unexpected loss") is an
estimate of the amount by which
actual loss can exceed expected
loss over a specified time
horizon, measured to a specified
level of confidence
(probability). A statistical loss
measure in the form of Value at
Risk (VaR) has been used to
measure market risk in UBS for a
number of years, and is both the
basis of a key internal market
risk limit structure and the
measure used to determine our
market risk regulatory capital
requirement. We also have a
credit portfolio statistical loss
measure reflecting exposure
concentrations and default
correlations. We continue to work
towards robust measures of
statistical loss for other risk
categories, although it can be
complex to apply statistical
techniques to risks for which
data is sparse, where the loss
distribution is typically
asymmetrical, irregular and
discontinuous, and where the time
it would take to manage down,
close out or hedge positions is
uncertain.
Stress loss is the loss that
could arise from extreme, but
plausible, stress events. The
Board of Directors establishes
stress loss limits to avoid
unacceptable damage to our
earnings, our dividend paying
ability and, ultimately, our
reputation and
ongoing business viability.
The identification of stress
events and scenarios to which we
are vulnerable and an assessment
of their potential impact is
therefore a key component of the
risk control process. Formal
stress loss measures and limits
are most extensively implemented
for our trading activities, for
certain credit portfo-
57
Table of Contents
Capital and Risk Management
Risk Management and Control
lios and for country
risk, but we use a
variety of scenarios
and techniques, which
we continue to refine,
in order to identify
other areas of risk
concentration and
potential
vulnerability to
stress events.
Stress situations can arise
from many sources, and the
essential complements to
quantitative assessments are, on
the one hand, a tried and tested
process which can be invoked
immediately in response to any
crisis and, on the other, well
prepared business continuity
management processes and plans,
both of which we continue to
develop, test and refine.
The measurement of risk is
clearly important, but
quantification does not always
tell the whole
story, and not all
risks are quantifiable. We
therefore pay equal attention to
"soft" risks and avoid the
temptation to ignore risks that
cannot be properly quantified.
Risk reporting
Senior management at both
Business Group and Group level
are regularly provided with risk
reports, both quantitative, where
available, and qualitative. We
have continued to enhance the
coverage of the reports,
particularly for consequential
risk categories, with particular
focus on risks which pose a
reputational as well as financial
threat.
58
Table of Contents
Capital and Risk Management
Risk Analysis
Risk Analysis
Credit risk
Credit risk represents the loss
which UBS would suffer if a
client or counterparty failed to
meet its contractual obligations.
It is inherent in traditional
banking products — loans,
commitments to lend and other
contingent liabilities, such as
letters of credit — and in
"traded products" — forward
contracts, derivative contracts
such as swaps and options, repo
transactions and securities
borrowing and lending
relationships. Positions in
"tradable assets" such as bonds
and equities, including both
direct holdings and synthetic
positions through derivatives,
also carry credit risk, but where
they are held for trading and are
marked to market they fall under
the market risk limits and
controls described under "Market
risk" on page 71 below. For
completeness, they are included,
where applicable, in the credit
risk exposures reported in
"Composition of credit exposures"
on pages 63 to 68 below.
Credit risk management and
control at UBS is governed by a
Group Credit Policy Framework,
and by detailed credit policies
and procedures developed for the
Group and within the Business
Groups.
To ensure a consistent and
unified approach with appropriate
checks and balances, all Business
Groups where material credit risk
is taken have independent credit
risk control (CRC) functions.
They are headed by chief credit
officers (CCOs) reporting to the
Group CCO and to Business Group senior
management. Disciplined processes
are in place, within the Business
Groups and centrally, to ensure
prompt identification, accurate
assessment, proper approval and
consistent monitoring of credit
risk. Senior business management,
the GEB and the Chairman's Office
are provided with regular,
standardized reports of aggregate
Business Group credit risk
exposure by the CRC organization
as part of a comprehensive risk
reporting framework.
The approval and monitoring
of new counterparties, and of new
transactions giving rise to
credit risk, plays a central part
in the risk control process.
Credit approval authority is
exercised within the independent
CRC functions by authorized
credit officers. The notional
amount of their authority is
dependent on the quality of the
counterparty and any security,
and on the experience and
seniority of the credit officer.
The CRC functions
continuously monitor the credit
quality of counterparties and our
exposure to them, and the credit
risk profile of the Business
Group portfolios. CRC has
authority over counterparty
rating, credit risk assessment
and approval, and the
establishment of allowances and
provisions.
Credit risk of counterparties and groups
We restrict our credit exposure
to both individual counterparties
and counterparty groups by credit
limits. The size of limit depends
on our assessment of their
financial strength, particularly
their sustainable free cash flow
to service obligations, and on
the economic environment,
industry position and qualitative
factors such as management
strength.
In UBS Warburg, where it is
most relevant, we differentiate
between "take and hold" exposure
and "temporary" exposure — exposure accepted with the
intention of syndicating, selling
or hedging it within a short
period. The business is given
more authority for temporary
exposures but, in return, the
exposures are subject to
portfolio stress limits as
explained under "Statistical and
stress loss" on page 61.
Exposure against limits is
measured for banking products as
the face value amount of the loan
or commitment. For most traded
products we determine the future
exposure profile by modeling the
potential evolution of the value
of the portfolio of trades with
each counterparty over its life
(potential credit exposure),
taking into account legally
enforceable close out netting
agreements where applicable (see
Note 23 to the UBS Group
Financial Statements). Credit
limits for individual
counterparties are applied to the
"maximum likely exposure" derived
from
59
Table of Contents
Capital and Risk Management
Risk Analysis
this
analysis, a 95%
confidence statistical
measure of the
exposure in each
counterparty
portfolio.
This way of measuring
exposure is broadly consistent
with accounting and regulatory
rules — but it does not provide a
fully comparable measure of risk
across different products and
tenors. UBS Warburg has therefore
developed, primarily as a
management tool at this stage, a
measure of "standalone
credit Value at Risk" which
translates all exposures into a
benchmark loan equivalent,
against which maximum
counterparty concentration
guidelines are set for each
rating. Whenever a guideline is,
or could be, exceeded as a result
of new transactions or a rating
downgrade, exposure reduction is
triggered. This may be achieved
through syndication, sale or
hedging. For further detail of
our hedging program see page 65.
Portfolio measures of credit risk
In the Financial Statements, we
report credit loss expense
according to International
Financial Reporting Standards
(IFRS). Under these rules, losses
are recognized and charged to the
Financial Statements in the
period when they arise (see
"Provisioning policies" on page
62, and Notes 1 and 9 to the UBS
Group Financial Statements). By
contrast, in our segment and
business unit reporting, we
reflect the fact that credit risk
exists in every credit
engagement, and that credit loss
expenses must be expected as an
inherent cost of doing business.
Expected loss
The occurrence of actual credit
losses is erratic in both timing
and amount and those that arise
usually relate to transactions
entered into in previous
accounting periods. In order to
make the business accountable for
any credit losses they suffer and
to give them the incentive to
align their credit decisions and
risk-adjusted pricing with the
medium-term risk profile of their
credit transactions, we use the
concept of "expected loss".
For UBS, expected loss is a
statistically based measure
intended to reflect the annual
costs that will arise, on
average, over time, from
positions that become impaired.
It is derived from the
probability that a given
counterparty will default, our
current and likely future
exposure to that counterparty and
the likely severity of the loss
should default occur.
UBS internal rating scale and
mapping to external ratings
Moody's
Standard
Investor
and
UBS
Services
Poor's
Rating
Description
equivalent
equivalent
0 and
1
Investment
Aaa
AAA
2
grade
Aa1 to Aa3
AA+ to AA-
3
A1 to A3
A+ to A-
4
Baa1 to Baa2
BBB+ to BBB
5
Baa3
BBB-
6
Sub-investment
Ba1
BB+
7
grade
Ba2
BB
8
Ba3
BB-
9
B1
B+
10
B2
B
11
B3
B-
12
Caa to C
CCC to C
13
Impaired and
D
D
14
defaulted
D
D
The
default probabilities
of
individual coun-terparties are
assessed by means of rating tools
tailored to the various
categories of counterparty. For
the major part of the business
within UBS Wealth Management &
Business Banking, we use a
statistical approach or "score
card" to form groups of clients
with similar propensity to
default. UBS Warburg, with its
less homogeneous client base,
uses an approach under which
credit officers assess the credit
standing of counterparties based
on guidelines and an analytical
format or "template", designed to
ensure consistency of ratings
across the Business Group. In all
cases, the analysis is founded on
an assessment of both financial
ratios and qualitative factors.
The result of this counterparty
specific analysis is expressed as
a rating.
Clients are segmented into
15 rating classes, two being
reserved for assets that are
already impaired or defaulted.
The UBS rating scale, which is
shown in the table above, is not
only an ordinal ranking of our
counterparties; we have assigned
to each rating class a fixed
probability of default, and thus
clients migrate between rating
classes as our assessment of
their probability of default
changes. As shown in the table
above, we map the ratings of the
major rating agencies to our
rating classes based on the
long-term average default
observations for each external
grade. Observed defaults per
rating category vary
year-on-year, and especially over
an economic cycle, and this
mapping does not, therefore,
60
Table of Contents
imply that UBS expects this
number of defaults in any given
period.
We determine
exposure at
default
based on the expected
outstanding at the time of
default, for example for traded
products the expected exposure
profile, derived from the same
model as for credit limit
utilization (see "Credit risk of
counterparties and groups" on
page 59).
Loss severity or
loss given
default
is assessed based on a
set of assumptions, taking into
account the seniority of the
claim, and collateral or other
credit mitigation where
available.
Expected loss, at both
transaction and counterparty
level, is the product of the
probability of default, the
exposure at default and the loss
given default.
The concept of expected loss
and its components form the basis
for various business applications
within UBS: individual credit
policies refer to counterparty
rating classes to determine, for
example, the maximum tenor
allowed for OTC derivative
transactions; the rating concept
is used to define credit
authorities granted to individual
credit officers across the Group;
and expected loss is used in
valuing the OTC derivative books
to account for the credit risk
assumed in these trades. UBS's
internal measurement framework is
consistent with the concepts of
Basel II under which future
minimum regulatory capital
requirements for credit risk will
be determined.
For further
details of how we use expected
loss in our segment reporting,
please see the "Credit loss
expense" section on page 39 and
40 of the Financial Report 2002
and Note 2a to the UBS Group
Financial Statements.
Statistical and stress loss
Our credit portfolio is
heterogeneous, varying
significantly in terms of client
type, geographical diversity and
the size of exposures. For the
assessment of both statistical
loss and stress loss, it is
therefore analyzed initially in
sub-portfolios with more
homogeneous characteristics.
We aggregate statistical
loss across portfolios using our
own proprietary "credit Value at
Risk" methodology. This provides
an indication of the level of
risk in the portfolio and the way
it changes over time.
Modeling extreme credit
losses is complex because they
are driven much less by
systematic factors than is
generally the case for market
risk. We apply scenarios which
allow us to assess the
impact of
variations in bankruptcy/default
rates and asset values, taking
into account risk concentrations
in each portfolio, and we report
results to senior management. In
UBS Warburg, we apply limits to
stress exposure. For "temporary"
exposures we use a scenario for
the measurement of stress loss
that combines market (credit
spread) shocks and increased
default rates. For "take and
hold" exposures we apply only
increased default rates, but
taking account of portfolio
concentrations. We also measure
and report industry and
geographical contributions to
stress loss results.
Settlement risk
UBS is exposed to settlement risk
as a consequence of its
international transactional
businesses. Settlement risk
arises in transactions involving
the exchange of values when we
must honor our obligation to
deliver cash or securities
without first being able to
determine that we have received
the counter-value. This risk is
particularly significant in
foreign exchange and precious
metals transactions, and we limit
and monitor the risk on a
continuous basis against
settlement limits for each
counterparty based on our
assessment of their credit
standing. Settlement risk
reduction is a high priority and
we continue to work to achieve
shorter settlement cycles from
payment release to
reconciliation, and to reduce
exposure by establishing risk
reduction arrangements with
counterparties, such as payment
netting and covered settlements.
UBS participates in payment
and securities clearing houses,
and was a founder member of the
Continuous Linked Settlement (CLS)
system, an industry initiative
which established a global
clearing house, CLS Bank, to
settle foreign exchange
transactions on a delivery versus
payment basis. CLS went live in
mid-October 2002 and has
substantially reduced both
settlement and systemic risks
faced by UBS and other major
foreign exchange trading banks.
We expect more reductions as
further banks join the system
indirectly through settlement
members, and as the range of
currencies cleared by CLS is
increased.
Country risk
The CRC function at the Corporate
Center assigns ratings to all
countries to which we have
exposure. Like the counterparty
ratings, the sov-
61
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Capital and Risk Management
Risk Analysis
ereign
ratings express the
probability of the
occurrence of a
country risk event
that would lead to an
impairment of UBS's
exposures. The default
probabilities and the
mapping to the ratings
of the major rating
agencies are the same
as for counterparty
credit risks (see
table on page 60), the
three lowest ratings
being designated
"distressed".
For all countries rated 3
and below, we closely monitor
exposure within country ceilings
approved by the Chairman's
Office. The country risk ceiling
is a primary limit for all
transactions with counterparties
in these countries, and extension
of credit may be denied on the
basis of a country risk ceiling,
even if there are adequate
counterparty limits available.
Counterparty default resulting
from multiple insolvencies
(systemic risk) or general
prevention of payments by
authorities (transfer risk) is
the most significant long-term
effect of a country crisis, but
in our internal measurement and
control of country risk we also
consider the probable financial
impact of market disruption
arising prior to, during and
following a country crisis, in
the form of severe falls in the
country's markets and asset
prices, longer-term devaluation
of the currency and potential
immobilization of currency
balances.
We measure exposures
against country ceilings in two
ways. We use the traditional
"nominal" measure based on
exposures from banking products
and traded products, including
our own intra-Group cross-border
positions, and exposure to
issuers of tradable assets such
as bonds and equities. This is
the basis of regulatory and
financial reporting, including
the data provided on pages 68 and
69. We also measure the risk in
terms of potential loss,
including potential loss from
market movements, reflecting the
fact that the risk profiles of
exposures can vary significantly
depending on the type of product,
any collateral, and the degree to
which they have been hedged
against market shocks. The
potential loss based measure is
the primary internal risk
management and control tool.
We measure the potential financial
impact of severe emerging markets
crises by stress testing — identifying countries that may
be subject to a potential crisis
event and determining potential
loss under conservative
assumptions of recovery rates for
individual products. The
potential loss under this stress
loss measure is subject to a
limit approved by the Board of
Directors.
We define emerging market
countries as countries which have
yet to reach a mature stage of
economic, financial,
institutional, political and
social development or where there
is significant potential for
economic or political
instability. All emerging market
countries are subject to country
ceilings. The country data
provided on pages 68 and 69
covers only emerging market
countries and not all countries
which are subject to ceilings.
Provisioning policies
UBS classifies a claim as
impaired if the book value of the
claim exceeds the present value
of the cash flows actually
expected in future periods — interest payments, scheduled
principal repayments, or other
payments due (for example on
derivatives transactions), and
including liquidation of
collateral where available.
Within this category, we further
classify loans as non-performing
where payment of interest,
principal or fees is overdue by
more than 90 days.
Non-performance is not the
determinant of impairment,
although it may, in some
circumstances, be the first
evidence of impairment.
We have established policies
to ensure that the carrying
values of impaired claims are
determined on a consistent and
fair basis, especially for those
impaired claims for which no
market estimate or benchmark for
the likely recovery value is
available. Future cash flows
considered recoverable are
discounted to present value in
accordance with the principles of
IAS 39. A provision is then made
for the probable loss on the
claim in question and charged to
the income statement as credit
loss expense.
Each case is assessed on its
merits, and the work-out strategy
and estimation of cash flows
considered recoverable are
independently approved by the CRC
function. The recovery value of
mortgage loans is determined by
capitalizing an economically
sustainable rental yield,
adjusted for the discount
generally observed in forced
liquidations, and related costs
if the strategy is based on a
foreclosure. For commercial
exposures, enterprise value is
determined from an assessment of
expected cash flows from future
operations if recovery is likely
to be successful, or of the
liquidation value of the assets
if bankruptcy proceedings are to
be initiated against the
borrower.
Allowances and provisions
for credit losses also include a
component for country risk. We
62
Table of Contents
establish country-specific
scenarios, which are kept under
review and updated as necessary,
to evaluate the extent to which
the value of our banking and
traded product exposure are
affected by country risk
incidents or country-specific
systemic risks. The appropriate
provisions are then determined by
evaluating the type of credit
exposure in the portfolio for
each country and the loss
severities that have been
attributed to each exposure type.
Furthermore, we have specific
allowances against exposures in
countries that are subject to a
moratorium or have been
rescheduled. The amount of such
allowances is determined case by
case from an assessment of the
amounts that we deem to be
irrecoverable.
In general, Swiss practice
is to write off loans only on
final settlement of bankruptcy
proceedings, sale of the
underlying assets, or formal debt
forgiveness. By contrast, US
practice is generally to write
off non-performing loans,
in whole or in part, much
sooner, thereby reducing the
amount of such loans and
corresponding provisions
recorded. A consequence of
applying the Swiss approach is
that, for UBS, recoveries of
amounts written off in prior
accounting periods tend to be
small, and the level of
outstanding impaired loans and
non-performing loans as a
percentage of gross loans will
tend to be higher than for our US
peers.
Composition of credit exposures
Credit is an integral part of
many of our business activities.
The two main contributors to
credit exposure are UBS Wealth
Management & Business Banking and
UBS Warburg. To a lesser extent,
credit activities are also
important to UBS PaineWebber.
The credit exposure of UBS
Wealth Management & Business
Banking is mainly comprised of
traditional loans to private
individuals and corporations.
Loans to private individuals are
typically secured by either
residential real estate or
portfolios of marketable
securities. Loans to corporations
may, depending on our assessment
of the credit capacity and
quality of the borrower, be
extended on an unsecured basis,
but often benefit from collateral
in the form of real estate or
other assets.
In UBS Warburg,
credit exposure arises both from
traditional banking products and
from our trading activities,
including swaps, options, forward
contracts, repo transactions and
securities lending and borrowing
relationships (traded products).
Exposure to lower rated
counterparties is generally
collateralized or otherwise
supported.
The table on this page
provides an overview of the
aggregate credit exposure of the
UBS
Total exposure
UBS Wealth Management
& Business Banking
UBS Warburg
UBS PaineWebber
CHF million
As at
31.12.02
31.12.01
31.12.00
31.12.02
31.12.01
31.12.00
31.12.02
31.12.01
31.12.00
Loans utilization (gross)
174,032
181,854
185,271
61,718
61,229
73,810
12,857
18,246
24,649
Contigent claims
11,752
13,303
10,613
4,407
11,640
17,173
430
542
Unutilized committed lines
1,984
2,520
3,574
36,439
47,355
49,936
811
715
Total banking products
187,768
197,677
199,458
102,564
120,224
140,919
14,098
19,503
24,649
Unsecured OTC products
1,682
1,961
883
55,002
64,416
61,340
Other
derivatives
(secured exchange-traded)
712
2,317
1,638
10,850
12,150
8,994
Securities lending
917
45
2,193
11,962
14,575
12,159
Repo
14
67
650
21,744
18,948
22,183
Total traded products
2
3,325
4,390
5,364
99,558
110,089
104,676
Total credit exposure, gross
191,093
202,067
204,822
202,122
230,313
245,595
14,098
19,503
24,649
Total credit exposure,
net of allowances
187,369
196,557
197,042
200,620
227,949
242,873
14,069
19,469
24,629
Total tradable assets
3
164
2,908
2,626
183,977
241,357
219,070
[Additional columns below]
[Continued from above table, first column(s) repeated]
Other
1
UBS Group
CHF million
As at
31.12.02
31.12.01
31.12.00
31.12.02
31.12.01
31.12.00
Loans utilization (gross)
763
655
786
249,370
261,984
284,516
Contigent claims
5
2
16,594
25,487
27,786
Unutilized committed lines
72
18
39,306
50,608
53,510
Total banking products
840
675
786
305,270
338,079
365,812
Unsecured OTC products
56,684
66,377
62,223
Other
derivatives
(secured exchange-traded)
11,562
14,467
10,632
Securities lending
12,879
14,620
14,352
Repo
21,758
19,015
22,833
Total traded products
2
102,883
114,479
110,040
Total credit exposure, gross
840
675
786
408,153
452,558
475,852
Total credit exposure,
net of allowances
840
670
781
402,898
444,645
465,325
Total tradable assets
3
613
121
136
184,754
244,386
221,832
1
Includes UBS Global Asset
Management and Corporate Center.
2
Traded
products exposure is based on internal measurement
methodology.
3
Tradable
assets valuation: trading positions — net long, maximum default exposure;
private equity — lower of cost or market; financial investments — fair value.
63
Table of Contents
Capital and Risk Management
Risk Analysis
Group in nominal terms. For
internal risk management and risk
control purposes, we also measure
credit risk in terms of
statistical and stress loss,
taking into account the size of
the credit exposures, plus the
quality of the counterparty,
collateral and diversification
effects, as explained on page 61.
UBS Wealth Management
& Business Banking
UBS Wealth Management & Business
Banking's gross loans to
customers at 31 December 2002
amounted to CHF 174 billion, of
which 69% or CHF 120 billion were
secured by real estate. The pie
chart to the right shows that
exposure to the real estate
sector is well diversified with
40% of loans being secured on
single-family homes and
apartments, which, historically,
have exhibited a low risk
profile. The 17% of exposure on
residential multi-family homes
consists of rented apartment
buildings. Loans and other credit
engagements with individual
clients, excluding
mortgages, are
predominantly extended against
the pledge of marketable
securities where UBS applies
conservative standards to
determine the advance value of
the collateral.
Unsecured loans consist
predominantly of exposures to
corporate clients. They are
fairly widely spread across
rating categories and industry
sectors, which reflects UBS's
position as a market leading
lender to this segment of
64
Table of Contents
UBS Wealth Management & Business Banking:
distribution of gross loans across counterparty rating and loss given default (LGD) buckets
Loss given default buckets
Weighted
Gross
Average
CHF million
Exposure
0-25%
26-50%
51-75%
76-100%
LGD(%)
0
1,183
512
576
95
0
36
1
476
388
48
39
1
31
2
2,963
1,721
860
341
41
32
3
35,555
18,017
8,579
3,771
5,188
33
4
5,743
1,936
1,738
2,024
45
40
5
81,954
75,014
4,184
1,775
981
27
6
8,596
1,955
3,691
2,753
197
42
7
10,953
3,055
4,825
1,654
1,419
43
8
10,235
2,017
5,938
1,461
819
39
9
5,987
1,257
3,494
843
393
40
10
1,206
218
694
212
82
42
11
341
53
208
54
26
41
12
467
166
134
118
49
43
Total
165,659
106,309
34,969
15,140
9,241
33
Investment grade
127,874
97,588
15,985
8,045
6,256
Sub-investment grade
37,785
8,721
18,984
7,095
2,985
Impaired and defaulted
8,373
Total gross loans
174,032
predominantly small to medium
sized enterprises in Switzerland.
During 2002, our high credit
underwriting standards and the
continued relative strength of
the Swiss economy have
contributed to improved credit
quality within the portfolio,
with individual and sector
concentrations having been
further reduced.
The table above depicts
credit exposure across
counterparty ratings and loss
given default (LGD) buckets. LGD
represents our expectation of the
extent of loss on a transaction
should default occur, and is
expressed as percentage loss per
unit of exposure. LGD typically
differs by type of counterparty
and claim, seniority and
available collateral. The table
shows a concentration in the
rating grade 5 and 25% LGD
buckets, reflecting the dominant
residential mortgage business
with a standard LGD rate of 25%.
UBS Warburg
A substantial majority of UBS
Warburg counter-party exposures
fall into the investment grade
category (internal
counterparty rating grades 0 to
5), both for banking products
gross (66%) and for traded
products (94%). The UBS Warburg
counterparties are primarily
sovereigns, financial
institutions, multinational
corporate clients and investment
funds. In the last few
years, UBS
Warburg has engaged in a
substantial credit risk hedging
program through which we have
effectively reduced our banking
products exposure by CHF 25.3
billion. This was achieved mainly
by transferring the underlying
risk to high grade market
counterparties using credit
default swaps. The table on the
following page provides a view of
the net banking products
exposure, reflecting the effect
of these credit risk hedging
activities. In order to better
illustrate the effects of credit
hedging and other risk
mitigation, we have expanded the
2002 columns in the rating
distribution graph on page 67 to
show exposures before and after
risk mitigation. Additionally, in
the matrix on the following page,
we show the distribution of UBS
Warburg's net banking products
exposure across rating grades and
LGD buckets. In UBS Warburg's
portfolio, the standard LGD on
senior secured claims is 40% and
on senior unsecured claims 50%,
which explains the concentration
in the 26-50% bucket in the
matrix on page 66. The
significant exposure in the
sub-investment grade 0-25% bucket
is mainly comprised of
collateralized short-term bridge
loans for US residential real
estate portfolios awaiting
securitization.
Exposure distribution across
counterparty ratings shown elsewhere in
this section refers only to the gross
exposure and probability of
65
Table of Contents
Capital and Risk Management
Risk Analysis
UBS Warburg: credit hedging, banking products
As at 31.12.2002
Gross
Credit
Other Risk
Net
CHF million
Exposure
1
Hedges
2
Mitigants
3
Exposure
Investment grade
47,020
21,463
913
26,272
Sub-investment grade
29,256
3,770
613
25,551
Impaired and defaulted
1,981
99
1,229
818
Total banking products exposure
78,257
25,332
2,755
52,641
1
Banking products exposure excludes money market deposits of CHF 13.3
billion.
2
Credit Hedges includes single name credit
default swaps (CDS) and credit linked notes (CLN) programs at notional
amounts.
3
Other Risk Mitigants include cash collateral and unfunded risk
participations. The impaired and defaulted category also includes counterparty specific allowances of CHF 995 million.
Note: Columns cannot be totaled as net exposure is set to zero in case of
over-hedging or over-provisioning.
UBS Warburg: distribution of net take and hold banking products exposure
1
across counterparty rating and loss given default (LGD) buckets
Net
Loss given default buckets
Weighted
Credit
Average
CHF million
Exposure
2
0-25%
26-50%
51-75%
76-100%
LGD(%)
Not rated
26
25
1
47
0 and 1
2,245
2,243
2
50
2
5,006
349
4,650
3
4
52
3
8,398
4,315
4,069
14
39
4
4,661
347
4,232
82
50
5
2,594
367
2,218
9
47
6
2,840
1,537
1,272
7
24
32
7
5,558
4,315
1,243
23
8
8,599
7,854
734
11
9
9
5,051
3,969
1,041
1
40
16
10
551
67
482
2
45
11
312
312
42
12
802
132
628
9
33
39
Total non-impaired
46,643
23,252
23,149
42
200
38
Investment grade
22,930
5,378
17,437
12
103
Sub-investment grade
23,713
17,874
5,712
30
97
Impaired and defaulted
797
Total take and hold
47,440
1
Net take and hold banking products exposure does not include money
markets deposits of CHF 13.3 billion, and excludes temporary
(underwriting) commitments.
2
Net credit exposure: gross credit exposure minus credit hedges minus other risk mitigants.
default, without reference to the
likely severity of loss or loss
mitigation from collateral or
credit hedges.
Continuing the trend
observed in 2001, the year under
review saw both a number of high
profile investment grade defaults
and record levels of
speculative-grade defaults both
in the US and in Europe. Our
disciplined credit underwriting
and distribution standards and
our focus on asset quality, have
allowed UBS Warburg to avoid most
of these defaults. To have
experienced a net recovery of
loan losses in very challenging
markets has confirmed our
strategy and reaffirmed our
firm-wide risk culture. UBS
Warburg is well positioned for,
but not immune
to, any continued
turbulence in the international
credit markets.
UBS Warburg's banking
products portfolio continues to
be widely diversified across
industry sectors. At 31 December
2002, the largest exposure (36%)
was to the finance sector. While
the reported 7% exposure to the
transport, storage and
communication sector includes CHF
3.6 billion of gross
exposure to the telecommunication
industry, the vast majority of
this amount relates to incumbent
investment grade operators and
substantial portions of these
exposures are credit-hedged.
A significant proportion of
UBS Warburg's credit risk arises
from its trading and risk man-
66
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67
Table of Contents
Capital and Risk Management
Risk Analysis
agement
activities. Providing
risk management
solutions to our
customers, including
the use of derivative
products, is a core
business of UBS
Warburg. Here,
transactions with
counterparties of
lower quality are
generally conducted on
a secured basis or for
short tenors only. In
line with general
market trends, UBS
Warburg has also
entered into bilateral
collateral agreements
with other major banks
to mitigate the
potential
concentrations of
exposure arising from
industry consolidation
and the continuing
increase in volumes of
OTC derivatives
traded.
The graphs above show UBS
Group's OTC derivative exposure
by product type and maturity at
31 December 2002, while the graph
on page 67 shows details of all
UBS Warburg traded products
exposure by counterparty rating
at 31 December 2002. Further
details of derivative instruments
are provided in Note 23 to the
UBS Group Financial Statements.
UBS PaineWebber
Consistent with UBS PaineWebber's
business focus on regulated,
collateralized lending to high
net worth individuals, credit
risk in its portfolio is
comparatively low. The loan
portfolio as at 31 December 2002
amounted to CHF 12.9 billion,
spread over some 95,000
individual positions, widely
dispersed across the US.
Country risk
Our cross-border country risk
exposure to emerging markets has
further reduced to CHF 10.7
billion, down from CHF 15.4
billion at 31 December 2001. Of
this amount, CHF 5.8 billion or
54% is to investment grade
countries. Our on-shore exposure
to emerging markets is
immaterial.
The table and graphs below
analyze the cross-border emerging
market country exposures by
country rating category, by major
geographical area and by product
type at 31 December 2002 compared
to 31 December 2001 and 31
December 2000.
68
Table of Contents
Emerging market exposure by major geographical area and product type
CHF million
Total
Banking products
Traded products
Tradable assets
As at
31.12.02
31.12.01
31.12.00
31.12.02
31.12.01
31.12.00
31.12.02
31.12.01
31.12.00
31.12.02
31.12.01
31.12.00
Emerging Europe
2,005
1,954
1,612
390
632
809
532
750
395
1,083
572
408
Emerging Asia
4,755
7,747
7,642
2,189
4,029
4,053
1,179
1,537
1,355
1,387
2,181
2,234
Latin America
1,711
2,876
4,268
618
1,122
2,352
330
863
1,025
763
891
891
Africa/Middle East
2,205
2,858
2,736
979
1,432
1,564
818
962
669
408
464
503
Total
10,676
15,435
16,258
4,176
7,215
8,778
2,859
4,112
3,444
3,641
4,108
4,036
Credit loss expense
UBS Group's Financial Statements
are prepared in accordance with
IFRS, under which credit loss
expense charged to the Financial
Statements in any period is the
sum of net allowances and direct
writeoffs minus recoveries
arising in that period, i.e. the
credit losses actually incurred.
To better reflect the
characteristics of credit risks
in our activities, we measure and
present our Business Group
results in terms of expected
loss, rather than actual IFRS
loss, and provide a
reconciliation between the two -
see the section "Expected loss"
on pages 60 to 61 and pages 39 to
40 of our Financial Report 2002
for further details. The
following discussion covers the
actual credit loss expense
recorded under IFRS.
Throughout 2002, the global
credit environment continued the
downward trend observed in 2001.
Concerns regarding the
sustainability of the global
economic recovery have increased.
Combined with increasing
geopolitical tensions, the
outlook for corporate profits has
weakened. Financial market
development during the year
was
characterized by heightened
investor risk aversion, with
pronounced tiering by credit
quality, resulting in higher-risk
corporate and sovereign borrowers
facing increasingly difficult
financing conditions.
Against this background, and
in stark contrast to the very
challenging credit environment,
UBS Warburg achieved a strong
credit performance with net
credit loss recoveries of CHF 35
million, compared to credit loss
expense of CHF 360 million in
2001 and CHF 562 million in 2000.
This excellent performance was
the result of minimal exposures
to new defaults plus the recovery
of country provisions for
emerging markets exposures which
were repaid or sold during 2002.
As illustrated in the graph
on this page, corporate
bankruptcies in Switzerland have
reversed a five-year falling
trend and climbed by 10.8% during
the year. In our case, this
negative development did not come
as a surprise and has largely
been compensated by the measures
we have undertaken to improve the
asset quality of our domestic
credit portfolio. The gradual
slowdown of the Swiss economy and
our success in substantially
reducing our impaired portfolio
have, however, resulted in a
lower level of recoveries
compared to previous years. This
largely explains the increase of
our credit loss expense to CHF
241 million, compared to CHF 123
million in 2001.
Group credit
loss expense in 2002 amounted to
CHF 206 million, compared to CHF
498 million in 2001 and to a net
recovery of CHF 130 million in
2000. The exceptional result in
2000 was helped by favorable
economic conditions in
Switzerland which, for UBS Wealth
Management & Business Banking,
resulted in substantial write
back of credit loss provisions
taken in earlier periods.
69
Table of Contents
Capital and Risk Management
Risk Analysis
IFRS credit loss expense
UBS Wealth Management
CHF million
& Business Banking
UBS Warburg
UBS PaineWebber
For the year ended
31.12.02
31.12.01
31.12.00
31.12.02
31.12.01
31.12.00
31.12.02
31.12.01
31.12.00
Total banking products
exposure at year end
187,768
197,677
199,458
102,564
120,224
140,919
14,098
19,503
24,649
IFRS actual credit loss
expense/(recovery)
241
123
(695
)
(35
)
360
562
15
15
3
- as a proportion of total
banking products exposure (bps)
13
6
(35
)
(3
)
30
40
11
8
1
Expected loss
charged to Business Groups
2
314
604
785
128
112
243
13
18
3
- as a proportion of total
banking products exposure (bps)
17
31
39
12
9
17
9
9
1
[Additional columns below]
[Continued from above table, first column(s) repeated]
CHF million
Other
1
UBS Group
For the year ended
31.12.02
31.12.01
31.12.00
31.12.02
31.12.01
31.12.00
Total banking products
exposure at year end
840
675
786
305,270
338,079
365,812
IFRS actual credit loss
expense/(recovery)
(15
)
0
0
206
498
(130
)
- as a proportion of total
banking products exposure (bps)
(179
)
0
0
7
15
(4
)
Expected loss
charged to Business Groups
2
0
0
0
455
734
1,031
- as a proportion of total
banking products exposure (bps)
0
0
0
15
22
28
1
Includes UBS Global Asset Management
and Corporate Center.
2
For an
explanation of the credit loss charge used in our Business Group reporting,
please see the "Expected loss" section on page 60 and 61 and pages 39 and 40 of
the Financial Report 2002.
Impaired loans, allowances and provisions
UBS classifies a claim as
impaired when the book value of
the claim exceeds the present
value of the cash flows actually
expected in future periods.
Allowances and provisions for
credit loss are established in
line with IAS 39 and according to
our provisioning policies which
are explained
on page 62. We are
confident that our policies and
processes ensure a consistent and
fair basis for determining
prudent levels of allowances and
provisions.
As shown in the table below,
allowances and provisions for
credit losses decreased by 31.6%,
from CHF 8,218 million at 31
December 2001
1
Includes UBS Global
Asset
Management and Corporate Center. UBS Global Asset Management had no
impaired or non-performing loans at 31.12.02, 31.12.01 and 31.12.00.
2
Includes country allowances
and
provisions
and provisions for off-balance-sheet liabilities.
Allowances and provisions for credit loss
UBS Wealth Management &
CHF million
Business Banking
As at
31.12.02
31.12.01
31.12.00
Loans to banks (gross)
6,449
7,938
9,150
Loans to customers (gross)
167,583
173,916
176,121
Gross loans
174,032
181,854
185,271
Non-performing loans
5,033
7,004
8,342
Other impaired loans
3,340
4,306
5,978
Total impaired loans
8,373
11,310
14,320
Allowances for non-performing loans
2,750
4,248
5,141
Allowances for other impaired loans
832
1,143
2,579
Total allowances for impaired loans
3,582
5,391
7,720
Other
allowances and provisions
2
452
243
83
Total allowances and provisions
4,034
5,634
7,803
of which country allowances and provisions
515
507
498
Ratios
Impaired loans as a % of gross loans
4.8
6.2
7.7
Non-performing loans as a % of gross loans
2.9
3.9
4.5
Allowances and provisions for credit loss as a % of gross loans
2.3
3.1
4.2
Allocated allowances as a % of impaired loans
42.8
47.7
53.9
Allocated allowances as a % of non-performing loans
54.6
60.7
61.6
70
Table of Contents
to CHF 5,621 million at 31
December 2002. Note 9b to the UBS
Group Financial Statements
provides further details of the
changes in allowances and
provisions during the year.
Allowances and provisions
for emerging market-related
exposures stood at CHF 736
million at 31 December 2002,
compared to CHF 1,006 million at
31 December 2001 and CHF 1,292
million at 31 December
2000. The reduction is
mainly a consequence of our
policy of reducing the overall
size of our emerging market
exposures.
Impaired loans have
decreased to CHF 10,365 million
at 31 December 2002 from CHF
14,629 million at 31 December
2001 and from CHF 18,494 million
at 31 December 2000. Over the
same period, non-performing loans
(a sub-set of impaired loans)
have also decreased, to CHF 6,029
million from CHF 8,639 million at
31 December 2001 and CHF 10,452
million at 31 December 2000.
The ratio of impaired loans
to total loans has improved over
the past three years to 4.2% at
31 December 2002 from 5.6% at
31 December 2001 and 6.5% at 31
December 2000, while the
non-performing loans to total
loans ratio improved to 2.4% at
31 December 2002 from 3.3% at 31
December 2001 and 3.7% at 31
December 2000. These positive
results were due, in part, to the
reduction of our exposure to
international credit risk, which
produced fewer new impaired and
non-performing loans than in
previous years, and in part to
continuing efforts to conclude
proceedings and reach settlement
on existing non-performing loans.
Market risk
Market risk is the risk of loss
arising from movements in
observable market variables such
as interest rates, exchange rates
and equity markets. In addition
to these and other general market
risk factors, the risk of price
movements specific to individual
issuers of securities is
considered market risk.
Market risk is incurred in
UBS primarily through trading
activities which are centered in
UBS Warburg's Corporate and
Institutional Clients business
unit. It arises primarily from
market making, client
facilitation and propri-
UBS Warburg
UBS PaineWebber
Other
1
UBS Group
31.12.02
31.12.01
31.12.00
31.12.02
31.12.01
31.12.00
31.12.02
31.12.01
31.12.00
31.12.02
31.12.01
31.12.00
24,495
17,702
18,310
1,327
2,151
2,061
640
470
543
32,911
28,261
30,064
37,223
43,527
55,500
11,530
16,095
22,588
123
185
243
216,459
233,723
254,452
61,718
61,229
73,810
12,857
18,246
24,649
763
655
786
249,370
261,984
284,516
967
1,609
2,068
29
17
16
0
9
26
6,029
8,639
10,452
996
1,667
2,064
0
17
0
0
0
0
4,336
5,990
8,042
1,963
3,276
4,132
29
34
16
0
9
26
10,365
14,629
18,494
706
1,104
1,167
29
17
16
0
5
5
3,485
5,374
6,329
575
760
777
0
17
0
0
0
0
1,407
1,920
3,356
1,281
1,864
1,944
29
34
16
0
5
5
4,892
7,294
9,685
264
681
813
13
0
0
0
0
0
729
924
896
1,545
2,545
2,757
42
34
16
0
5
5
5,621
8,218
10,581
221
499
794
0
0
0
0
0
0
736
1,006
1,292
3.2
5.4
5.6
0.2
0.2
0.1
0.0
1.4
3.3
4.2
5.6
6.5
1.6
2.6
2.8
0.2
0.1
0.1
0.0
1.4
3.3
2.4
3.3
3.7
2.5
4.2
3.7
0.3
0.2
0.1
0.0
0.8
0.6
2.3
3.1
3.7
65.3
56.9
47.0
100.0
100.0
100.0
0.0
55.6
19.2
47.2
49.9
52.4
73.0
68.6
56.4
100.0
100.0
100.0
0.0
55.6
19.2
57.8
62.2
60.6
71
Table of Contents
Capital and Risk Management
Risk Analysis
etary
positions in equities,
fixed income and
interest rate
products, foreign
exchange and, to a
lesser extent,
precious metals and
energy. Activity is
mainly in OECD
markets, with some
business in emerging
markets.
Group Treasury assumes
market risk through the transfer
of long-term interest rate risk
from other Business Groups, and
through the Group's structural
foreign exchange positions. These
are non-trading positions and are
discussed in the "Group Treasury"
section on pages 78 to 87.
Further market risks arise,
but to a much lesser extent, in
other businesses, again,
primarily from the facilitation
of customer business, but also in
the form of interest rate risk in
the banking books of the private
banks (UBS's independently
branded, but wholly owned private
banking subsidiaries).
Market risk measures are
applied to all foreign exchange,
precious metals and energy
exposures of the Group, to all
the trading books of UBS Warburg,
to interest rate risk in the
Group Treasury book and the
private banks, and to any other
material market risk arising.
Risk measurement
The expected, statistical and
stress loss framework is applied
to market risk as follows:
–
expected loss
is reflected in the
valuation adjustments made to the
portfolio. These cover price
uncertainties resulting from a
lack of market liquidity or the
absence of a reliable market
price for an instrument or
position, and model risk in more
complex models
–
statistical loss
is measured using a Value at Risk
(VaR) methodology. VaR expresses
the potential loss on the current
portfolio assuming a specified
time horizon before positions can
be adjusted (holding period), and
measured to a specified level of
confidence. UBS measures VaR on
both a one day and a ten day
holding period, in both cases to
a 99% confidence level.
Estimates are based on historical
simulation, assessing the impact
of historical market movements on
today's portfolio, based on five
years of historical data. 1-day
VaR exposure expresses the
maximum daily mark to market loss
that UBS is likely to incur on
the current portfolio under
normal market conditions with a
larger loss being statistically
likely only once in a hundred
business days
–
stress loss
is assessed against
a set of forward looking
scenarios, approved by the Board
of Directors, using stress moves
in market variables which are
regularly reviewed and approved
by the Group CRO. Stress events
modeled in our standard scenarios
include crises in equity,
corporate bond and emerging
markets, and severe currency and
interest rate movements. They are
kept under constant review and
fine tuned as necessary to
reflect changing market and
economic conditions.
We also monitor our
positions against more specific
scenarios that target individual
sectors or are based on current
concerns.
All VaR models, while
forward-looking, are based on
past events and are dependent
upon the quality of available
market data. The quality of the
VaR model is therefore
continuously monitored by
backtesting. In backtesting we
compare the actual revenues
arising from the previous day's
closing positions ("backtesting
revenue", which excludes
non-trading revenues such as
commissions and fees and revenues
from intra-day trading) with the
1-day VaR calculated for the
previous day on these same
positions. If the revenue,
whether positive or negative,
exceeds the 1-day VaR, a
"backtesting exception" is
considered to have occurred. When
VaR is measured at a 99%
confidence level, a backtesting
exception is expected, on
average, one day in a hundred. A
higher rate of occurrence may
indicate that the VaR model (the
combination of the inputs and the
calculations) is not fully
capturing all risks. UBS conducts
backtesting daily at a number of
organizational levels, down to
individual trading portfolios in
UBS Warburg, and investigates all
backtesting exceptions to
establish their cause and any
necessary remedial action.
Backtesting is also a regulatory
requirement, and negative
backtesting exceptions (where
revenue is negative and greater
than the previous 1-day VaR) must
be reported to the regulators.
The Board of Directors has
set a limit on statistical loss
for market risk at the Group
level in terms of 10-day VaR.
This limit is allocated by the
GEB among the Business Groups,
the largest allocation being to
UBS Warburg. Within the Business
Groups, the limit is allocated to
lower organizational levels as
necessary. The internal 10-day
VaR measure is also the basis of
UBS's market risk regulatory
capital requirement.
72
Table of Contents
The Board of Directors has
also set a stress loss limit on
market risk for UBS Warburg.
The market risk VaR and
stress loss limits are the
principal controls on UBS's
exposure to day-to-day movements
in market prices, but
complementary controls are also
applied to prevent undue
concentrations, including limits
on exposure to individual market
risk variables, such as
individual interest or exchange
rates, and limits on positions in
the securities of individual
issuers. These controls are set
at levels which reflect
variations in price volatility
and market depth and liquidity.
Market risk developments
Throughout the year UBS Warburg
has maintained its previous
strategy of concentrating risk
taking in liquid markets and
instruments, and strictly
controlling incremental risk in
illiquid markets, including
private equity. We continue to
apply strict risk/return
standards in both our proprietary
and client facing activities.
In 2002, we have seen
periods of exceptional
volatility, in conjunction with
extraordinary falls in securities
prices in the bond and equity
markets, especially in the
telecommunications and energy
sectors. These falls occurred in
response to profit warnings, and
revelations of accounting
irregularities and corporate
misgovernance, particularly in
the second and third quarters of
2002.
Against this background, we
reviewed and adjusted our risk
profile in the middle of the year
and have routinely hedged tail
risk, thereby avoiding much of
the market fallout. Opportunities
have arisen and have been taken,
as can be seen from the
occasional increases in VaR shown
in the graph below.
We entered
the energy markets on 11 February
2002 and market risk arising in
the business is included in the
table below from that date in the
risk class "Other". Trading
conditions have been difficult
for most of the year and our
energy risk remains small.
The table below shows
average, minimum, maximum and
year end market risk exposure for
UBS Warburg, as measured by VaR
on a ten day holding period and
99% confidence level.
While average VaR for
equities decreased from CHF 181
million to CHF 177 million, the
average for interest rates
increased from CHF 183 million to
CHF 219 million. These changes
reflect changing market
conditions and, in particular,
good trading opportunities in the
bond markets which resulted in
interest rates being the
strongest risk driver at the end
of 2002. Average VaR for UBS
Warburg increased from CHF 252
million in 2001 to CHF 275
million in 2002, partly explained
by the ongoing shift of risk
taking from illiquid to liquid
markets, but in gener-
UBS Warburg Corporate and Institutional
Clients
1
: Value at Risk (10-day 99% confidence)
Year ended 31.12.02
Year ended 31.12.01
Year ended 31.12.00
CHF million
Min.
Max.
Average
31.12.02
Min.
Max.
Average
31.12.01
Min.
Max.
Average
31.12.00
Risk type
Equities
123.3
293.0
177.2
178.3
123.9
454.9
181.1
157.0
144.7
245.9
199.4
146.5
Interest rates
161.8
303.4
219.2
280.9
127.6
299.8
182.7
226.2
113.8
182.4
148.1
122.4
Foreign exchange
6.2
100.0
35.0
9.6
9.3
90.7
28.5
25.8
7.8
98.0
32.7
31.5
Other (incl. energy)
2
3.6
112.8
29.8
12.6
2.2
14.4
6.1
5.1
2.1
27.4
9.7
5.3
Diversification effect
3
3
(186.3
)
(171.4
)
3
3
(146.2
)
(143.1
)
3
3
(148.2
)
(128.2
)
Total
198.3
389.6
274.9
310.0
179.8
470.3
252.2
271.0
177.2
296.1
241.7
177.2
1
Positions have been restated for 2001 and 2000 to exclude UBS PaineWebber
exposures. UBS Warburg Energy exposures are included from start of trading on
11 February 2002.
2
Includes energy risk from UBS Warburg Energy and
precious metals risk.
3
As the minimum and maximum occur on different days
for different risk types, it is not meaningful to calculate a portfolio
diversification effect.
73
Table of Contents
Capital and Risk Management
Risk Analysis
UBS Group: Value at Risk (10-day 99% confidence)
Year ended 31.12.02
Year ended 31.12.01
Year ended 31.12.00
CHF million
Limits
Min.
Max.
Average
31.12.02
Min.
Max.
Average
31.12.01
Min.
Max.
Average
31.12.00
Business Groups
UBS Warburg — Corporate
and Institutional Clients
1, 2
450
198.3
389.6
274.9
310.0
179.8
470.3
252.2
271.0
177.2
296.1
241.7
177.2
UBS PaineWebber
3
50
11.1
36.2
18.9
14.2
13.2
37.3
20.4
23.6
17.8
28.2
21.8
21.3
UBS Global
Asset Management
30
7.0
13.1
9.4
8.6
UBS Wealth Management &
Business Banking
4
50
4.1
8.9
5.4
4.1
3.7
5.3
4.8
4.8
3.3
4.8
4.1
3.7
Corporate Center
5
150
30.1
63.7
39.8
62.1
31.3
63.5
37.4
40.9
29.9
149.4
69.4
45.3
Reserve
150
Diversification effect
(68.3
)
(86.6
)
(49.0
)
(35.7
)
(89.0
)
(58.0
)
Total
600
211.3
373.9
280.1
312.4
191.9
482.5
265.8
304.6
189.0
321.9
248
189.6
1
Includes UBSW Energy from start of
trading on 11 February 2002.
2
Positions have been restated for 2001 and 2000 to exclude UBS PaineWebber
exposures.
3
UBS PaineWebber included from legal merger date 3 November
2000.
4
Includes interest rate exposures in the banking books of the Private
Banks.
5
Includes interest rate exposures in the banking book of Group
Treasury.
74
Table of Contents
al, market risk exposures have
stayed within the normal ranges.
Market risk positions in the
other Business Groups and
Corporate Center have only a
marginal incremental impact on
the total VaR at Group level as
can be seen in the table on page
74.
UBS had no regulatory
backtesting exceptions in 2002,
as can be seen in the backtesting
graph. Note that the revenues
shown in this graph are
"backtesting revenues" — they
exclude non-trading revenues,
such as commissions and fees, and
revenues from intraday trading,
which are not relevant in the
context of backtesting. The
10-day VaR, which is the basis of
the limits and exposures in the
tables, is also shown for
information.
In the first histogram on
page 74 we show the distribution
of these backtesting revenues
while the second histogram shows
daily revenues from all sources
("full revenues") in the
Corporate and Institutional
Clients business unit.
Further enhancements have
been made to specific areas of
the VaR model, but none of these
changes has had a material impact
on the reported risk.
Consequential risk
In June 2002, we appointed a
Group Head of Consequential Risk,
reporting to the Group CRO, whose
mission is to ensure that the
Group has formulated and
implemented, and constantly
reviews and refines, a
consistent, coherent and
comprehensive approach to the
management and control of
consequential risk throughout our
business.
The process begins with the
identification and assessment of
risks to which we are, or could
be, exposed, which range from
every day events such as
reconciliation problems to
potentially severe events such as
fraud. Operating standards are
then established to control the
risks, which means taking a
conscious decision whether and
how they are to be accepted,
managed, mitigated, or avoided.
We recognize, however, that we
cannot eliminate them completely
(because errors and accidents
will always happen) and that it
may not be cost effective to do
so even where it is theoretically
possible — we adopt a risk based
approach.
Compliance with controls
must be monitored continuously
and their effectiveness assessed.
To assist in this process, we can
identify and track certain
indicators, such as the number of
unreconciled items on nostro and
custody accounts and the time
they have been outstanding, which
can potentially provide early
warning of increasing risk or
non-compliance with standards.
Appropriate
contingency/crisis and business
continuity plans are developed to
cover extreme events affecting a
limited area (e.g. one IT system
or server) or a significant part
of the business (e.g. all
operations in one location).
Consideration of stress scenarios
is a component of this process.
We identify consequential
risk "events" — actual failures of
processes, people or systems
-including external events,
whether or not they directly
impact UBS, for example a fraud
committed at another institution.
An event such as a virus attack
or a customer complaint does not
always lead to direct or indirect
financial loss but may indicate
that standards are not complied
with or are ineffective
We
maintain a database of financial
losses and their underlying
causes. It is, however, important
to understand that financial
losses from a single event can
arise in several ways (for
example a writedown of assets, a
claim against UBS, a regulatory
fine, and indirect loss through
business disruption); and that
the level of risk at any time is
not directly correlated to actual
financial losses or their
frequency of occurrence, which
are, at best, only indicative. An
analysis of the causes of
consequential risk events is
there-
75
Table of Contents
Capital and Risk Management
Risk Analysis
fore also
important, to ensure
that our standards are
complied with, that
they are effective,
and that remedial
action is taken where
necessary.
The primary objective of
consequential risk management and
control is to ensure a continuous
process of qualitative
improvement. As such, we rely
primarily on a qualitative
framework supported by
appropriate quantitative
techniques.
Consequential risk developments
Know Your Customer and Anti-money laundering controls
Since the events of 11 September
2001, financial institutions and
their regulators have made
strengthening of and compliance
with Know Your Customer and
Anti-Money Laundering laws and
regulations a key priority. UBS
was already committed to the
adoption of appropriate internal
standards, and these had been
incorporated in many aspects of
our operations. We have been an
active member and key supporter
of the major industry bodies
whose aim is to eliminate the
proceeds of crime from the
financial system. Our significant
contribution to the workings of
the Wolfsberg Group of Banks is
but one example.
We continue to make
substantial investments in
personnel and technologies to
help ensure that we have at our
disposal the latest techniques
and information to identify
suspicious activities and
criminals engaged in money
laundering. We are currently
implementing a monitoring system
to identify potentially
suspicious transactions in our
private banking and retail broker
dealer operations. We also
continue to develop our own
internal customer vetting
databases.
Adherence to the standards
set by the our regulators and
supra-national bodies such as the
Financial Action Task Force
(FATF) remains one of the Group's
major objectives, and we will
continue to refine and enhance
the processes we apply to
customer acceptance and
transaction monitoring in line
with our assessment of the risks,
industry practice, regulatory
requirements and technical
developments.
IT security
Like most other financial
institutions, we rely on IT
infrastructure to support our
business processes. Moreover, as
a major global market
participant
and a market leader in the
provision of internet based and
other "e" services to our
clients, we need both strong IT
security and adequate business
continuity arrangements to
protect a range of interest
groups, including our clients and
customers, other market
participants and our
shareholders, and to meet our
legal and regulatory obligations.
We have senior Information
Security Risk Control officers in
all Business Groups and have
established a regular global
forum for IT and Risk Control to
assess the risk environment and
determine appropriate actions to
mitigate these risks. We continue
to enhance our IT security risk
policies, standards and practices
to ensure that we meet industry
best practice. Senior management
including the Group Executive
Board are provided with regular
reports on material risk areas.
Fraud prevention
We strive for operational
excellence in serving our
clients. To this end, effective
controls, using state-of-the-art
technology, are important tools
in maintaining and steadily
improving our high quality level.
In this context, we have a
systematic process not only to
identify and prevent operational
errors, but also to monitor
unusual patterns which might
indicate fraudulent activities.
We recognize and focus on the
risk inherent in our business and
will continue to enhance
prevention and detection measures
where justified by the risks and
costs to our clients and our
shareholders. During 2002 we have
strengthened system access
controls and access monitoring
and have implemented search
engines to detect and prevent
fraudulent activity.
New Basel capital accord ("Basel II")
Since the first draft of the New
Basel capital accord ("Basel II")
was published in 1999, there has
been continuous dialogue and
discussion between regulators and
the industry, various drafts have
been published, and quantitative
studies have been conducted. A
final consultative paper is due
in May 2003, after which further
material changes are not
expected. Full implementation is
scheduled for 1 January 2007
after a one year parallel run.
Basel II consists of three
mutually reinforcing pillars:
76
Table of Contents
–
Pillar 1
sets capital
requirements for credit
risk, market risk and
operational risk. Existing
rules for market risk
capital are substantially
unchanged. The rules for
credit risk capital will be
more risk-sensitive than at
present and banks will be
permitted to use some of
their own internal risk
assessments to determine
regulatory capital. The
regulatory capital charge
for operational risk
(consequential risk) is new
–
Pillar 2
involves
regulatory assessment of
models, controls, standards
and processes in the
organization — a qualitative
assessment to complement the
quantitative assessment
under Pillar 1. This process
already exists for market
risk but will be more
extensive under Basel II
–
Pillar 3
requires enhanced
disclosure by banks. In 2002, we
launched a project to implement
Basel II in UBS. The overall
goals of Basel II are clearly
compatible with our own ambition
and past strategic decision to be
among the leading institutions in
risk management and control and,
particularly in the areas of
portfolio credit risk
measurement, sophisticated
internal models are
indispensable.
Since the final details of
Basel II are not yet known, the
initial focus of the work has
been on areas that clearly
benefit our own internal
measurement, management and
control tools. For credit, this
has meant ensuring the
completeness and accuracy of loss
history data (observed defaults,
migrations and loss severity);
reviewing rating processes, tools
and methodologies; and completing
all relevant documentation.
There will be considerable
flexibility for banks to develop
different approaches to the
modeling and qualitative aspects
of operational risk. We have
continued to gather loss and
other event-related data,
focusing on data quality and
consistency of detail and
definition. Banks will have to
support their quantitative
approaches
with a strong qualitative
framework and, as outlined in the
"Consequential risk" section
above, we are developing
group-wide qualitative standards.
While it is clear that improving
the qualitative framework should
beneficially impact loss
experience, there is no simple
formula. Once the final details
of Basel II are clear, we will
further accelerate our
quantitative work.
Pillar 3 will require banks
to disclose a range of
information about the risks they
take, the way they assess risks
and their regulatory capital
position, beyond the present
financial reporting guidelines.
The intention is to subject banks
to "market discipline" — the
markets would reinforce
regulatory supervision by
requiring higher or lower costs
of capital based on the
individual bank's level of risk
and quality of risk management
and control.
UBS is a supporter and
exponent of transparency in
banks' financial statements, and
of disclosure as a means to
promote market discipline. We
thus support the aims of Pillar 3 — indeed, we would encourage
similar developments by other
financial services regulators.
Discussions are continuing
on the final detail of Pillar 3
and UBS is working with the
industry and regulators to try to
ensure an appropriate balance
between, on the one hand, the
benefits of enhanced disclosure
and, on the other, the negative
impact of excessive detail which
may confuse rather than assist
the reader. We also continue to
encourage regulators and
accounting standard setters to
work together to harmonize
disclosure requirements.
We expect that, as risk
management and control practices
evolve, banks' disclosure
standards will also change, and
we are committed to remaining at
the forefront of meaningful
disclosure.
77
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Capital and Risk Management
Group Treasury
Group Treasury
The processes and transactions
for which Group Treasury is
responsible relate to our
corporate legal structure,
regulatory capital, balance
sheet, funding and liquidity,
non-trading currency and interest
rate risk and financial
investments, including:
–
efficient governance of the
firm's interest rate risk process
with the aim of optimizing risk
capture and management, netting
potential and organizational cost
–
management of Group Treasury's
own interest rate risk position,
which arises from its balance
sheet management activities,
which are non-trading
–
providing
a framework for sustainable and
cost-efficient funding of the
firm's balance sheet, using a
well-diversified portfolio of
funding sources and preserving a
balanced liability structure
–
management of UBS's long-term
debt portfolio
–
providing a
framework for optimal liquidity
management in order to generate
cash when required without
compromising the Group's ability
to take advantage of market
opportunities
–
efficient
management of the
currency-diversified equity
investment portfolio, and of the
Group's non-trading foreign
exchange exposure, to shield
regulatory capital ratios and
expected future cash flows from
fluctuations in exchange rates
against the Swiss franc
–
efficient management of the
capital base, taking into account
financial ratios and regulatory
capital requirements with a view
to maintaining strategic
flexibility, sound capitalization
and strong ratings
–
efficient management of UBS's
own shares
–
adherence to an
adequate, lean and transparent
corporate legal structure to
underpin the Group's commitment
to meeting international
standards for corporate
governance
–
efficient management
of specific strategic investment
holdings.
Interest rate risk management
Interest rate risk is inherent in
many of our businesses. It arises
from a variety of factors,
including differences in timing
between contractual maturity or
re-pricing of assets, liabilities
and derivative instruments, which
impact net interest income in the
event of changes in market
interest rates. In the case of
variable rate assets and
liabilities, UBS is also exposed
to basis risk, which is the
difference in re-pricing
characteristics of floating rate
indices, such as the savings rate
and market rates, and which can
result in changes to net income
and the valuation of our assets
and liabilities. In addition,
certain products have embedded
options that affect their pricing
and effective maturity.
Most non-trading interest
rate risks are captured at the
point of business origination and
then transferred, through a
transfer pricing mechanism, to
one of the centralized risk
management units, predominantly
either Group Treasury or UBS
Warburg's Cash and Collateral
Trading unit (CCT).
This process allows us to
exploit Group-wide netting
potential in the management of
interest rate risk. The only
notable exceptions to this rule
are the five independent private
banking subsidiaries which manage
their own interest rate risk
separately; however the amount of
interest rate risk involved is
not material to the financial
condition or results of the Group
as a whole.
For internal risk management
and control, the Group's standard
market risk measure, Value at
Risk (VaR), is applied to all
Group Treasury positions,
although Group Treasury's book is
not subject to market risk
regulatory capital requirements.
Group Treasury's interest rate
risk is the predominant element
of the Corporate Center VaR shown
in the table on page 74 in the
"Market risk" section. We apply
additional risk measures
appropriate to a "Bank Book" to
the interest rate positions
managed by Group Treasury. These
are explained below in the
"Interest rate risk in the Group
Treasury Bank Book" section.
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Table of Contents
Internal hedging process
In applying our internal hedging
process, a distinction is made
between transactions with fixed
maturities and those without
contractual maturity dates or
directly market-linked rates
(such as retail products).
Transactions with fixed
maturities are transferred by
individual back-to-back
transactions to Group Treasury in
the case of long-term Swiss franc
transactions, and to CCT in the
case of short-term Swiss franc
and all non-Swiss franc
transactions.
Client current and savings
accounts and many other products
of UBS Wealth Management &
Business Banking have no
contractual maturity date or
directly market-linked rate, and
can be thought of as containing
embedded
pre-payment/withdrawal and
re-pricing options. Their
interest rate risk cannot be
transferred by simple
back-to-back transactions and
they are therefore transferred on
a pooled basis. This entails the
establishment of a "replication"
portfolio — a portfolio of
revolving transactions between
the originating business unit and
Group Treasury at market rates
designed to approximate the
average cash flow and re-pricing
behavior of the pooled client
transactions. The structure and
parameters of the replication
portfolios are set in accordance
with long-term observations of
market and client behavior and
are reviewed periodically. The
current extraordinarily low
interest rate environment,
especially in Swiss franc rates,
led, at the end of 2002, to some
temporary adjustments of the
replication portfolios for
variable rate liabilities.
As a result of this process,
the originating business units
are immunized as far as possible
against market interest rate
movements, but retain the product
margin, while Group Treasury
acquires market interest rate
based positions which can be
managed within its approved
limits and mandate.
A significant amount of
interest rate risk also arises
from non-business related balance
sheet items, such as the
financing of our real estate and
equity investments in associated
companies,
and the investment of
our own equity. These are all
strategic decisions, which
implicitly create interest rate
exposures. These non-business
items are also transferred to
Group Treasury through
replicating portfolios which, in
this case, are designed to
approximate the investment or
funding profile mandated by the
GEB.
All replicating portfolios
are updated monthly by replacing
maturing tranches with new
tranches, taking into account
changes in the underlying
portfolios over the period.
Although the choice of monthly
rollovers for each replicating
portfolio helps to minimize the
volume of transactions required
at any one time, new aggregate
tranches are, nevertheless, of
such a size that they cannot be
laid off to the market instantly.
There are, furthermore, long term
fixed rate refinancing
requirements arising mainly from
the commercial lending activities
of UBS Wealth Management &
Business Banking, which occur
throughout the month. Group
Treasury therefore actively
manages the timing of its
hedging, which leads to
intra-month interest rate risk
exposure that can fluctuate
significantly during the course
of each month.
All risk transferred to CCT
is managed by CCT within its risk
limits, according to its risk
view and appetite (see also
"Market risk" section on pages 71
to 75). To the extent that Group
Treasury needs to hedge its
positions, it also deals with UBS
Warburg units, which are the sole
interface to the external markets
for both cash and derivative
transactions.
Interest rate risk in the Group Treasury
Bank Book
The GEB has approved risk
management policies, risk limits
and a control framework for Group
Treasury's Bank Book interest
rate risk management process.
The internal control
framework includes an allocation
of the Group VaR limit (which
also covers Group
Treasury's foreign exchange
risk). Group Treasury's VaR
exposure is included in the table
on page 74.
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Capital and Risk Management
Group Treasury
Three key interest rate risk
measures are also used within
Group Treasury:
–
Interest rate sensitivity
expresses the impact of a
one basis point (0.01%)
parallel rise in interest
rates on the fair value (net
present value) of all our
interest rate risk positions
–
Economic value sensitivity
measures the potential
change in fair value of
Group Treasury's interest
rate positions resulting
from a large instantaneous
shock to interest rates
–
Net interest income at risk
is
defined as the potential change
in our net interest income
resulting from adverse movements
in interest rates over the next
twelve months. Various changes in
the level of interest rates are
applied. Usually the worst case
is captured by using
instantaneous shock scenarios.
All of the scenarios are compared
with a scenario where current
market rates and client behavior
are held constant for the next
twelve months. The methodology is
designed to highlight the effects
of market changes in interest
rates on Group Treasury's balance
sheet positions — it ignores
future changes in the asset and
liability mix and it is not,
therefore, a predictor of future
net interest income.
The interest
rate sensitivity measure is a
simple unit measure of
sensitivity, which does not, in
itself, provide an indication of
potential loss. The economic
value sensitivity and net
interest income at risk
methodologies provide different,
but complementary, views of
potential loss from interest rate
risk. The economic value
sensitivity measure provides both
a longer-term view and a view of
the whole book, since it takes
into account the present value of
all future cash flows generated
from the existing balance sheet
positions. The net interest
income at risk measure, by
contrast, considers only the
re-pricing effect from positions
maturing over the next twelve
months, and thus provides a
shorter-term view but one which
more closely reflects financial
reporting.
In all three measures,
for internal purposes we assess
the exposure both including and
excluding the replication
portfolio representing the
Group's equity. When this
portfolio is excluded, the
exposure under all three measures
increases, since the exposures on
assets in which the equity is
invested are no longer netted
against the benchmark for equity
investment.
In order to reflect the
significant increase in business
activities in foreign currencies,
the GEB decided in 2002 to
diversify the equity investment
strategy from a pure Swiss franc
investment portfolio into
portfolios of different
currencies. Our equity is
currently invested in portfolios
of longer term fixed-rate assets
in Swiss francs, US dollars and
euros, in line with the strategic
investment targets set by the
GEB. At 31 December 2002 the
Swiss franc portfolio had an
average duration of 3.3 years and
an interest rate sensitivity of
CHF 11.93 million per basis
point. For the US dollar
portfolio, the duration was 5.1
years and its sensitivity CHF
1.81 million per basis point and
for the euro portfolio the
duration was 3.3 years and its
sensitivity CHF 0.47 million per
basis point.
The interest rate
sensitivity of these investments
is directly related to the chosen
investment duration. It should be
recognized that, although
investing in significantly
shorter maturities would lead to
a reduction in the apparent
interest rate sensitivity and
economic value sensitivity of our
Bank Book positions, it would
lead to higher net interest
income at risk (when measured
excluding the equity itself) and
to higher volatility in the
Group's actual interest earnings.
The table on page 81 shows
the interest rate sensitivity of
our overall interest rate risk
positions as at 31 December 2002.
The first total is the
sensitivity including the equity
replicating portfolio, while the
final total, which is
significantly larger, excludes
this portfolio.
The table on page
81 shows the change in risk under
the economic value sensitivity
and net interest income at risk
measures between
31 December 2000 and 31 December
2002.
The net interest income at
risk figure shown is the worst
case among various interest rate
scenarios that have been
analyzed, and results from an
assumed downward interest rate
shock (parallel shift) of 200
basis points. At 31 December
2002, the difference in the
projected outcome in this
scenario from that projected in a
constant market rate scenario
represented a reduction of CHF
151 million in the year's total
net interest income, compared
with a reduction of CHF 313
million on 31 December 2001.
The economic value
sensitivity measure shows the
effect of a 100 basis point
adverse interest rate shock. At
31 December 2002, a 100 basis
point upward shock of Swiss franc
rates
80
Table of Contents
Interest rate sensitivity of the bank book
As at 31.12.02
CHF thousand per
Within 1
1 to 3
3 to 12
1 to 5
Over 5
basis point increase
month
months
months
years
years
Total
CHF
16
(126
)
97
(63
)
(114
)
(190
)
USD
27
(80
)
(66
)
56
936
873
EUR
8
(3
)
44
191
1
241
GBP
0
0
(37
)
89
581
632
JPY
0
0
0
20
(24
)
(4
)
Others
0
0
0
(1
)
(3
)
(4
)
Total
1
50
(208
)
38
292
1,378
1,549
of which equity replicating
portfolio (CHF)
62
24
439
6,393
5,011
11,929
of which equity replicating
portfolio (USD)
3
0
11
629
1,164
1,807
of which equity replicating
portfolio (EUR)
1
1
16
267
189
474
Total equity replicating portfolio
66
25
466
7,289
6,364
14,210
Bank book without
equity replicating portfolio (total)
(16
)
(233
)
(428
)
(6,997
)
(4,987
)
(12,661
)
1
Total risk position includes adjustments of the replication portfolios
for variable-rate products.
Change in risk under the two methodologies
As at
CHF million
31.12.02
31.12.01
31.12.00
Net interest income at risk
(151
)
(313
)
(247
)
Economic value sensitivity
(1,246
)
(1,319
)
(908
)
would lead to a CHF 1,246 million
decline in fair value, compared
with an exposure of CHF 1,319
million to the same scenario on
31 December 2001.
Liquidity and funding management
The liquidity management process
is undertaken jointly by Group
Treasury and CCT. Group
Treasury's function is to
establish a comprehensive
management framework, including
policies and risk limits, while
CCT undertakes operational cash
and collateral management
transactions within the
established parameters. This
centralized cash and collateral
management structure permits
tight control on both our global
cash position and our stock of
highly liquid and rediscountable
securities.
The GEB has approved a
policy establishing the core
principles for liquidity
management and has defined an
appropriate contingency plan. A
first set of principles relates
to the establishment of liquidity
risk limits (for example, a net
overnight funding limit). The
risk limits are set by the GEB
and monitored by Group Treasury.
The Group's liquidity exposure is
assessed by the
Group Treasury Committee (GTC),
which is chaired by the Group
Treasurer and meets on a monthly
basis. A second set of principles
concentrates on liquidity crisis
management, for which a detailed
Group Liquidity Contingency Plan
has been developed. This has been
incorporated into UBS's Global
Crisis Management Concept, which
covers all types of crisis
events, including a liquidity
crisis, and applies to all
Business Groups and subsidiaries
of the UBS Group. Regional
committees monitor the markets in
which UBS operates for potential
threats and regularly report
their findings to Group Treasury.
In the event of a liquidity
crisis, regional crisis task
forces implement contingency
plans under the direction of
senior management.
Benefits of centralization
Being a globally integrated
financial services firm, UBS's
range of business activities
naturally generates asset and
liability portfolios which are
highly diversified with respect
to market, product and currency.
This reduces
UBS's exposure to individual
funding sources, and also
provides a broad range of
investment opportunities, which
in turn reduces liquidity risk.
The centralized approach
81
Table of Contents
Capital and Risk Management
GroupTreasury
to liquidity
management adopted at
UBS allows these
advantages to be
exploited. Group
Treasury is,
furthermore,
instrumental in
executing an
integrated collateral
management process on
a Group-wide basis to
ensure that the large
pool of high-quality
collateral gathered
across the Group is
made available for
repurchase and
securities lending
transactions through
which CCT creates
additional revenues
for both UBS and our
clients, and also
generates substantial
funding on a secured
basis. This additional
liquidity cushion
could be crucial in
crisis situations.
Funding sources and approach
With a broad diversification of
funding sources (by market,
product and currency), we
maintain a well-balanced
portfolio of liabilities which
generates a stable flow of
financing and provides protection
in the event of market
disruptions. This, together with
our centralized funding
management, enables us to pursue
a funding strategy which seeks to
ensure that business activities
are funded at the lowest possible
cost.
In this context, UBS's
strong domestic retail business
is a very valuable, cost
efficient and reliable source of
funding. Through the
establishment of short, medium
and long-term funding programs in
Europe, the US and Asia, we can
both provide specialized
investments to our customers and
efficiently raise funds globally,
minimizing our dependence on any
particular source. This
integrated approach to funding
allows us to exploit our ability
to create tailor-made structured
products for both private and
institutional investors across
the globe. The creation and
marketing of such cost-effective
structured debt issuance is
achieved through close
co-operation across various
business areas. The embedded
risks are managed by UBS Warburg,
while Group Treasury determines
the effective funding levels at
which the underlying debt
components are issued.
We plan our medium- and
long-term funding activities by
assessing the overall funding
profile of the balance sheet,
taking due account of the
effective maturity of our asset
base and the amount of maturing
debt that will have to be
replaced. We also factor in our
ability to continue to fund our
ongoing business activities
through periods of difficult
market conditions
We make
frequent use of
asset-securitization structures,
in particular in connection with
the
sale of corporate loans and
retail mortgages. These do not,
however, constitute a material
portion of UBS's funding
activities and our liquidity
status would not be significantly
affected if capital markets were
to become inaccessible for such
securitization transactions. UBS
has no long-term commitments to
continue to purchase the types of
assets being securitized.
The charts below show a
breakdown by product type and by
currency of our secured and
unsecured funding as at 31
December 2002. UBS has a strong
secured funding base that reduces
our exposure to periods of
stressed market conditions where
the ability to raise unsecured
funding could be temporarily
restricted. Of our total funding,
44% was raised on a secured basis
and 56% unsecured. The unsecured
funding base is well diversified,
with 16% of funding stemming from
savings and demand deposits, 7%
from fiduciary deposits and only
8% from money market papers and
9% from short-term inter-bank
borrowing. Most of our funding
was originated in US dollars,
with major portions also being
raised in Swiss francs and in
euro, roughly mirroring the
currency breakdown of our assets.
Around 10% of our funding was
denominated in
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other currencies
(primarily sterling and Japanese
yen). UBS does not rely on buying
committed credit facilities from
third party banks, but instead we
base our contingent funding
sources on our ability to raise
secured funding through the use
of high-quality collateral.
In the course of 2002, UBS's
long-term debt remained stable,
decreasing slightly from CHF 57.2
billion at 31 December 2001 to
CHF 56.6 billion at 31 December
2002, despite the 6% contraction
of the Group balance sheet over
the same period. The maturity
profile of our long-term debt
portfolio is well balanced. See
Note 18 to the UBS Group
Financial Statements for further
information concerning long-term
debt.
Liquidity management approach
Our approach to liquidity
management is to ensure, as far
as possible, that we will always
have sufficient liquidity to meet
liabilities when due, without
compromising our ability to
respond quickly to strategic
market opportunities. Our
centralized approach to liquidity
management encompasses both
branches and subsidiaries and
seeks to ensure that the
liquidity position is more than
adequate to cover short-term
liabilities at all times. UBS's
liquidity management is based on
an integrated framework that
incorporates an assessment of all
expected cash flows within the
firm and the availability of
high-grade collateral which could
be used to secure additional
funding if required. The
liquidity position is assessed
and managed under a variety of
potential scenarios, giving due
consideration to stress factors.
The range of scenarios analyzed
encompasses both normal market
conditions and stressed
conditions, including both UBS
specific and general market
crises. For each scenario
considered, the short-term
liquidity position arising out of
non-trading activities is
determined by identifying the gap
between liabilities running off
and maturing assets to be repaid.
This analysis is augmented by
ascertaining the value of trading
book assets which could be
liquidated as compared to the
liabilities which would have to
be repaid. In assessing this gap,
we take into account both our
ability to utilize collateral -
both our own and collateral
borrowed from customers — to
raise funds, which may enhance
our liquidity, and the
possibility that our customers
may seek to draw down unutilized
capacity under credit lines we
extend
them, which may place
further demands on liquidity. We
also take into account the fact
that, while under normal market
conditions it can be safely
assumed that most maturing assets
would be repaid, trading assets
successfully liquidated and
maturing liabilities replaced by
creating new liabilities, this
will not necessarily be the case
under stressed conditions.
The starting point for these
stress analyses is the breakdown
by contractual maturity of our
assets and liabilities. This is
displayed as at 31 December 2002
in Note 29 to the UBS Group
Financial Statements, which shows
the profile of UBS's overall
cash-flow ladder under a business
as usual scenario. Various stress
scenarios are then simulated by
adjusting this assumed cash-flow
ladder according to each type of
stress event. These scenarios
range from a liquidity squeeze
that remains confined to the
capital and inter-bank markets
(akin to the Asian crisis of
1997, the Russian crisis of 1998
and the crisis following 11
September 2001) to a full-blown
general market crisis that
affects all participants and
spans all market sectors on a
global basis. Particular emphasis
is also placed on a bank-specific
crisis, where UBS alone is
affected. Again, this crisis is
assumed to occur globally across
all market sectors. In this way,
varying degrees of severity are
simulated and all of UBS's
funding sources and investments
are assumed to be put under
stress. The range of effects
evaluated includes:
–
inability
to roll over maturing unsecured
debt (both long-term and
short-term debt such as UBS's
commercial paper programs)
–
inability to raise new unsecured
(short-term or long-term) debt
–
increased collateral margins on
the bank's secured funding
sources — a sudden, large outflow
of retail deposits ("bank run")
–
a large increase in drawdowns of
unutilized committed credit lines
–
an increase in haircuts applied
to trading portfolio assets (for
sale or pledging in repo
transactions).
Furthermore, because it is
probable that customers will also
be affected by such a liquidity
crisis and thus unable to meet
their obligations, it is assumed
that all core businesses, such as
consumer loans and mortgages, and
investments must continue to be
financed, even if they fall due
during the assumed crisis period.
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Capital and Risk Management
Group Treasury
UBS-specific crisis: liquidity gap and contingency funding
As at
CHF billion
31.12.02
30.9.02
30.6.02
31.3.02
Crisis liquidity gap
(26
)
(33
)
(10
)
(12
)
Secured contingency funding
71
73
72
89
Net position
45
40
62
77
Our exposure under these
liquidity stress scenarios is
analyzed on a monthly basis and
any ensuing liquidity gap is
assessed to ascertain the ability
of the bank to bridge the gap by
means of our large stock of
committed, undrawn central bank
facilities and through increased
use of repurchase and similar
transactions. The assumed crisis
gap is monitored monthly by Group
Treasury and action is taken if
it exceeds a predefined trigger
level.
The results of the liquidity
stress scenario analyses are
reported monthly to the Group CRO
and quarterly to the GEB. The
table above shows the development
during 2002 of the cumulative
30-day liquidity gap that could
arise during a UBS-specific
crisis and the amount of
contingency funding that could be
raised to redress the
potential imbalance. The
secured funding capacity in the
table relates exclusively to
securities that are eligible for
pledging at the major central
banks and assumes application of
crisis-level collateral margins.
It does not take account of our
additional stock of liquid
securities that could be used to
raise secured funding on the
interbank market and it is
assumed that none of the
contingency funding would be
raised on an unsecured basis.
The results shown above are
regarded as constituting a
worst-case scenario that
comprises a simultaneous
combination of severe impairments
to UBS's overall liquidity
situation across all markets,
currencies and products. The
scenario assumes, inter alia,
that we would be unable to renew
any of our unsecured debt,
including our entire maturing
Money Market Papers (outstanding
volume CHF 73 billion as of 31
December 2002), as could occur if
we were to suffer a severe
downgrading of our credit
ratings. It further encompasses
potential liquidity outflows due
to contingent liabilities, in
particular those due to undrawn
committed credit lines. Exposures
to other contingent commitments,
such as guarantees and letters of
credit, are also included in this
analysis, even though these are
not as vulnerable since they are
generally not
unconditional but
are, rather, linked to other
(independent) conditions
precedent being fulfilled. The
scenario also assumes that the
crisis would engulf UBS's source
of retail deposits, thereby
leading to massive withdrawals
from current accounts, savings
accounts and deposits.
Furthermore, access to the client
collateral pool is assumed to be
limited as a result of securities
lending agreements being
cancelled during such a crisis.
Apart from regularly
monitoring unutilized committed
credit facilities, UBS also
assesses latent liquidity risks
that could materialize if we were
to suffer a downgrading of our
credit ratings. "Rating Trigger"
clauses, especially in derivative
contracts, create such risks as
they could result in an immediate
cash outflow due to the unwinding
of derivative positions with a
negative replacement value, or
the need to deliver additional
collateral. The contingent
exposure arising directly from
these rating triggers is judged
not to be material, even if UBS
were to be downgraded to
sub-investment-grade level. This
exposure is prudently managed on
an ongoing basis by regularly
repeating the exposure analysis
and by ensuring that any
significant rating trigger
clauses are subject to
appropriate explicit approvals.
While UBS engages in
financial transactions that
involve the utilization of
non-consolidated special-purpose
entities, our funding and
liquidity capacity is not reliant
upon these entities to any
material extent. Additionally,
should any or all of these
financial channels become
unusable, the impact on UBS's
liquidity resources would be
insignificant. All of UBS's major
sources of liquidity are
channeled through entities that
are fully consolidated and are
included in the scenario analyses
described above.
Currency management
We report our results in Swiss
francs, the currency of the
country in which we are
incorporated. Our corporate
currency management activities
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are designed to protect the
Group's BIS Tier 1 ratio and
expected future foreign currency
cash flows from adverse movements
of the Swiss franc against the
currencies of our assets,
revenues and
costs, while preserving the
option to take advantage of
market opportunities which may
arise.
Translation (balance sheet) currency risk
We aim to maintain our
flexibility in being able to
divest foreign currency assets at
any time without adverse currency
impact by match-funding, i.e. a
US dollar asset is funded in US
dollars, an euro asset in euros,
etc. This policy has, in the
past, also been applied to equity
investments in consolidated
subsidiaries and branches, which
were match-funded by debt, while
our equity remained predominately
invested in Swiss francs.
However, our non-Swiss
activities have expanded
significantly in the last five
years, and the currencies of our
balance sheet assets are now more
diversified. A significant
depreciation of the Swiss franc
against these currencies would
therefore result in a
deterioration of our BIS Tier 1
ratio. We have therefore decided
to adopt a new equity investment
approach more in line with our
business portfolio. In future,
our equity will be diversified
into Swiss francs, US dollars,
euros and sterling in proportion
to our risk-weighted assets in
these four main currencies, by
investing directly in the capital
of subsidiaries and branches
denominated in these currencies.
The current match-funding (or
structural hedging) of equity
investments in consolidated
subsidiaries and branches will be
progressively terminated. This
will create structural foreign
currency exposures, the gains or
losses on which will be recorded
through equity and will therefore
lead to fluctuations in the
Group's capital base in line with
the fluctuations in risk-weighted
assets, thereby protecting the
BIS Tier 1 capital ratio.
The financial transactions
to achieve this structure were
started in fourth quarter 2002.
The first significant impact on
our capital base can be expected
in first quarter 2003 (depending
on the size of currency moves
against the Swiss franc). Further
equity investments will follow in
the course of 2003. We believe
that complete BIS Tier 1 ratio
protection will be achieved
towards the end of 2003 when the
target currency mix of invested
equity should be in place.
Transaction (revenues/expenses)
currency risk
Each month, final profits or
losses are translated, for
financial accounting purposes,
into Swiss francs from the
original transaction currencies
at the prevailing rate at the end
of the month. At the same time,
we sell down these profits or
losses into Swiss francs in order
to reduce earnings volatility
resulting from subsequent
exchange rate movements. (Small
gains or losses from timing
differences between month-end and
actual sell down are reported as
income in Corporate Center.)
Furthermore Group Treasury
proactively hedges, from time to
time, significant currency
exposures arising from expected
future foreign currency
earnings/costs (mainly US dollar,
euro and sterling), in accordance
with the instructions of the GEB.
Economic hedging strategies
employed include a cost-efficient
option purchase program,
providing a safety net against
unfavorable currency fluctuations
while preserving upside
potential. The hedge program has
a time horizon of up to twelve
months and is not restricted to
the current financial year.
Although intended to hedge future
cash flows, these transactions
are considered open currency
positions and included in VaR for
internal and regulatory capital
purposes (refer also to page 74
in the "Market risk" section).
Non-trading currency risk VaR
CHF million
2002
2001
2000
Minimum
0.7
0.9
11.6
Maximum
14.2
16.2
113.4
Average
3.0
3.6
33.7
End of period
0.7
1.0
12.7
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Capital and Risk Management
Group Treasury
Capital adequacy
As at
CHF million, except ratios
31.12.02
31.12.01
31.12.00
BIS Tier 1 capital
27,047
29,322
31,892
of which hybrid Tier 1 capital
1
3,182
3,848
2,456
BIS total capital
33,009
37,471
42,860
BIS Tier 1 capital ratio (%)
11.3
11.6
11.7
BIS total capital ratio (%)
13.8
14.8
15.7
Balance sheet assets
205,401
214,481
223,528
Off balance sheet and other positions
18,122
25,935
39,002
Market risk positions
15,267
13,319
10,760
Total BIS risk-weighted assets
238,790
253,735
273,290
1
Trust preferred securities.
Capital management
We are dedicated to remaining one
of the best capitalized financial
services firms in the world with
sound capital ratios and strong
debt ratings — both are key to
our attractiveness to clients and
investors. Our overall capital
needs are continually reviewed to
ensure that our capital base
appropriately supports our
current and planned business and
regulatory capital requirements.
The use of a variety of
instruments, such as trust
preferred securities, to meet
overall capital levels, is
designed to support our efforts
to meet return on equity targets
and enhance shareholder value.
Sound capitalization
The table above shows the key
capital figures and ratios as of
31 December 2002, 31 December
2001 and 31 December 2000.
The ratios measure capital
adequacy by comparing UBS's
eligible capital with total
risk-weighted assets, which
include balance sheet assets, net
positions in securities not held
in the trading portfolio,
off-balance sheet transactions
converted into their credit
equivalents at a weighted amount
to reflect their relative risk
and market risk positions based
on VaR (see "Market risk"
section, page 74 and Note 29d to
the UBS Group Financial
Statements).
The calculation of
capital requirements
applicable to UBS under
Swiss Federal Banking
Commission (SFBC)
regulations differs in
certain respects from the
calculation under the
Basel
Capital Accord ("BIS
guidelines"). Most importantly:
–
where BIS guidelines apply a
maximum risk weight of 100%, the
SFBC applies risk weights above
100% to certain asset classes
(for example real estate, bank
premises, other fixed assets,
intangible assets excluding
goodwill, equity securities and
unconsolidated equity
investments)
–
where the BIS
guidelines apply a 20% risk
weight to obligations of OECD
banks, the SFBC applies risk
weights of 25% to 75%, depending
on maturity, to such obligations
As a result of these differences,
UBS's risk-weighted assets are
higher, and our ratios of total
capital and Tier 1 capital are
lower when calculated under the
SFBC regulations than under the
BIS guidelines. Nevertheless, UBS
and its predecessor banks have
always had total capital and Tier
1 capital in excess of the
minimum requirements of both the
BIS and the SFBC since these
regulations and guidelines were
first implemented in 1988.
Capital management in 2002
In line with our shareholder
focus, we were able to transfer a
total of CHF 8.3 billion of free
equity to our shareholders in
2002. The total amount is split
between the par value capital
repayment of CHF 2.4 billion in
July 2002 and the total of the
share repurchases for
cancellation executed during 2002
of CHF 5.9 billion.
Share buyback and cancellation
Our careful balance sheet
management and strong earnings
continued to generate additional
capital in 2002 despite a weaker
operating environment. This
enabled us, for the third
consecutive year, to conduct
share repurchase programs
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Effect of second line trading program on basic earnings per share (EPS)
For the year ended
31.12.02
31.12.01
31.12.00
Weighted average shares for basic EPS after treasury shares
1,208,586,678
1,266,038,193
1,209,087,927
Weighted average second trading line treasury shares
118,594,983
65,624,005
43,261,410
Basic EPS
2.92
3.93
6.44
Cumulative impact of treasury shares on basic EPS (CHF)
0.26
0.19
0.22
Cumulative impact of treasury shares on basic EPS (%)
8.9
4.9
3.5
which are intended to reduce the
number of issued shares and
enhance our earnings per share.
As in previous years, we
bought the shares through a
second trading line, which allows
us to cancel the shares in the
most tax efficient way. Under
Swiss regulations, a company
wishing to cancel shares must
purchase them on the stock
exchange under a special security
code which clearly identifies the
time and quantity of shares
repurchased for this purpose.
In July 2002, following the
approval of shareholders at the
Annual General Meeting on 18
April 2002, we canceled a total
of 28,818,690 shares bought back
under our 2001 program. In 2002
we bought 67,700,000 shares in
the maximum amount of CHF 5
billion between 5 March and 9
October 2002. A follow-up program
for a maximum of CHF 3 billion
was immediately launched. Under
this program, which can run until
5 March 2003, a total of
6,335,080 shares for CHF 0.4
billion have been repurchased up
to 31 December 2002. The shares
purchased under these programs
will be cancelled in July 2003
following the approval of the
Annual General Meeting on 16
April 2003.
The number of shares
bought back through the second
trading line program is linked to
the Group's ability to generate
free equity while maintaining a
strong BIS Tier 1 capital ratio.
The table above shows the impact
on basic earnings per share of
the purchase of treasury shares
through the second line trading
program.
Dividends and par value reduction
In May 2001, a new regulation was
introduced which lowered the
minimum par value for Swiss
shares to CHF 0.01. In 2002, as
in 2001, we therefore reduced the
par value of our share by CHF
2.00 per share, repaying that
amount to shareholders.
This type of payment is
treated under Swiss regulations
as a return of capital, not as
income. It is therefore tax
efficient for shareholders who
pay tax in Switzerland and is
also beneficial to shareholders
outside Switzerland, as it is not
subject to Swiss withholding tax.
The par value reduction took
place on 8 July 2002. Payment was
made on 10 July to holders of
record as of 5 July, bringing the
par value of each UBS share down
from CHF 2.80 to CHF 0.80.
Capital management plans for 2003
New second line buy back program
As we continue to generate strong
cash flow, we intend to continue
to repurchase shares for capital
reduction purposes under a second
line buy-back program. The
program is aimed at institutional
investors, allowing tax efficient
cancellation of shares.
The new program will start
from 6 March 2003 and can run
until 5 March 2004 with a maximum
of CHF 5 billion worth of shares
repurchasable under the program.
We will continue to publish
the number of shares repurchased
and the average price paid on a
weekly basis on the internet at
www.ubs.com/ investors. The
repurchased shares will be
canceled following approval by
the Annual General Meeting in
April 2004.
Dividend
For 2002, we plan to pay a normal
dividend to our shareholders
after having made use of the
possibility to make a tax
efficient distribution in 2000
(for the fourth quarter only) and
2001 in the form of par value
reductions.
The Board of Directors will
recommend at the Annual General
Meeting on 16 April 2003 that UBS
should pay a dividend of CHF 2.00
per share for the 2002 financial
year, on a par with last year's
CHF 2.00 distribution.
If the dividend is approved,
the ex-dividend date will be 17
April 2003, with payment on 23
April 2003 for shareholders of
record on 16 April 2003.
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88
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89
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Corporate Governance
Introduction and Principles
Introduction and Principles
UBS is committed to meeting high standards of corporate governance. Our
corporate and executive bodies are organized in line with the leading codes of
best practice.
Corporate governance — the way
that the leadership and
management of the firm are
organized and how they operate in
practice — ultimately aims at
leading UBS to success,
protecting the interests of its
shareholders and creating value
for them and for all
stakeholders. Good corporate
governance seeks to balance
"entrepreneurship", control and
transparency, while supporting
the firm's success by ensuring
efficient decision-making
processes.
UBS fully complies
with the standards established in
the "Swiss Code of Best Practice
for Corporate Governance" and the
"SWX Swiss Exchange Directive on
Information relating to Corporate
Governance", both effective since
1 July 2002. UBS also meets the
overwhelming majority of the
corporate governance standards
applicable to companies listed on
the New York Stock Exchange. The
few exceptions are due to
conflicts of law between
Switzerland and the US. These
exceptions are explained on pages
122-123. UBS complies with the
applicable requirements of the US
Sarbanes-Oxley Act, including the
certification of UBS's Annual
Report on Form 20-F by the
principal executive officer of
the company — the President of
the Group Executive Board — and
the principal financial officer — the Group Controller.
UBS
operates under a strict dual
Board structure, as mandated by
Swiss banking law. The functions
of Chairman of the Board of
Directors (Chairman) and
President of the Group Executive
Board (President) are conferred
on two different people, thus
providing separation of powers.
No member of one board may be a
member of the other. This
structure establishes checks and
balances and creates an
institutional independence of the
Board of Directors from the
day-to-day management of the firm, for
which responsibility is conferred
on the Group Executive Board.
SWX Swiss
Exchange Reporting on
Corporate Governance
The Handbook's "Corporate
Governance" section contains the
following information required by
the SWX Swiss Exchange Directive
on Information relating to
Corporate Governance:
–
group structure and shareholders
–
capital structure
–
Board of Directors
–
Group Executive Board
–
compensation, shareholdings and loans to corporate bodies
–
shareholders' participation rights
–
change of control and defense measures
–
auditors
–
information policy
In addition, this section
describes the regulatory and
supervisory environment of UBS in
its principal locations of
activity, explains the few
exceptions where UBS's corporate
governance standards differ from
the listing standards of the New
York Stock Exchange (NYSE), and
contains a list of the members of
the Group Managing Board of UBS,
the next layer of management
responsibility below the Group
Executive Board.
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Corporate Governance
Group Structure and Shareholders
Group Structure
and Shareholders
Under Swiss company law, UBS AG is organized as an "Aktiengesellschaft (AG)", a
corporation that has issued shares of common stock to investors. UBS AG is the
parent company of the UBS Group.
UBS Group legal entity structure
The legal entity structure of UBS
is designed to support the
Group's businesses within an
efficient legal, tax, regulatory
and funding framework. Neither
the Business Groups of UBS nor
the Corporate Center operate
through separate legal entities,
but rather they generally operate
out of the parent bank, UBS AG,
through its branches worldwide.
The goal of this structure
is to capitalize on the synergies
offered by the use of a single
legal platform and to enable the
flexible and efficient use of
capital.
Where it is either not
possible or not efficient to
operate out of the parent bank,
usually due to local legal, tax
or regulatory rules or due to
additional legal entities joining
the UBS Group through
acquisition, then businesses
operate through local subsidiary
companies. The significant
operating subsidiary companies of
the Group are listed in Note 35
to the UBS Group Financial
Statements.
Operational Group structure
The four Business Groups UBS
Wealth Management & Business
Banking (with its two business
units Private Banking and
Business Banking Switzerland),
UBS Warburg (comprising the
Corporate and Institutional
Clients and UBS Capital business
units), UBS PaineWebber and UBS
Global Asset Management, together
with the Corporate Center, form
the operational structure of the
Group. Group performance is
reported according to this
structure (see the Financial
Report 2002, pages 35-74). A
description of the various
Business Groups, their strategy,
structure, organization, products
and services is contained in this
Handbook on pages 21-51.
Listed and non-listed companies
belonging to the Group
The following listed company is
included in the Group's financial
statements on an equity
participation basis:
Motor
Columbus AG, Baden (Switzerland),
listed on the SWX Swiss Exchange,
share capital CHF 253 million,
capitalization as of 31 December
2002 CHF 1,224.5 million, UBS
stake 35.6%, Valor No 212427/ISIN
CH0002124276.
UBS Group comprises a great
number of subsidiaries, none of
which, however, are listed. For
details of significant
subsidiaries see Note 35 to the
UBS Group Financial Statements.
Significant shareholders
Chase Nominee Ltd., London,
acting in its capacity as a
nominee for other investors, was
registered with 7.68% of all
shares issued as of 31 December
2002, compared to 6.94% at
year-end 2001. According to UBS's
Regulation on the Registration of
Shares, voting rights of nominees
are restricted to 5%. As in
previous years, no other
shareholder was registered with
more than 5% of all shares
issued. Ownership of UBS shares
is widely spread. Details about
the distribution of UBS shares,
the number of shares registered
and not registered, voting
rights, as well as about the
distribution by category of
shareholders and by geography are
published on pages 139-140 of
this Handbook.
During the year
2002, UBS's holdings of its own
shares twice surpassed the 5%
threshold requiring disclosure
under the Swiss Stock Exchange
law, due to share repurchases for
subsequent cancelation. This led
to the following announcements:
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Corporate Governance
Group Structure and Shareholders
–
17 June 2002. Announcement
of a holding of 5.1% of the
share capital in the form of
shares and 1.3% through
derivatives as per 13 June
2002. Simultaneous
announcement that the
holding would fall below the
5% threshold as per 5 July
2002 following the
cancelation of shares
repurchased under the 2001
program.
–
18 September 2002.
Announcement of move beyond
the 5% limit as per 13
September 2002.
At year-end, the position in
own shares was 7.8% of the total
share capital in the form of
shares, and 1.7% through
derivatives.
Cross shareholdings
UBS has no cross shareholdings in
excess of a reciprocal 5% of
capital or voting rights with any
other company.
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Corporate Governance
Capital Structure
Capital
Structure
UBS is committed to capital management that is driven by shareholder value
considerations. At the same time, UBS is dedicated to remaining one of the best
capitalized financial services firms in the world.
Capital
Ordinary share capital
As of 31 December 2002, UBS's
ordinary share capital was CHF
1,005,038,142.40, divided into
1,256,297,678 registered shares
with a par value of CHF 0.80
each. At the Annual General
Meeting (AGM) of Shareholders on
18 April 2002, shareholders
approved the cancelation of
28,818,690 shares repurchased
under the 2001 share repurchase
program, and they mandated the
Board to continue with a
repurchase program during
2002/2003 for a maximum amount of
CHF 5 billion. On 27 September
2002, the Board of Directors
approved an additional share
buyback program with a maximum
size of CHF 3 billion. At the AGM
on 16 April 2003, shareholders
will be asked to approve the
cancelation of 75,970,080 shares
repurchased under these two
programs.
Conditional and authorized share capital
At year-end 2002, conditional
share capital totaled CHF
7,672,734.40, corresponding to a
maximum of 9,590,918 shares. The
conditional capital was created
in 2000 in connection with the
acquisition of Paine Webber Group
Inc. for the purpose of covering
option rights granted by the
PaineWebber Group to its
employees. The subscription
ratio, time limits and further
details of these options were
determined by PaineWebber before
the merger and were assumed by
UBS. Options under these plans
are exercisable at any time
between their vesting and the
expiry date. Shareholders'
pre-emptive rights are excluded.
During 2002, 3,398,869 options
were exercised, and 27,929
options expired.
UBS does not have any
authorized capital outstanding.
Changes of capital
Shareholders' equity on 31
December 2002 amounted to CHF
38,991 million, down 10% from a
year earlier. For all details on
changes in shareholders equity
over the last three years, please
refer to pages 82-83 of the UBS
Group Financial Statements.
Shares, Participation and Bonus certificates
UBS shares are issued as Global
Registered Shares with a par
value of CHF 0.80 each, with each
carrying one vote. Voting rights
may, however, only be exercised
if the holder expressly declares
having acquired these shares in
his own name and for his own
account. Global Registered Shares
provide direct and equal
ownership for all shareholders,
irrespective of the country and
stock exchange where they are
traded. For details see the
"Shareholders' participation
rights" section on pages 109-110
of this Handbook.
As at 31
December 2002, 556,448,095 shares
carried voting rights,
140,763,035 shares were entered
in the share register without
voting rights, and 559,086,548
shares were not registered. All
1,256,297,678 shares were fully
paid up. There are no
preferential rights for
individual shareholders.
UBS has
not issued any participation
certificates or bonus
certificates.
Limitation on transferability and
nominee registration
UBS does not apply any
restrictions or limitations on
the transferability of its
shares. Shares registered
according to the provisions in
the Articles of Association
(express declaration of
beneficial ownership) may be
voted without any limit in scope.
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Table of Contents
Corporate Governance
Corporate Organization
UBS has issued special
provisions for the registration
of fiduciaries/nominees.
Fiduciaries/ nominees are entered
in the share register with voting
rights up to a total of 5% of all
shares issued, if they agree to
disclose, upon request from the
firm, beneficial owners holding
0.3% or more of all UBS shares.
An exception from the 5% rule
exists for securities clearing
organizations such as the
Depository Trust Company (DTC) in
New York and SegaInterSettle
(SIS) in Switzerland.
Convertible bonds and options
UBS has currently no convertible
debt on UBS shares outstanding.
Options on UBS shares accounted
for the total of 88,164,227
employee options
on which all
details are reported in Note 32e
to the UBS Group Financial
Statements. For a total of
9,590,918 of those options
exercise will be satisfied
through the creation of newly
issued shares (conditional
capital). Share capital would
therefore be increased by a
maximum of CHF 7,672,734.40. For
the other employee options the
exercise would be satisfied by
the delivery of already issued
treasury shares.
UBS Warburg, acting as
liquidity provider to the equity
futures market and as a market
maker in UBS shares and
derivatives, has also issued
derivatives linked to UBS stock.
These instruments are classified
as cash-settled derivatives and
are held for trading purposes
only.
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Corporate Governance
Board of Directors
Board of
Directors
The Board of Directors is the most senior body with ultimate responsibility for
the strategy and the management of the company and for the supervision of its
executive management. The shareholders elect each member of the Board, which
appoints the Chairman, the Vice Chairmen and the various Board Committees.
Organizational principles and
personnel changes
The Board, and in particular its
Chairman, takes responsibility
for the mid- and long-term
strategic direction of the Group,
for appointments and dismissals
at top management levels, for
mid-term succession planning and
for compensation principles. It
defines the firm's risk parameter
and risk limit structure. A large
majority of the Board members are
non-executive and independent.
The Chairman and at least one
Vice Chairman have executive
roles in line with Swiss
Banking laws, and assume
supervisory and leadership
responsibilities. The Chairman
also assumes a leadership role in
corporate responsibility issues,
public and political affairs and
developing corporate culture.
As
at 31 December 2002, the Board
consisted of nine directors (see
list below). At its Annual
General Meeting (AGM) on 18 April
2002, UBS's shareholders elected
Ernesto Bertarelli (born 1965),
CEO of Serono International SA,
Geneva to the Board. Markus
Kündig, Vice Chairman since 1998,
reached retirement age and
therefore stepped down at that
time.
Members of the Board of Directors
The table below provides information about the Board of Directors as at 31
December 2002.
Year of
Current term
initial
of office
Name and business address
Positions held in UBS
appointment
runs until
Marcel Ospel
UBS AG, Bahnhofstrasse 45, CH-8098 Zurich
Chairman
2001
2005
Alberto Togni
UBS AG, Bahnhofstrasse 45, CH-8098 Zurich
Executive Vice Chairman
1998
2005
Johannes A. de Gier
UBS AG, Bahnhofstrasse 45, CH-8098 Zurich
Executive Vice Chairman
2001
2003
1
Peter Böckli
Böckli Bodmer & Partners, St. Jakobs-Strasse 41,
P.O. Box 2348, CH-4002 Basel
Non-executive Vice Chairman
Chairman of the Nominating Committee
1998
2003
1
Ernesto Bertarelli
Serono International SA, Chemin des Mines 15bis, CH-121Y1 Geneva 20
Member of the Compensation Committee
2002
2006
Sir Peter Davis
J Sainsbury plc, 33 Holborn, London EC 1N 2HT
Member of the Audit Committee
Member of the Nominating Committee
2001
2004
Rolf A. Meyer
Heiniweidstrasse 18, CH-8806 Bäch
Chairman of the Compensation Committee
Member of the Audit Committee
1998
2003
1
Hans Peter Ming
Sika AG, Wiesenstrasse 7, CH-8008 Zurich
Member of the Compensation Committee
Member of the Nominating Committee
1998
2004
Lawrence A. Weinbach
Unisys Corporation, Unisys Way, Blue Bell, PA 19424
Chairman of the Audit Committee
2001
2005
1
Proposed for reelection at the AGM
2003.
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Board of Directors
Marcel Ospel
was elected to
the Board at the AGM in April
2001 and thereafter appointed as
Chairman. Prior to this mandate,
he served as Group Chief
Executive Officer of UBS. He was
the President and Group Chief
Executive Officer of Swiss Bank
Corporation (SBC) from 1996 to
1998. He was made CEO of SBC
Warburg in 1995, having been a
member of the Executive Board of
SBC since 1990. From 1987 to 1990
he was in charge of Securities
Trading and Sales at SBC. From
1984 to 1987 Mr. Ospel was a
Managing Director with Merrill
Lynch Capital Markets, and from
1980 to 1984 he worked at SBC
International London and New York
in the Capital Markets division.
He began his career at Swiss Bank
Corporation in the Central
Planning and Marketing Division
in 1977. Mr. Ospel graduated from
the School of Economics and
Business Administration (SEBA) in
Basel. He was born on 8 February
1950 and is a Swiss citizen.
Alberto Togni,
Vice Chairman, has
been with UBS and SBC since 1959.
From 1994 to 1997 he was Chief
Risk Officer and a member of the
Group Executive Committee of
Swiss Bank Corporation. He
previously held various functions
in the Commercial division,
becoming its head in 1993. In
1981 he was named member of the
Executive Board. Prior to that,
he assumed different management
roles in Zurich, New York, Tokyo
and as representative for the
Middle East in Beirut, after
professional training and various
assignments with SBC in Lausanne,
New York and Zurich. Mr. Togni
graduated from the New York
Institute of Finance. He was born
on 30 October 1938 and is a Swiss citizen.
Johannes A. de Gier
, Vice
Chairman, was with UBS and SBC
from 1980 until 1999. From 1998
to 1999 he was Chairman and CEO
of Warburg Dillon Read and a
member of the Group Executive
Board of UBS. Prior to this, he
served as Chairman of SBC Warburg
and as Vice President of the
Executive Committee of SBC. From
1991 to 1994 Mr. de Gier was
responsible for Global Corporate
Finance and from 1994 for the
International Finance division.
From 1988 to 1991 he was Chief
Executive of SBC London. He first
joined SBC International London
in 1980 as an Executive Director,
after having been with ABN
Amsterdam's Trust Company in
Curaçao, Amro Amsterdam's Capital
Markets and International Finance
division, and Corporate Finance
of Orion Bank London. Mr. de Gier
holds a law degree of
the University of Amsterdam. He was born on 24
December 1944 and is a Dutch
citizen.
Peter Böckli,
non-executive
Vice Chairman since 2002, has
been a member of the Boards of
Directors of UBS and its
predecessor Swiss Bank
Corporation since 1985. He has
been a partner in the law office
of Böckli Bodmer & Partners since
1981 and until March 2001 was a
part-time professor of tax and
business law at the University of
Basel. From 1963 to 1981 he was
an attorney-at-law in New York,
Paris and Basel. Mr. Böckli
graduated as doctor iuris at the
University of Basel and as an
attorney-at-law and is a
non-resident member of the
Association of the Bar of the
City of New York. He was born on
7 May 1936 and is a Swiss
citizen.
Ernesto Bertarelli
, a member
of the Board since 2002, has been
the Chief Executive Officer of
Serono International SA., Geneva,
since 1996. Mr. Bertarelli
started his career with Serono in
1985 and held several positions
in sales and marketing. Prior to
his appointment as CEO, he served
for five years as Deputy CEO. Mr.
Bertarelli holds a bachelor of
science from the Babson College
Boston and an MBA of the Harvard
Business School. He was born on
22 September 1965 and is a Swiss
citizen.
Sir Peter Davis
, a
member of the Board since 2001,
has been Group Chief Executive
Officer of J Sainsbury plc,
London, since 2000. He was the
Group Chief Executive of
Prudential plc from 1995 to 2000
and Chief Executive and Chairman
of Reed International and
Chairman of Reed Elsevier
(following the merger of Reed
International with Elsevier) from
1986 to 1995. From 1976 to 1986,
he had responsibility for all
buying and marketing operations
at J. Sainsbury plc. Prior to
that he served as Marketing
Director and Managing Director
for Key Markets, part of Fitch
Lovell Ltd., and as Marketing and
Sales manager at General Foods
Ltd., Banbury. Mr. Davis was
educated at Shrewsbury School and
graduated from the Chartered
Institute of Marketing. He was
born on 23 December 1941 and is a
British citizen.
Rolf A. Meyer
has been a
member of the Boards of UBS and
its predecessor Union Bank of
Switzerland since 1992. He was
Chairman and CEO of Ciba
Specialty Chemicals Ltd. until
November 2000. He was with
Ciba-Geigy Group , which he first
joined in 1973 as a financial
analyst, and subsequently became
Group Company
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Controller in Johannesburg, South
Africa, Head of Strategic
Planning and Control in Basel,
Head of Finance and Information
Systems in Ardsley, N.Y., and
later Chief Financial Officer of
the Group. After the merger of
Ciba-Geigy and Sandoz to create
Novartis, he led the spin-off of
Ciba Specialty Chemicals. He now
holds various international board
mandates. Mr. Meyer graduated in
Political Science (Ph.D.) and
holds a Master of Business
Administration. He was born on 31
October 1943 and is a Swiss
citizen.
Hans Peter Ming
has been a
member of the Boards of UBS and
its predecessor Swiss Bank
Corporation since 1994. He is the
Chairman of the Board of
Directors of Sika AG, Baar,
Switzerland. He has been employed
with Sika since he first joined
in 1967, and assumed various
management positions in this
group in Germany and in
Switzerland. He was named CEO in
1986 and delegate of the Board of
Directors in 1987. In 1999 he was
elected as Chairman. Mr. Ming
graduated as doctor iuris from
the University of Zurich. He was
born on 12 October 1938 and is a
Swiss citizen.
Lawrence A. Weinbach
, a
member of the Board since 2001,
has been the Chairman, President
and CEO of Unisys Corporation
since 1997. From 1961 to 1997 he
was with Arthur Andersen/Andersen Worldwide, as Managing
Partner and Chief Executive of
Andersen Worldwide from 1989 to
1997, Chief Operating Officer
from 1987 to 1989, and Managing
Partner of the New York office
from 1983. He was elected to
partnership at Arthur Andersen in
1970 and became Managing Partner
of the Stamford, Connecticut,
office in 1974 and Partner in
charge of the accounting and
audit practice in New York from
1980 to 1983. Mr. Weinbach is a
Certified Public Accountant and
holds a bachelor of science in
Economics from the Wharton School
of the University of
Pennsylvania. He was born on 8
January 1940 and is a US citizen.
Executive responsibilities
Marcel Ospel, Alberto Togni and
Johannes A. de Gier, the Chairman
and the two executive Vice
Chairmen of the Board, have
entered into employment contracts
with UBS AG in connection with
their services on the Board. In
line with Swiss Banking law they
assume clearly defined management
responsibilities, separate from
ordinary day-to-day management.
Chairman Marcel Ospel
assumes a leading role in mid-
and long-term strategic planning,
the selection and supervision of
top-level management, mid-term
succession planning, developing
and shaping global compensation
principles, and the definition of
the Group's risk appetite and
risk limit structure. He also
actively supports major client
and transaction initiatives.
Credit approval authorities
have been delegated by the Board
to Vice Chairman Alberto Togni,
who brings his decisions to the
Chairman's Office (Chairman and
Vice Chairmen) for ratification.
Vice Chairman Johannes A. de Gier
assumes an active role in
supporting major client
relationships and in developing
the strategic direction of the
Group. He is also the Chairman of
GAM, a specialist asset management
firm, part of the UBS Global Asset
Management Business Group.
Non-executive Board members
The six non-executive members of
the Board have never had any
management responsibility at UBS
or for one of its subsidiaries,
neither have any of their close
family members. Also, the
non-executive directors and their
close family members have not
been employed by the Company's
principal Auditors, Ernst &
Young.
There are no employment or
service contracts with any of the
non-executive members of the
Board. They receive fixed fees
for their Board mandate and for
the special functions they assume
in the various Board Committees.
Important business connections of non-executive Board members with UBS
UBS as a global financial
services provider and the major
bank in Switzerland typically has
business relationships with most
large companies and therefore
also with companies in which UBS Board
members assume management or
non-executive board
responsibilities. None of the
relationships with companies
represented on the Board by their
chairman or chief executive is of
a magnitude to jeopardize the
Board members' independent
judgement, and no non-executive
director has personal business
relationships with UBS which
might impact his independence.
All relationships with UBS
directors and their affiliated
companies are in the ordinary
course of business and are on
substantially the same terms as
those prevailing at the time for
comparable transactions with
non-affiliated persons.
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Board of Directors
Other activities and functions of
Board members
Mandates on Boards of important corporations, organizations and foundations
Members of the Board of Directors
hold the following mandates:
Marcel Ospel is a member of the
FED International Capital Markets
Advisory Committee, New York, and
holds mandates at the World
Economic Forum, the Monetary
Authority of Singapore and the
International Monetary
Conference. He is a member of the
Board of the Basel Museum of Art
and, until December 2002, was on
the Board of the Zurich Opera. He
is the Chairman of the "Optimus
Foundation", a charitable
foundation of UBS.
Alberto Togni
is a director of Laboratories
Thomson Multimedia Ltd., Zurich.
He is the Chairman designate of
the Board of the Helmut Horten
Foundation, Villalta.
Johannes A. de Gier is a
member of the Boards of SHV
Holdings N.V., Utrecht, Holland,
and of Groupe Lhoist,
Saint-Jean-des-Bois, Belgium.
Peter Böckli is a member of the
Board of Directors of Nestlé
S.A., Vevey (Switzerland) and of
its Audit Committee. He is the
Vice Chairman of the Board of
Manufacture des Montres Rolex
S.A., Bienne (Switzerland). Until
16 December 2002 he also served
as a member of the Board of
Firmenich International S.A.,
Geneva.
Ernesto Bertarelli has been
the Vice Chairman of the Board of
Serono S.A., Coinsins
(Switzerland) since 1991. He is
the Chairman of Bertarelli &
Cie., Chéserex (Switzerland) and
holds various board mandates in
professional organizations of the
biotech and pharmaceutical
industry.
Sir Peter Davis is a member
of the Board of Directors of
Shaw's Supermarkets Inc., Boston,
USA, and of Sainsbury's
Supermarkets Ltd., London. He is
a member of the Board of the
Royal Opera House, London.
Rolf A. Meyer is a member of
the Board of DKSH AG (Diethelm
Keller Siber Hegner), Zurich, and
the Chairman of its Audit and
Finance Committee. He is also a
member of the Board of COS
Computer Systems AG, Baden
(Switzerland), the Chairman of
its Audit Committee and a member
of its Finance Committee.
Hans Peter Ming is the
Chairman of Sika AG, Baar
(Switzerland), and a member of
the Board of Pestalozzi AG,
Dietikon (Switzerland).
Lawrence
A. Weinbach is the Chairman of Unisys
Corporation, Blue Bell, PA, USA,
and a member of the Board of
Directors of Avon Products Inc.,
New York, where he is the
chairman of the audit committee.
He is a trustee and member of the
audit committee of Carnegie Hall.
Permanent functions for important interest
and pressure groups
Marcel Ospel is the Treasurer of
"Economie-suisse", the Swiss
Business Federation, Zurich.
Lawrence A. Weinbach is a
member of the NYSE Listed Company
Advisory Committee, of the
National Security
Telecommunications Advisory
Committee, and a director of the
Greater Philadelphia Chamber of
Commerce.
Official functions and political mandates
Alberto Togni has been appointed
by the Swiss Government to the
Board of the Swiss National Bank.
Peter Böckli acts as expert
advising the Federal Government
on various legislative projects.
Hans Peter Ming is the President
of the Advisory Commission of the
Swiss Government on International
Development and Cooperation.
Elections and term of office
The members of the Board of
Directors are elected by the AGM
for a term of office of four
years. The initial term of each
member is fixed in such a way as
to assure that about one fourth
of all the members have to be
newly elected or reelected every
year. The Board will propose to
the 2003 AGM to reduce the term
of office from four to three
years.
A director shall normally
not stand for reelection if
he/she has reached the age of
sixty-five when the mandate
expires. The Board may propose to
the AGM that a director be
reelected despite having reached
this age limit. No director
shall, however, hold office
beyond the age of seventy.
The
year of first appointment to the
Board and the expiry of the
current mandate of each Board
member are listed in the table on
page 95.
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Table of Contents
Internal organization
After each Annual General Meeting
of Shareholders, the Board elects
its Chairman and one or more Vice
Chairmen and appoints its
Secretary. It meets as often as
business requires, but at least
six times per year. As a rule,
the members of the Group
Executive Board (GEB) participate
in Board meetings in an advisory
capacity, but the Board also
holds regular meetings without
the GEB.
The Board is organized
as follows:
The Chairman operates
a
Chairman's Office,
including
the Vice Chairmen, which meets
together with the President of
the GEB to address fundamental
issues for the Group, such as
overall strategy, mid-term
financial and business planning,
mid-term succession plans, global
compensation principles, and the
risk profile of the Group. It may
also hold meetings without the
President of the GEB. The
Chairman's Office assumes
ultimate approval responsibility
in the credit risk process. It
also acts as the supervisory body
for Group Internal Audit. The
Chairman's Office is responsible
for shaping the Corporate
Governance of the firm and
formulates appropriate
principles, which it submits to
the Nominating Committee for
review and subsequent submission
to the full Board. It also
assumes responsibility for the
long-term succession planning for
the Chairman and Board members
and reviews, upon proposal by the
Chairman, GEB candidates for
appointment or dismissal by the
full Board. The members of the
Chairman's Office, as of 31
December 2002, were Marcel Ospel,
Chairman, Alberto Togni, Johannes
A. de Gier and Peter Böckli, Vice
Chairmen. Johannes A. de Gier
stepped down as Vice Chairman in
February 2003, following his
appointment as chairman of the
newly created holding company, in
which UBS's independent private
banks will be integrated. The
Chairman's Office meets 8-12
times per year.
The Board appoints an
Audit
Committee
from among its
non-executive members. The Audit
Committee assists the Board in
monitoring the integrity of the
financial statements of the firm,
compliance with regard to legal
and regulatory requirements, and
the qualification, independence
and performance of UBS's external
auditors. All members have to be
independent and financially
literate, and at least one member
must have accounting or financial
management expertise. The Audit
Committee does not itself perform
audits, but supervises the work
of the auditors. Its primary
responsibility is thereby to
monitor and review the
organization and efficiency of
internal control procedures and
the financial reporting process.
As of 31 December 2002, Lawrence
A. Weinbach was the chairman and
Sir Peter Davis and Rolf A. Meyer
the additional members of the
Committee. The Audit Committee
meets 4-6 times per year.
The
Compensation Committee
has
responsibility for reviewing the
Group compensation policy for
submission to the Board and for
approving the design of the
compensation system for the
members of the GEB, the President
of the GEB and the executive
directors. It determines the
individual compensation and bonus
for the executive directors, the
President and members of the GEB
and submits proposals for the
compensation of non-executive
directors to the executive Board
members. All members are
independent from UBS. As of 31
December 2002, the Committee was
chaired by Rolf A. Meyer, with
Ernesto Bertarelli and Hans Peter
Ming as its additional members.
The Committee meets 3-5 times per
year.
The
Nominating Committee
is
composed of three non-executive
Board members. It assumes
responsibility for reviewing and
proposing to the full Board
candidates for Board membership
and for supporting the Chairman's
Office and the full Board in
evaluating management and Board
performance. It reviews the
proposals of the Chairman's
Office on Corporate Governance
for submission to the full Board.
As of 31 December 2002, Peter
Böckli was the chairman and Sir
Peter Davis and Hans Peter Ming
the additional members of the
Committee. The Nominating
Committee meets 2-4 times per
year.
The
Corporate
Responsibility Committee
comprises members of the Board of
Directors, the Group Executive
Board and other senior
executives. The Committee
determines the company's policy
with respect to corporate
responsibility and sustainable
development, supports awareness
within UBS for adherence to
international standards in these
areas and advises the GEB and
other bodies on corporate
responsibility. As of 31 December
2002, the Committee was chaired
by Marcel Ospel. Additional
members were Johannes A. de Gier
and
Hans Peter Ming, representing the Board, Peter Wuffli, President of
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Corporate Governance
Board of Directors
the GEB,
Marcel Rohner, CEO
UBS Wealth
Management &
Business Banking,
Donald B. Marron,
Chairman UBS
Americas, and Ken
Costa, Vice
Chairman UBS
Warburg.
The
Charters of the
Board and of all
its Committees are
available on
www.ubs.com/about.
Areas of responsibility of Board of Directors and Group Executive Board
The ultimate responsibility for
the strategy and the management
of UBS lies with the Board of
Directors. In line with Swiss
banking law, the Board has
delegated the responsibility for
day-to-day management to the
Group Executive Board. No-one may
be a member of both bodies. The
supervision and control of the
executive management remains with
the Board of Directors. All
details as to authorities and
responsibilities of the two
bodies are governed by the
Articles of Association, the
Organization Regulations and
their Appendices. Please refer to
www.ubs.com/about.
Information
and control instruments vis-à-vis the Group Executive Board
The Board of Directors is kept
informed on the activities of the
Group Executive Board in various
ways. The Chairman of the Board
or one of the executive Vice
Chairmen participate in each
meeting of the GEB in an advisory
capacity, thus keeping the
Chairman's Office apprised of all
current developments. The minutes
of the GEB are filed with the
executive Board members and made
available for inspection to the
non-executive members. At Board
meetings, the President of the
GEB regularly updates the Board
on important issues.
Directors
may request any information
necessary to fulfill their
duties. Outside of meetings, any
director may request information
from members of the Group
Executive Board concerning the
Group's business development.
Requests for information about
individual business relationships
or transactions must be addressed
to the Chairman of the Board.
Group Internal Audit monitors
compliance of business activities
with legal and regulatory
requirements and with all
internal regulations, directives
and guidelines. The internal
audit organization, which is
independent from management,
reports its significant findings
to the Chairman of the Board, the
Chairman's Office and the Audit
Committee.
The Group Executive
Board submits a quarterly Risk
Report to the Board for approval,
which updates the Board on all
categories of risk and contains a
comprehensive assessment of the
risk situation of the Group. For
details on the organization of
Risk Management and Control,
please refer to pages 54-58 of
this Handbook.
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Corporate Governance
Group Executive Board
Group Executive
Board
The Group Executive Board (GEB) has business management responsibility for UBS.
The President and the members are appointed by the Board of Directors and are
accountable to the Chairman and the Board for the firm's results.
Organizational
principles and personnel changes
The GEB, and in particular its
President, is responsible for the
implementation and results of the
firm's business strategies, for
the alignment of the Business
Groups to UBS's integrated
business model and for the
exploitation of synergies across
the firm. The President also
assumes responsibility for
business and financial planning,
financial reporting and the
definition and supervision of
risk control. Together with the
Chairman's Office, the GEB
assumes overall responsibility
for the development of UBS's
strategies.
As at 31 December 2002, the
GEB consisted of ten members (see
list below).
During the year
under review, Markus Granziol,
Chairman of UBS Warburg, decided
to leave the Company at the end
of August after a very successful
career at UBS. The Board of
Directors appointed the following
new members to the GEB, effective
1 July 2002: John Fraser, Peter
Kurer, Marcel Rohner, Clive
Standish and Mark Sutton.
The Group Executive Board
The table below provides information on the members of the GEB as at 31
December 2002:
Year of initial
appointment
Name
Position held
to the GEB
Peter A. Wuffli
President
1998
Stephan Haeringer
Deputy President
1998
John P. Costas
Chairman and Chief Executive Officer UBS Warburg
2001
John A. Fraser
Chairman and Chief Executive Officer UBS Global Asset Management
2002
Georges Gagnebin
Chairman UBS Wealth Management & Business Banking
2000
Joseph J. Grano Jr.
Chairman and Chief Executive Officer UBS PaineWebber
2001
Peter Kurer
Group General Counsel
2002
Marcel Rohner
Chief Executive Officer UBS Wealth Management & Business Banking
2002
Clive Standish
Chairman and Chief Executive Officer Asia Pacific
2002
Mark B. Sutton
President and Chief Operating Officer UBS PaineWebber
2002
The business address of all members of the Group Executive Board is UBS AG,
Bahnhofstrasse 45, CH-8098 Zurich, Switzerland.
Peter A. Wuffli
was named
President of the Group Executive
Board on 18 December 2001.
Previously he was Chairman and
CEO of UBS Asset Management, and
from 1998 to 1999 Group Chief
Financial Officer of UBS. From
1994 to 1998, he was the Chief
Financial Officer
at Swiss Bank Corporation (SBC) and
a member of SBC's Group Executive
Committee. In 1984, he joined
McKinsey & Co as management
consultant where he became a
partner in 1990. Mr. Wuffli
graduated in economics and social
sciences from the University of
St. Gallen and
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Group Executive Board
holds a doctor's
degree in
international
management. He was
born on 26 October
1957 and is a Swiss
citizen.
Stephan Haeringer
is the
Deputy President of the Group
Executive Board, after having
been CEO of UBS Switzerland and
of its Private and Corporate
Clients business unit until
mid-2002. He has held several
positions with UBS over the last
three decades. From 1996 to 1998,
he was Chief Executive Officer
Region Switzerland of Union Bank
of Switzerland. From 1991 to
1996, he served as Division Head
Private Banking and Institutional
Asset Management. In 1991, he was
appointed member of the Group
Executive Board, after having
been an Executive Vice President
since 1987. In 1988 he became
Head of the Financial Division.
During the years 1967 to 1988,
Mr. Haeringer assumed various
management roles within the areas
of Investment Counseling,
Specialized Investments,
Portfolio Management, Securities
Administration and Collateral
Loans. Mr. Haeringer was born on
6 December 1946 and is a Swiss
citizen.
John P. Costas
is the
Chairman & CEO of UBS Warburg. He
was President and Chief Operating
Officer of UBS Warburg from the
beginning of 2001, after having
been COO and Global Head Fixed
Income. Mr. Costas joined Union
Bank of Switzerland in 1996 as
Head of Fixed Income. From 1981
to 1996 he was at Credit Suisse
First Boston, his last position
being co-head of Global Fixed
Income. Mr. Costas graduated from
the Tuck School at Dartmouth with
an MBA in Finance and holds a BA
in political science from the
University of Delaware. He was
born on 27 January 1957 and is a
US citizen.
John A. Fraser
was appointed
as Chairman & CEO of UBS Global
Asset Management in late 2001.
Immediately prior to that, he was
President and COO of UBS Asset
Management and Head of Asia
Pacific. He was head of the
Australian business of the
predecessor organization of UBS
Asset Management from late 1994.
He joined the then SBC Australia
as Executive Director in 1993.
Before joining UBS, Mr Fraser was
Deputy Secretary (Economic) of
the Australian Treasury. Mr.
Fraser joined the Australian
Treasury in 1973 and, during a 20
year career, held a number of
appointments including two
postings to Washington DC -
first, at the International
Monetary Fund and, second, as
Minister (Economic) at the
Australian Embassy. Mr. Fraser
graduated from Monash University
in Australia in 1972 with a first
class B.Econ. (Hons.). He was
born on 8 August 1951 and is an
Australian citizen.
Georges Gagnebin
is the
Chairman of UBS Wealth Management
& Business Banking, after having
been the CEO of the Private
Banking unit of UBS Switzerland
from 2000 to mid-2002. Before
holding this function, he was the
Head of the International Clients
Europe, Middle East & Africa
business area in the Private
Banking division. As of 1992 he
was named member of the SBC Group
Executive Board. In 1990 he
became head of the
Finance & Investment group
of SBC in Lausanne, after having
served as Head of Finance &
Investment at SBC in Berne from
1982-1990. Between 1985 and 1987
he was assigned for training
purposes to SBC in the USA. Mr.
Gagnebin began his career in 1969
at SBC in Berne, after having
been with the Cantonal Bank of
Berne from 1966 to 1969. Mr.
Gagnebin was born on 3 March 1946
and is a Swiss citizen.
Joseph J. Grano, Jr.,
Chairman and CEO of UBS
PaineWebber, joined the UBS Group
Executive Board on 1 January 2001
after the merger of PaineWebber
with UBS. In 1994, he was named
President of PaineWebber Inc. He
joined PaineWebber in 1988 as
President of Retail Sales and
Marketing. Before working for
PaineWebber, Mr. Grano was with
Merrill Lynch for 16 years
holding various senior management
positions including director of
National Sales for Merrill Lynch
Consumer Markets. Prior to
joining Merrill Lynch in 1972,
Mr. Grano served for five years
in the US Special Forces. He is
an honorary doctor of laws and of
Humane Letters. Mr. Grano was
born on 7 March 1948 and is a US
citizen.
Peter Kurer
has been the
Group General Counsel since 2001,
when he joined UBS. Between 1991
and 2001 he was a partner at the
Homburger law firm in Zurich.
Between 1980 and 1990 he was with
Baker & McKenzie in Zurich, first
as associate, later as partner,
after having been a law clerk at
the District Court of Zurich. Mr.
Kurer graduated as a doctor iuris
from the University of Zurich and
was admitted as attorney-at-law
in Zurich. He holds an LL.M. from
the University of Chicago. He was
born on 28 June 1949 and is a
Swiss citizen.
Marcel Rohner
was
appointed to CEO of UBS Wealth
Management & Business Banking in
2002. Until then, he served as
COO and Deputy CEO of the Private
Banking unit of UBS Switzerland.
In
102
Table of Contents
1999 he was named Group Chief Risk
Officer. In 1998 he became Head of
Market Risk Control. Between 1993
and 1998, Mr. Rohner was with
Swiss Bank Corporation's
investment banking arm. In 1995 he
was appointed Head of Market Risk
Control Europe. Mr. Rohner
graduated with a Ph.D in economics
from the University of Zurich and
was a teaching assistant at the
Institute for Empirical Research
in Economics at the University of
Zurich from 1990 to 1992. He was
born on 4 September 1964 and is a
Swiss citizen.
Clive Standish
is
Chairman and CEO Asia Pacific. In
1998, he was named CEO Asia
Pacific of Warburg Dillon Read.
Between 1991 and 1998 Mr. Standish
was with Swiss Bank Corporation
(SBC). In 1997 he was appointed
Deputy Chairman Asia Pacific of
SBC Warburg Dillon Read. Between
1994 and 1997 he served as
Managing Director and CEO of SBC
Warburg Dillon Read Australia. In
1991 he was appointed Head of
Capital Markets and Managing
Director of SBC Dominguez Barry
Limited. Between 1983 and 1991,
Mr. Standish was Founding
Executive Director at Dominguez
Barry Samuel Montagu Limited,
after having been a partner with
Dominguez & Barry Partners from
1979 to 1983. Mr. Standish started
his professional career in 1972
with NM Rothschild & Sons Limited
in London. He was born on 17 March
1953 and is a British citizen.
Mark B. Sutton
is President and
Chief Operating Officer of UBS
PaineWebber. He was with
PaineWebber Inc. between 1995 and
2000. In 1998 he was named
President of the Private Client
Group. In 1995 he became Executive
Vice President, after the
acquisition of Kidder, Peabody &
Co., where, between 1992 and 1994,
he served as CEO of the Investment
Services Division and CEO of the
Brokerage Unit. Previously he was
active at Mitchell Hutchins Asset
Management, a subsidiary of
PaineWebber. Between 1984 and
1987, he served as Division
Manager at PaineWebber, Austin,
Texas. Mr. Sutton first joined a
predecessor company of
PaineWebber, Rotan Mosle, as a
financial advisor in 1980, after
having assumed the same function
with Merrill Lynch in
Fayetteville, Arkansas from 1978
to 1980. He holds a bachelor of
science in finance from the
University of Arkansas,
Fayetteville. Mr. Sutton was born
on 19 October 1954 and is a US
citizen.
Other activities and functions of GEB members
Mandates on Boards of important
corporations, organizations and
foundations
Members of the Group Executive
Board hold the following
mandates:
–
Peter Wuffli is a Board
member of the Institute of
International Finance Inc.,
Washington DC. He is the
Vice Chairman of the Board
of IMD International
Institute for Management
Development in Lausanne
(Switzerland) and a Vice
President of the
Swiss-American Chamber of
Commerce in Zurich.
–
Stephan Haeringer is a
member of the Board of
Directors of Robert Bosch
Internationale Beteiligungen
AG, Zurich, and a member of
the Board Committee of the
Zurich Chamber of Commerce.
–
John Costas is a member of
the New York City
Partnership & Chamber of
Commerce, Inc.
–
John Fraser has been a
member of the board of
Australian Stock Exchange
since 1997.
–
Georges Gagnebin is a member
of the Foundation Board of
the International Center for
Monetary and Banking Studies
(ICMB), Geneva, and of the
UBS Optimus Foundation.
–
Joseph J. Grano is a member
of the Board of Trustees of
the Lenox Hill Hospital, New
York, and of the Council for
the US & Italy, Washington,
DC.
–
Peter Kurer was a member of
the Board of Directors of
Holcim Ltd., Zurich, until
the end of financial year
2002.
–
Marcel Rohner is a member
of the Admission Board and
the Committee of the
Admission Board of the SWX
Swiss Exchange, Zurich.
Permanent functions for
important
interest and pressure groups
Stephan Haeringer is the Vice
Chairman of the Swiss Bankers
Association, Basel.
Official functions and political mandates
Joseph J. Grano is the Chairman of
the US President's Homeland
Security Advisory Council.
Management contracts
UBS has not entered into any
management contracts.
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Corporate Governance
Compensation, Shareholdings and Loans
Compensation, Shareholdings and Loans
UBS seeks to attract, retain, motivate and develop highly qualified people for
senior management positions, thereby ensuring the sustainable creation of
shareholder value. UBS is prepared to provide its senior executives with
superior compensation in return for superior performance.
Senior executive compensation principles and authorities
Components of compensation
Compensation for senior
executives
1
and the Group
Managing Board (GMB) consists of
a base salary and a
performance-based incentive
component. This incentive
component is determined on a
discretionary basis considering
the performance data described
below, and generally represents a
substantial portion of total
compensation. A significant
portion of the incentive
component is paid in the form of
restricted or deferred UBS
shares.
Performance assessments
consider both quantitative and
qualitative factors, and include
a balanced assessment of both
current financial results and key
performance indicators, which are
longer-term value drivers crucial
to the firm's ability to deliver
future performance and growth. In
conducting its assessments of
executive performance, UBS
reviews changes to its overall
performance and the performance
of its individual businesses over
time, results achieved against
specifically established
performance targets, and results
compared to competitor
performance — to the extent that
such data are available.
Compensation levels are
strongly correlated with
performance assessments and are
highly variable from year to
year. As such, should UBS Group
and Business Group performance
decline from the prior year, lag
behind established performance
targets and trail competitor
trends, the compensation of
senior executives and the GMB
will clearly reflect this. The
converse is also true.
An annual examination of
competitor pay practices is
conducted to ensure that our
compensation policies and
practices continue to support the
objectives of attracting
outstanding new executives,
motivating and retaining valuable
employees, and delivering
sustained superior returns to
shareholders.
Executive share ownership commitment
It is UBS's long-standing policy
to strongly encourage significant
levels of stock ownership among
its senior executives and the
members of the GMB, aligning the
interests of management closely
with those of shareholders. Share
ownership is encouraged in the
following ways:
–
A significant portion of
each senior executive's or
GMB member's annual
performance-based incentive
compensation is delivered on
a mandatory basis in the
form of restricted or
deferred UBS shares.
–
Executives are also
eligible for highly
selective discretionary
stock option awards, which
vest over time, and are made
separately from regular
annual incentive awards.
Stock options are used to
reward exemplary performance
as well as superior
leadership skills and
potential.
–
Additional incentives are
provided for senior
executives and GMB members
who voluntarily elect to
take an even greater portion
of their annual
performance-based incentive
compensation in the form of
restricted or deferred UBS
shares. Executives opting to
take a greater than
mandatory proportion of
their annual incentive in
restricted or deferred UBS
shares receive additional
stock options.
–
Senior executives and GMB
members are required to
accumulate and then hold, a
significant number of UBS
shares.
Governance
The approval of senior executive
compensation recommendations and
the design of senior executive
compensation systems (plan
design, performance measures,
pay/performance relationship) are
subject to a rigorous process
which ensures that decisions are
taken at least at two
organizational levels above the
executive concerned. No-one has
any approval authority for
his/her own compensation. The
following is a
1
"Senior
executives" includes, as defined by the SWX Swiss Exchange
Directive, the executive members of the Board of Directors and the
members of the Group Executive Board (GEB).
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Table of Contents
description of the decision
making process for different
executive populations:
–
Group Managing Board
members: compensation
recommendations are
developed by the responsible
member of the Group
Executive Board.
Recommendations are reviewed
and approved by the
President of the Group
Executive Board. For GMB
members in the Corporate
Center, who report directly
to the President, approval
by the Chairman is required.
The compensation system for
the Group Managing Board is
subject to the approval of
the Chairman's Office.
–
Group Executive Board
members: Compensation
recommendations are
developed jointly by the
President of the Group
Executive Board and the
Chairman of the Board. The
Compensation Committee of
the Board of Directors
reviews and approves the
design of the compensation
system for the Group
Executive Board and all
resulting compensation
recommendations.
–
President of the Group
Executive Board and
Executive Vice Chairmen:
Compensation recommendations
are developed by the
Chairman of the Board. The
Compensation Committee of
the Board of Directors
reviews and approves the
design of the compensation
system for the President of
the Group Executive Board
and the Executive Vice
Chairmen and all resulting
compensation
recommendations.
–
Chairman of the Board: On
behalf of the full Board of
Directors, the Compensation
Committee of the Board of
Directors has authority to
develop and approve the
design of the compensation
system for the Chairman of
the Board and all resulting
compensation
recommendations.
–
Non-executive members of
the Board: Proposals for the
remuneration of the
non-executive directors are
prepared by the Compensation
Committee and submitted to
the executive Board members
for approval.
Employee share ownership commitment
Below the senior executive level,
significant numbers of employees
are required to take a portion of
their annual performance-based
compensation in the form of
restricted or deferred UBS
shares, employee stock options,
or a combination of both.
Additionally, they are provided
with opportunities to own stock
through various voluntary
programs.
UBS believes that
broader-based employee stock
ownership will further enhance
its ability to deliver superior
shareholder returns by increasing
the alignment between the
interests of employees and
shareholders. Broader employee
share ownership will be achieved
in the following ways:
–
The best performing and
highest potential employees
are also eligible for highly
selective discretionary
stock option awards which
vest over time. These awards
are intended to provide the
greatest degree of
shareholder alignment among
the emerging pool of future
UBS leaders, senior managers
and technical experts, and
to enhance UBS's appeal in
the competitive market for
the best managerial,
financial and technical
talent.
–
Employee incentive awards
above a certain threshold
are delivered, on a
mandatory basis, in
restricted or deferred UBS
shares, or a combination of
shares and employee stock
options that vest over time.
The threshold varies by
business and labor market.
Generally, employees are
further encouraged to
voluntarily elect to defer a
portion of their incentives
into UBS shares in exchange
for additional stock
options, or to diversify
into an array of funds
including those managed by
UBS fund managers. UBS
believes it is important to
provide employees the
opportunity and incentive to
voluntarily invest into UBS
shares, but where possible
also to encourage employees
to consider the same wealth
management principles in
diversifying their personal
portfolios as they would
apply to a client.
–
All UBS employees (unless
prohibited by local law) are
eligible to participate in a
program called Equity Plus
which is a global adaptation
of a program that was
implemented at PaineWebber
before its merger with UBS
in November 2000. Equity
Plus enables UBS employees
in over 45 countries to
voluntarily elect to
purchase a limited number of
UBS shares with after-tax
funds either from their
incentive awards or base
salaries, and receive two
UBS stock options for every
share acquired and held for
two years. The stock options
vest after two years as
well. The goal of this
program is to motivate
employees at all levels to
become partners in UBS's
success. Over the last two
years since Equity Plus was
launched as a global program,
nearly a quarter of UBS
employees have elected to
participate.
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Corporate Governance
Compensation, Shareholdings and Loans
Compensation for acting members
of the Board of Directors
(Board) and the Group Executive
Board (GEB)
Executive members of the
Board and members of the GEB
The total of all compensation for
the financial year 2002 for the
three executive members of the
Board of Directors, the ten
members of the Group Executive
Board and the two former members
of the GEB who left the Company
in 2002 (Luqman Arnold on 31
January 2002, and Markus Granziol
on 31 August 2002) was as
follows:
Cash component
(base salary, cash part of bonus)
CHF 89,499,015
Employer's contributions to
retirement benefit plans
CHF 1,320,220
Benefits in kind, fringe benefits
(at market value)
CHF 1,019,000
In Switzerland, senior
executives participate in UBS's
general pension plans, which are
composed of a basic component
operated on the defined benefit
principle, a savings plan and a
defined contribution plan. The
cap compensation amount to be
included in these plans is set at
CHF 730,000 for all employees.
This translates into a maximum
annual pension of CHF 259,000
after retirement plus a one-off
pay-out of accumulated capital
from the savings plan in the
maximum amount of CHF 217,052.
Benefits in kind and fringe
benefits include car leasing and
company car allowances, staff
discount on banking products and
services, health and welfare
benefits and general expenses
allowances. Definitions and
amounts of benefits differ from
country to country, according to
local industry standards.
In
addition to the cash payments and
benefits in kind, this group of
senior executives were granted
353,880 CHF-shares and 311,255
USD-shares (for details see
paragraph below), with a fair
value of CHF 41,006,156. In June
2002 this group of senior
executives were granted 470,000
CHF long-term incentive (LTI)
options and 380,000 USD LTI
options (for details see
paragraph below) for financial
years 2001 and 2002. At fair
value these options were worth
CHF 14,268,501. No such award was
made in 2001.
Non-executive members of the Board
Non-executive members of the Board may elect
to receive their remuneration
(base Board fee plus fees for chairs and memberships of Board Committees)
either 50% in cash and 50% in restricted UBS shares or 100% restricted UBS
shares. Shares are attributed with a price discount of 15% and are restricted
for four years.
The six non-executive Board members, together with Markus
Kündig, who
stepped down at the AGM on 18 April 2002, were paid CHF 1,825,000 in cash for
the financial year 2002.
They elected to receive 27,965 shares, which at fair
value were worth CHF 1,705,865.
Additional severance payments
As a matter of policy, UBS does
not pay any additional severance
in addition to the salary and
bonus entitlements of a leaving
member of the Board or the GEB.
Whether or not payments for such
running entitlements are made in
the form of final bonus or
severance, they are included in
the numbers reported above under
compensation for acting members
of the Board and the GEB.
Compensation for former
members
of the Board and
GEB
Former members of the Board of
Directors or the Group Executive
Board were not paid any
compensation during the year
under review, neither in cash nor
in kind.
Share grants for the year under review
Executive Board members
and
members of the GEB
The three executive Board members
and the ten GEB members were
granted 353,880 shares, valued at
CHF 61 per share (average price
of UBS shares at virt-x over the
last ten trading days of January
2003), and 311,255 shares, valued
at USD 45.10 per share (average
price of UBS shares at the NYSE
over the last ten trading days of
January 2003). These shares are
blocked for five years.
Related
parties of these senior
executives were not granted any
shares.
Non-executive Board members
The six non-executive Board
members were granted 27,965
shares, at a discounted value of
CHF 51.85 per share. The shares
are blocked for four years.
Related parties are not granted
any shares.
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Table of Contents
Share ownership
Executive Board members
and members of the GEB
The three executive Board members
and the ten members of the GEB,
and parties closely linked to
them, held 2,096,603 UBS shares
at year-end 2002. No individual
BoD or GEB member holds 1% or
more of all shares issued.
Non-executive Board members
The six non-executive Board
members and parties closely
linked to them held 42,768 UBS
shares as of 31 December 2002.
Options
Executive Board members
and
members of the GEB
The three executive Board members
and the ten GEB members held the
following options on UBS shares
as of 31 December 2002:
Number
Year
Vesting
Expiry
Subscription
Strike
of options
of grant
date
date
ratio
price
122,657
1997
24/06/02
24/06/03
1:1
CHF 61.91
40,002
1998
01/07/01
30/06/04
1:1
CHF 56.67
12,277
1998
26/05/03
26/05/04
1:1
CHF 85.12
140,214
1998
26/05/03
26/08/04
1:1
CHF 85.12
48,006
1998
30/06/03
30/06/04
1:1
CHF 56.67
119,544
1999
26/02/02
26/02/05
1:1
CHF 79.00
546,000
2000
01/02/03
01/02/06
1:1
CHF 66.67
2,006,490
2001
20/02/04
20/02/09
1:1
CHF 100.00
290,828
2002
20/02/05
31/01/12
1:1
CHF 77.75
300,491
2002
20/02/05
31/07/12
1:1
CHF 77.75
235,000
2002
28/06/05
28/12/12
1:1
CHF 80.75
140,000
2002
28/06/07
28/06/12
1:1
CHF 80.75
95,000
2002
28/06/07
28/06/12
1:1
CHF 80.75
3,000
2001
29/02/04
29/02/08
1:1
USD 53.39
360,000
2001
24/01/04
24/01/08
1:1
USD 57.80
568,663
2002
31/01/05
01/01/12
1:1
USD 45.26
2,000
2002
29/02/04
29/02/12
1:1
USD 46.24
380,000
2002
28/06/05
28/06/12
1:1
USD 54.50
In addition, this
group of senior executives held the following warrants as of 31 December 2002:
24,558,529
2000
20/03/03
01/04/04
16.67 : 1
CHF 75.00
Non-executive Board members
The non-executive Board members
do not hold any options.
Additional honorariums and remuneration
No material additional
honorariums and remuneration were
paid to any of the Board or GEB
members.
Loans granted to members of the Board
and the GEB
Granting loans is part of the
ordinary business of UBS, and
members of the Board and the GEB
have been granted loans, fixed
advances and mortgages at the
same terms and conditions as
other employees, based on
third-party conditions adjusted
for reduced credit risk. Loans
and advances to related parties
are transacted on substantially
the same terms as those
prevailing at the time for
comparable transactions with
non-affiliated persons.
A
thorough review of all
outstanding loans to senior
executives and Board members was
performed in 2002 in order to
ensure compliance with the new
requirements of the US
Sarbanes-Oxley Act, which limit
or prohibit the extension of
credit by UBS to certain of its
executive officers. New loans and
mortgages are now granted at
general market conditions, with
no preferential rates.
Loans granted to executive Board
members and members of the GEB
As of 31 December 2002,
collateral loans and fixed
advances of CHF 14,425,000 were
receivable from executive Board
members and members of the GEB,
and mortgages in the amount of
CHF 13,264,000 had been granted
to this group of senior
executives and their close family
members.
Loans granted to
non-executive
Board
members
Loans and mortgages granted to
non-executive Board members and
companies related to them
amounted to CHF 140.5 million.
Highest total compensation
Total compensation of the highest
paid member of the Board of
Directors, Chairman Marcel
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Corporate Governance
Compensation, Shareholdings and Loans
Ospel, amounted to CHF 11,341,588
for financial year 2002,
including 75,155 restricted UBS
shares. In addition, 75,000
options were granted as part of
the senior executive long-term
incentive (LTI) award made in
June 2002 for financial years
2001 and 2002. At fair value
these options were worth CHF
1,222,500. No such award was made
in 2001.
Additional information on
equity-based
compensation and
retirement benefit plans
Note 32 to the UBS Group
Financial Statements provides
comprehensive information on the
Group's various Equity
Participation Plans for employees
on various levels of the
organization. It shows pro-forma
results under the assumption of
expensing options at fair value
rather than charging their
intrinsic value at grant date.
The Financial Report 2002 also
provides information on how
business unit results would have
been impacted if options granted
to employees had been expensed
(please refer to "Review of
Business Group performance" on
page 35).
Note 31 to the UBS Group
Financial Statements describes
the various retirement benefit
plans established in Switzerland
and in major foreign markets.
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Corporate Governance
Shareholders' Participation Rights
Shareholders' Participation Rights
UBS is committed to make it as easy as possible for shareholders to take part
in its decision-making processes. All registered shareholders — nearly 220,000
— receive regular written information about the firm's activities and
performance and are personally invited to shareholder meetings.
Relations with shareholders
UBS fully subscribes to the
principle of equal treatment of
all shareholders, ranging from
large investment institutions to
individual investors, and
regularly informs them about the
development of the company of
which they are co-owners.
The Annual General Meetings
offer shareholders the
opportunity to raise any
questions regarding the
development of the company and
the events of the year under
review. The members of the Board
of Directors and Group Executive
Board as well as the internal and
external auditors are present to
answer these questions.
Voting rights, restrictions and representation
UBS is committed to making it as
easy as possible for shareholders
to take part in its
decision-making processes and
therefore places no restrictions
on share ownership and voting
rights. Only voting rights of
nominee companies and trustees,
who normally represent a great
number of individual
shareholders, are limited to a
maximum of 5% of outstanding UBS
shares in order to avoid the risk
of unknown shareholders with
large stakes being entered into
the share register. Securities
clearing organizations such as
the Depository Trust Company
(DTC) in New York and
SegaInterSettle (SIS) in
Switzerland are exempt from the
5% voting limit.
In order to have voting
rights registered, shareholders
must confirm they acquired UBS
shares in their own name and for
their own account.
All registered shareholders
can participate in shareholder
meetings. If they do not wish to
attend in person, they can issue
instructions to
accept, reject or
abstain on each individual item
on the meeting agenda by either
giving instructions to an
Independent Proxy designated by
UBS (as required under Swiss
company law) or by appointing
UBS, another bank or another
registered shareholder of their
choice, to vote on their behalf.
Statutory quorums
Shareholder resolutions, the
election and re-election of Board
members and the appointment of
the Group and Statutory Auditors
are decided at the General
Meetings of Shareholders by an
absolute majority of the votes
cast, excluding blank and invalid
ballots. Article 704 of the Swiss
Code of Obligations (Company Law)
requires that
for certain specific issues a
majority of two-thirds of the
votes represented at the meeting
vote in favor of the resolution.
These issues include the
introduction of voting shares,
the introduction of restrictions
on the transferability of
registered shares, conditional
and authorized capital increases,
restrictions or exclusion of
shareholders' pre-emptive rights.
UBS also requires a
two-thirds majority of votes
represented for any change to the
provisions in the Articles of
Association regarding the number
of Board members as well as for
any decision to remove one fourth
or more of the members of the
Board.
Votes and elections are
normally conducted electronically
to clearly ascertain the exact
number of votes cast. Voting by a
show of hands remains possible if
a clear majority is predictable.
Shareholders representing at
least 3% of the votes represented
may still request, however, that
a vote or election take place
electronically or by written
ballot.
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Corporate Governance
Shareholders' Participation Rights
Convocation of General
Meetings of Shareholders
The Annual General Meeting of
Shareholders (AGM) normally takes
place in April, but in any case
within six months after the close
of the financial year. A personal
invitation including a detailed
agenda and explanation of each
motion is sent to every
registered shareholder at least
20 days ahead of the scheduled
meeting. The meeting agenda is
also published in various Swiss
and international newspapers.
Extraordinary General
Meetings may be convened whenever
the Board of Directors or the
statutory auditors consider it
necessary. Shareholders
individually or jointly
representing at least ten percent
of the share capital may, at any
time, ask in writing that an
Extraordinary General Meeting be
convened to deal with a specific
issue put forward by them. Such a
request may also be brought
forward during the AGM.
Placing of items on the agenda
Shareholders individually or
jointly representing shares with
an aggregate par value of one
million Swiss francs may submit
proposals for matters to be
placed on the agenda for
consideration by the shareholders
meeting. The Board of Directors
will
submit to the AGM in 2003 a
proposal to facilitate the
exercise of this shareholder
right, which — as a result of the
two par-value repayments in 2001
and 2002 — had become more
difficult. The proposed limit of
an aggregate par value of CHF
250,000 brings the threshold back
to what it used to be before the
par value repayments.
UBS publishes the deadline
for submitting such proposals in
various Swiss and international
newspapers. The date of the
deadline is normally shortly
after the publication of the
annual results. It is also set
early enough to allow for the
integration of the proposals into
the official invitation to
shareholders. Requests for items
to be placed on the agenda must
include the actual motions to be
put forward, together with a
short explanation, if necessary.
The Board of Directors formulates
an opinion on the proposals,
which is published together with
the motions.
Registrations in share register
The general rules for being
entered with voting rights in the
Swiss or US Share Register of UBS
also apply before General
Meetings of Shareholders (for
details see pages 134 and 135).
Registrations including the
transfer of voting rights are
processed for as long as
technically possible.
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Corporate Governance
Change of Control and Defensive Measures
Change of Control and Defensive Measures
UBS believes in market forces. It therefore refrains from restrictions which
would hinder developments otherwise initiated or supported by the financial
markets. There are no specific protections against hostile takeover in place.
Duty to make an offer
An investor who acquires 33 1/3 %
of all voting rights has to
submit a take-over offer for all
shares outstanding, according to
the Swiss Stock Exchange Law. UBS
has not elected to change or opt
out of this rule.
Clauses on changes of control
The service agreements and
employment contracts of the
executive Board members, of the
members of the Group Executive
Board and of the Group Managing
Board do not contain clauses on
change of control. UBS does not
offer "golden parachutes" to its
senior executives. Employment
contracts contain notice periods
of 12 months for GEB members and
6 months for GMB members, during
which they are entitled to
running salary and bonuses.
The Compensation Committee
of the Board may, however,
accelerate the vesting of options
and the lapse date for restricted
shares in case of a change of
control.
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Corporate Governance
Auditors
Auditors
Audit, with its various functions and authorities, plays an important role in
Corporate Governance. While remaining independent, the External Auditors and
Group Internal Audit closely coordinate their work, thereby ensuring the most
effective performance of their responsibilities. The Chairman's Office, the
Audit Committee and ultimately the Board of Directors supervise the functioning
of the overall audit work.
External, independent Auditors
Ernst & Young Ltd., Basel, have
been assigned the mandate to
serve as global auditors for the
UBS Group. They assume all
auditing functions according to
laws, regulatory requests, and
the UBS Articles of Association
(see also the paragraph about
auditors responsibilities in the
"Regulation and supervision
section", on page 118). The Audit
Committee of the Board has
determined that
Ernst & Young Ltd. meets all
independence requirements
established by the Securities and
Exchange Commission (SEC). As
part of its audit process, Ernst
& Young Ltd. informs the Audit
Committee of the measures it
takes to ensure its and its
employees' independence from UBS.
The Audit Committee assesses this
information on behalf of the
Board and informs the Board
accordingly.
At the Extraordinary General
Meeting on 7 September 2000, UBS
shareholders appointed Deloitte &
Touche AG, Basel, as special
auditors according to Article 31
paragraph 3 of the UBS Articles
of Association for a three-year
term of office. The special
auditors provide audit opinions
in connection with capital
increases, independently from the
Group auditors. Deloitte & Touche
will be proposed to the AGM 2003
for re-election for another
three-year term.
Duration of the mandate and term of office of the lead auditor
After the UBS-SBC merger, Ernst &
Young Ltd., Basel were initially
appointed as UBS's principal
external auditor for the audit of
the 1998 financial statements.
Following a comprehensive
evaluation process during 1999,
they were proposed for
re-election to the 2000 AGM. They
were re-elected at the AGMs
between 1999 and 2002,
and will
be proposed for re-election at
the AGM 2003.
Roger K. Perkin, chartered
accountant, and Peter Heckendorn,
lic.oec., have been in charge of
the UBS audit since the initial
appointment.
Auditing fees
Fees paid to Ernst & Young for
the financial year 2002 in
respect of audit and regulatory
reports required by law amounted
to CHF 30,882,000.
Additional fees paid to auditors
Ernst & Young were paid CHF
8,897,000 for audit-related
services provided (primarily
accounting consultation on
matters relating to the financial
statements, attest services
required by contract or requested
by management, audits of
retirement and compensation
plans, and due diligence work on
acquisitions) and CHF 10,521,000
was paid to Ernst & Young for tax
advisory and compliance work in
respect of the Bank's own
affairs. Another CHF 3,287,625
was paid for other services
provided during the year.
Rules recently issued by the
US Securities and Exchange
Commission (SEC) prohibit
independent auditors from
providing a number of specific
services. Ernst & Young have not
provided any prohibited services
during the year.
Group Internal Audit
With around 240 professionals
worldwide at 31 December 2002,
Group Internal Audit provides an
independent review of the
effectiveness of the system of
internal controls and compliance
with key rules and regulations.
It specifically verifies or
assesses whether the internal
controls are commensurate with
the risks and are working
effectively, whether activities
within the firm are being
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conducted and recorded properly,
correctly and fully, and whether
the organization of operations,
including information technology,
is efficient and the information
is reliable. All key issues
raised by Group Internal Audit
are communicated to the
management responsible, to the
President of the GEB and to the
Chairman's Office via formal
Audit Reports. The Chairman's
Office and the Audit Committee of
the Board are regularly informed
of important findings.
To maximize its independence
from management, the head of
Group Internal Audit, Markus
Ronner, reports directly to the
Chairman of the Board. Group
Internal Audit has unrestricted
access to all accounts, books and
records and must be provided with
all information and data needed
to fulfill its auditing duties.
Group Internal Audit addresses
its reports with major issues
ultimately to the Chairman of the
Board. The Chairman's Office may
order special audits to be
conducted, and the Group
Executive Board, with the
agreement of the Chairman, may
instruct Group Internal Audit to
conduct such audits.
Coordination and close
cooperation with the external
auditors enhance the efficiency
of Group Internal Audit's work.
Supervisory and control instruments vis-à-
vis the external auditors
The Audit Committee, on behalf of
the Board of Directors, monitors
the qualification, independence
and performance of the Group
Auditors and the lead partners.
It prepares proposals for
appointment or removal of the
external auditors
for submission
to the full Board, which then
submits the proposal to the AGM.
The Audit Committee reviews
annually the written statements
submitted by the external
auditors as to their
independence. It also reviews the
engagement letter between UBS AG
and the external auditors and the
fees and terms of the planned
audit work. Mandates to the Group
auditors for audit-related work
and permitted non-audit work are
subject to pre-approval by the
Audit Committee.
The external auditors also
provide timely reports to the
Audit Committee on critical
accounting policies and practices
used, on alternative treatments
of financial information
discussed with management, and
other material written
communication between external
auditors and management.
The Audit Committee
regularly meets with the lead
partners of the external
auditors, at least four times per
year. It also regularly meets
with the Head of Group Internal
Audit.
At least once per year, the
Chairman's Office discusses with
the lead partners of Ernst &
Young Ltd. the audit work
performed, main findings and
critical issues which arose
during the audit.
The Audit Committee and the
Chairman's Office report back to
the Board of Directors about
their contacts and discussions
with the external auditors. Once
per year, the lead partners take
part in a Board meeting, normally
to present the Long-form Report
of the External Auditors, as
required by the Swiss
Federal Banking Commission
(Bankengesetzlicher
Revisionsbericht).
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Corporate Governance
Information Policy:
UBS Financial Disclosure Principles
Information Policy:
UBS Financial Disclosure Principles
UBS's financial disclosure policies aim to achieve a fair market value of the
UBS share by communicating transparently, openly and consistently with
investors and the financial markets at all times.
Main sources of information
UBS provides regular information
to its shareholders and to the
financial community. For details,
see page 5 and 6 of this
Handbook.
Financial results will be published as follows:
First Quarter
13 May 2003
Second Quarter
13 August 2003
Third Quarter
11 November 2003
Fourth Quarter
10 February 2004
The Annual General Meeting of
Shareholders will take place as
follows:
2003
16 April, Zurich
2004
15 April, Basel
UBS meets regularly with
institutional investors
throughout the year, holding
results presentations, specialist
investor seminars, road shows and
one-to-one or group meetings
across the world. Where possible,
these events involve UBS senior
management in addition to the UBS
Investor Relations team. We have
also made significant progress in
developing the use of technology
to further broaden access to our
presentations through webcasting,
audio links and cross-location
video-conferencing for external
audiences.
Each shareholder receives an
illustrated "Annual Review"
providing an overview of the firm
and its activities during the
year and the key financial
information. Each quarter they
are provided with an update on
ongoing initiatives and quarterly
financial performance. More
detailed financial reports are
produced each quarter and at
year-end, which can be received
on request.
To ensure fair access to
information, we make UBS
publications available to all
shareholders at the same time and
generally make key documents
available in both English and
German. Letters to shareholders
and media releases about results
are also translated into French
and Italian. We directly post
letters to shareholders and
material information related
to corporate events to all
shareholders, while other
information is distributed via
press release and posted to UBS's
website, at
www.ubs.com/investors. Our
website includes comprehensive
information about UBS, including
a complete set of our published
reporting documents, on demand
access to recent webcast
presentations and copies of
presentations that senior
management have given at industry
conferences.
Financial disclosure principles
Based on our discussions with
analysts and investors, we
believe that the market rewards
companies that provide clear,
consistent and informative
disclosure about their business.
Our aim therefore is to
communicate UBS's strategy and
results in such a way that
investors can gain a full and
accurate understanding of how the
company works, what its growth
prospects are and what risks
there are that this growth will
not be realized.
To continue to achieve these
goals, we apply the following
principles in our financial
reporting and disclosure:
–
Transparency:
our
disclosure is designed to
enhance understanding of the
economic drivers and
detailed results of the
business, in order to build
trust and credibility.
–
Consistency:
we aim to
ensure that our disclosure
is consistent and comparable
within each reporting period
and between reporting
periods.
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–
Simplicity:
we try to
disclose information in as
simple a manner as possible
consistent with allowing
readers to gain the
appropriate level of
understanding of our
businesses' performance.
–
Relevance:
we aim to avoid
information overload by
focusing our disclosure on
what is relevant to UBS's
stakeholders, or required by
regulation or statute.
–
Best practice:
we strive to
ensure that our disclosure is in
line with industry norms, and if
possible leads the way to
improved standards.
We report UBS's results quarterly,
including a breakdown of results
by Business Groups and business
units and extensive disclosures
relating to credit and market
risk. The extent of disclosure
and the quality of analysis and
comment we provide put UBS's
reporting among the leaders in
the banking sector, worldwide.
We also aim to take a prominent role
in developing and enhancing
industry standards for
disclosure. UBS actively
participates in committees and
similar bodies helping to improve
accounting standards and risk
disclosure standards. In November
2000 we launched a proposal for a
new definition of assets held for
our clients. Following a positive
reception for this initiative, we
introduced the definitions into
our reporting in our first
quarter 2001 report.
Performance measures and targets
Group targets
UBS focuses on four key
performance targets, designed to
ensure that it delivers
continually improving returns to
its shareholders. We report UBS's
performance against these targets
each quarter:
–
We seek to increase the
value of UBS by achieving a
sustainable, after-tax
return on equity of 15-20%,
across periods of varying
market conditions.
–
We aim to increase
shareholder value through
double-digit average annual
percentage growth in basic
earnings per share (EPS),
across periods of varying
market conditions.
–
Through cost reduction and
earnings enhancement
initiatives we aim to reduce
UBS's cost/income ratio, to
a level that compares
positively with
best-in-class competitors.
–
We aim to achieve a clear
growth trend in net new
money in our private client
businesses.
The first three targets are
all reported pre-goodwill
amortization, and adjusted for
significant financial events (see
below).
Business Group key performance indicators
We also report carefully chosen
key performance indicators for
each of UBS's Business Groups and
business units. These do not
carry explicit targets, but are
indicators of the business units'
success in creating value for
shareholders. They include
financial metrics, such as the
cost/income ratio, and
non-financial metrics such as
invested assets.
These key performance
indicators are used for internal
performance measurement and
planning as well as external
reporting. This ensures that
management has a clear
responsibility to lead their
businesses towards achieving
success in the externally
reported value drivers and avoid
the risk of managing to purely
internal performance measures.
Financial reporting policies
Accounting principles
We prepare UBS Group's accounts
according to International
Financial Reporting Standards
(IFRS), and provide additional
information in our Financial
Report to reconcile the Group
accounts to US Generally Accepted
Accounting Principals (US GAAP).
A detailed explanation of the
basis of UBS's accounting is
given in Note 1 to the UBS Group
Financial Statements, which are
published in the UBS Financial
Report 2002. An explanation of
the critical accounting policies
applied in the preparation of our
Financial Statements is provided
in a specific section in the UBS
Financial Report 2002 on page 9.
Analysis of adjusted figures and results
We analyze our quarterly and
annual financial performance on a
reported basis determined in
accordance with IFRS.
Additionally, we provide analysis
and comments on an adjusted basis
which excludes from the reported
amounts certain items we term
significant financial events
(SFEs). SFEs are non-recurring,
event-specific items, with a
material impact at Group level.
They are UBS-specific and not
industry-wide and not in the
normal course of business.
Another adjustment we use in our
results discussion is the
exclusion of the amortization of
goodwill and other acquired
intangible assets. At
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Corporate Governance
Information Policy:
UBS Financial Disclosure Principles
UBS, we believe that equity
values are driven by future cash
flows.
These adjustments reflect
our internal analysis approach
where SFE-adjusted figures before
goodwill/intangibles amortization
are used to assess past
performance against peers and to
estimate future growth potential.
In particular, our financial
targets have been set in terms of
adjusted results, excluding
significant financial events and
goodwill/intangibles
amortization, and all the
analysis provided in our
management accounting is based on
operational SFE-adjusted
performance. In our financial
reporting, we clearly identify
all adjusted figures as such, and
allow the reader to reconcile
them to reported figures. More
detail on adjustments and the
SFEs during 2000, 2001 and 2002
can be found in the UBS Financial
Report 2002.
Restatement of results
As required under IFRS, we are
committed to maintaining the
transparency of UBS's reported
results and to ensuring that
analysts and investors can make
meaningful comparisons with
previous periods. If there is a
major reorganization of our
business units or if changes to
accounting standards or
interpretations lead to a
material change in the Group's
reported results, we restate
UBS's results for previous
periods to show how they would
have been reported according to
the new basis, and provide clear
explanations of all changes.
US regulatory disclosure requirements
As a Swiss company listed on the
New York Stock Exchange (NYSE),
we comply with the dis-
closure
requirements of the Securities
and Exchange Commission (SEC) and
the NYSE for foreign issuers.
These include the requirement to
make certain filings with the
SEC. As a foreign issuer, some of
the SEC's regulations and
requirements which apply to
domestic issuers are not
applicable to UBS. We provide
UBS's regular quarterly reports
to the SEC under cover of Form
6-K, and file an annual report on
Form 20-F. We also provide
additional disclosure at half
year to meet specific SEC
requirements, which again is
provided under cover of Form 6-K.
In addition, important corporate
announcements, including press
releases, are provided under
cover of Form 6-K as they occur.
These reports, as well as
materials sent to shareholders in
connection with annual and
special meetings, are all
available on our website, at
www.ubs.com/investors.
Within the 90-day period
prior to the filing of this
Annual Report, an evaluation was
carried out under the supervision
and with the participation of our
management, including the
President of the Group Executive
Board and Group Controller, of the
effectiveness of the design and
operation of our disclosure
controls and procedures (as
defined in Rule 13a-14(c) under
the US Securities Exchange Act of
1934). Based upon that
evaluation, the President of the
Group Executive Board and Group
Controller concluded that the
design and operation of these
disclosure controls and
procedures were effective. No
significant changes were made in
our internal controls or in other
factors that could significantly
affect these controls subsequent
to the date of their evaluation.
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Corporate Governance
Regulation and Supervision
Regulation and Supervision
We aim to monitor regulatory developments, to comply with all applicable
provisions and to work closely and maintain good relations with the regulators
in all jurisdictions where we have offices, branches and subsidiaries.
As a Swiss-registered company,
UBS's main regulator is the Swiss
Federal Banking Commission
(SFBC), but we are also regulated
worldwide by supervisory agencies
in the countries in which we
conduct business, most notably
the US and the UK.
UBS's operations throughout the world
are regulated and supervised by
the relevant central banks and
regulatory authorities in each of
the jurisdictions in which we
have offices, branches and
subsidiaries. These authorities
impose reserve and reporting
requirements and controls on UBS,
including those relating to
capital adequacy, depositor
protection and prudential
supervision. In addition, a
number of countries where UBS
operates impose additional
limitations on or affecting
foreign-owned or controlled banks
and financial institutions,
including
–
licensing
requirements and restrictions of
the opening of local offices,
branches or subsidiaries and the
types of banking and non-banking
activities that may be conducted
by those local offices, branches
or subsidiaries;
–
restrictions
on the acquisition or level of
ownership of local banks;
–
restrictions on investment and
other financial flows entering or
leaving the country.
The supervisory and
regulatory regimes of the
countries where UBS operates will
determine, to some degree, our
ability to expand into new
markets, the services and
products that we will be able to
offer in those markets and how we
structure specific operations.
The following sections
describe the regulation and
supervision of UBS's business in
Switzerland, our home market,
and in the United States and the
United Kingdom, our next two
largest operations, which
together employ a total of 49% of
our staff.
Regulation and supervision in Switzerland
General
UBS is regulated in Switzerland
under a system established by the
Swiss Federal Law relating to
Banks and Savings Banks of 8
November 1934, as amended, and
the related Implementing
Ordinance of 17 May 1972, as
amended, which are together known
as the Federal Banking Law. Under
this law, banks in Switzerland
are permitted to engage in a full
range of financial services
activities, including commercial
banking, investment banking and
fund management. Banking groups
may also engage in insurance activities,
but these must be undertaken
through a separate subsidiary.
The Federal Banking Law
establishes a framework for
supervision by the SFBC.
In our capacity as a
securities broker, UBS is
governed by the Swiss Federal Law
on Stock Exchanges and Trading in
Securities of 24 March 1995, as
amended, under which the SFBC is
appointed as prime regulator for
these activities.
Regulatory policy
Swiss regulatory policies are
formulated on three levels. The
first two are the statutory
levels of primary and secondary
legislation issued by Parliament
and the Swiss Federal Council.
The SFBC has substantial
influence on the drafting of
these regulatory statutes. On
more technical policy, the SFBC
is empowered to issue so-called
circulars, 21 of which are
presently effective. The SFBC has
issued a new Ordinance updating
its rules on anti-money
laundering, which will come into
force in July 2003. In certain
fields, the SFBC officially
endorses self-regulatory
guidelines issued by the banking
industry (through the Swiss
Bankers' Association), which thus
become an integral part of
banking regulation. Recent
examples are:
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Corporate Governance
Regulation and Supervision
–
Guidelines concerning a
Code of Conduct with regard
to the Exercise of Due
Diligence by Banks, 1998.
–
Guidelines concerning the
Treatment of Accounts,
Custody Deposits and Safe
Deposit Boxes Remaining
Dormant at Swiss Banks,
2000.
–
Guidelines concerning the
Exercise of Asset Management
Mandates, 2000.
–
Guidelines on Internal Control,
2002.
Certain aspects of securities broking, such as the
organization of trading, are
subject to self-regulation
through the SWX Swiss Exchange
and the Swiss Bankers'
Association, under the overall
supervision of the SFBC.
Role of external auditors and direct supervision of large banking groups
The Swiss supervisory system
relies on banks' external
auditors, who are licensed and
supervised by the SFBC, and carry
out official duties, on behalf
of, and subject to sanctions
imposed by the SFBC. The
responsibility of external
auditors not only encompasses the
audit of Financial Statements but
also entails the review of banks'
compliance with all prudential
requirements.
In recent years, the SFBC
has taken on more direct
responsibility for supervision in
two areas: capital requirements
for market risk, for which there
is a specialist team; and the
supervision of the two large
Swiss banking groups, including
UBS, for which a dedicated
department was created in 1998.
Thus, the supervisory strategy
now entails direct supervision in
the form of regular meetings with
bank management, supervisory
visits, on-site reviews, direct
reporting, both routine and
ad hoc, and regular meetings
with the host regulators of our
overseas operations. Close
cooperation, including regular
trilateral meetings, has been
established between the SFBC and
UBS's US and UK regulators, and
further links are being
established by the SFBC with
other relevant regulators.
Reporting requirements and
capital requirements
UBS reports to the SFBC
financial, capital, legal and
risk information. The SFBC also
reviews the bank's risk
management and control policies
and procedures in all areas of
risk, including Know Your
Customer rules and anti-money
laundering practices. Reporting
requirements also include
ad-hoc
and event-based information
requests connected with direct
supervision activity.
Switzerland applies the
internationally accepted capital
adequacy rules of the Basel
Capital Accord but the SFBC
implementation imposes a more
differentiated and tighter regime
than the internationally agreed
rules, including a more stringent
definition of capital (see
Capital management on page 86).
Disclosures to the Swiss National Bank
Although the primary
responsibility for supervision of
banks under the Federal Banking
Law lies with the SFBC, UBS also
submits an annual statement of
condition and detailed monthly
interim balance sheets to the
Swiss National Bank, which
monitors compliance with
liquidity rules. The Swiss
National Bank can require UBS to
supply further disclosures of
financial condition and other
information relevant to its
regulatory oversight.
Regulation and supervision
in the United States
Banking regulation
UBS's operations in the United
States are subject to a variety
of regulatory regimes. We
maintain branches in California,
Connecticut, Illinois and New
York and an agency in Florida.
UBS's California branches are
located in Los Angeles and San
Francisco and are federally
licensed by the Office of the
Comptroller of the Currency. Each
of our other US banking offices
is licensed by the state banking
authority of the state in which
it is located. We are in the
process of converting our New
York branches from state licenses
to federal licenses. Each US
banking office is subject to
regulation and examination by its
licensing authority. In addition,
the Board of Governors of the
Federal Reserve System exercises
examination and regulatory
authority over our state-licensed
US banking offices. We also
maintain state and federally
chartered trust companies and
other limited purpose banks,
which are regulated by state
regulators or the Office of the
Comptroller of the Currency. None
of UBS's US banking offices is
currently insured by the Federal
Deposit Insurance Corporation.
The regulation of our US banking
offices and subsidiaries imposes
restrictions on the activities of
those offices, as well as
prudential restrictions,
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such as
limits on extensions of credit to
a single borrower, including UBS
subsidiaries.
The licensing
authority of each US banking
office has the authority to take
possession of the business and
property of the office it
licenses in certain
circumstances. Such
circumstances generally include
violations of law, unsafe
business practices and
insolvency. So long as UBS
maintains one or more federal
branches, such as our California
branches, the Office of the
Comptroller of the Currency also
has the authority to take
possession of our US operations
under similar circumstances, and
this federal power may preempt
the state insolvency regimes that
would otherwise be applicable to
our state-licensed offices. As a
result, if the Office of the
Comptroller of the Currency
exercised its authority over our
US banking offices pursuant to
federal law in the event of a UBS
insolvency, all of UBS's US
assets would be applied first to
satisfy creditors of our US
banking offices as a group, and
then made available for
application pursuant to any Swiss
insolvency proceeding.
In addition to the direct
regulation of our US banking
offices, operating US banking
offices subjects UBS to
regulation by the Board of
Governors of the Federal Reserve
System under various laws,
including the International
Banking Act of 1978, the Bank
Holding Company Act of 1956 and
the Gramm-Leach-Bliley Financial
Modernization Act of 1999. On 10
April 2000, UBS AG was designated
a "financial holding company"
under the Gramm-Leach-Bliley Act.
US regulation of other US operations
In the United States, UBS Warburg
LLC and UBS PaineWebber Inc., as
well as UBS's other US registered
broker-dealer entities, are
subject to regulations that cover
all aspects of the securities
business, including:
–
sales
methods
–
trade practices among
broker-dealers
–
use and
safekeeping of customers' funds
and securities
–
capital
structure
–
record-keeping
–
the
financing of customers' purchases
–
the conduct of directors,
officers and employees.
These entities are regulated
by a number of different
government agencies and
self-regulatory organizations,
including the Securities and
Exchange Commission and the
National
Association of Securities
Dealers. Depending upon the
specific nature of a
broker-dealer's business, it may
also be regulated by some or all
of the New York Stock Exchange,
the Municipal Securities
Rulemaking Board, the US
Department of the Treasury, the
Commodities Futures Trading
Commission, and other exchanges
of which it may be a member.
These regulators have available a
variety of sanctions, including
the authority to conduct
administrative proceedings that
can result in censure, fines, the
issuance of cease-and-desist
orders or the suspension or
expulsion of the broker-dealer or
its directors, officers or
employees.
UBS subsidiaries in the
United States are also subject to
regulation by applicable federal
and state regulators of their
activities in the investment
advisory, mutual fund, trust
company, mortgage lending and
insurance businesses.
USA Patriot Act
On 26 October 2001, the US
adopted the USA Patriot Act in
response to the events of 11
September 2001. The Act requires
US banks and foreign banks with
US operations, including UBS, to
take certain steps to help
prevent, detect and prosecute international money
laundering and the financing of
terrorism. The required actions
include terminating correspondent
accounts with "shell banks" and
obtaining information about the
owners of foreign bank clients
and the identity of the foreign
bank's agent in the US.
The scope
of the Act will be determined, to
some degree, by the regulations
that are adopted to implement its
provisions. The US Secretary of
the Treasury has published
interim guidance and proposed
regulations to implement some
portions of the Act, and is
expected to propose additional
regulations to implement other
sections. Although we cannot
predict when and in what form
these regulations will be
adopted, we believe that the cost
of compliance with the Act is not
likely to be material to us, and
that compliance with the statute
will not have a material effect
on our global operations.
Regulation and
supervision
in the United Kingdom
Since 1 December 2001, following
the implementation of the
Financial Services and Markets
Act 2000, UBS's operations in the
United
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Corporate Governance
Regulation and Supervision
Kingdom have been regulated by
the Financial Services Authority
(FSA), as the United Kingdom's
unified regulator. FSA assumed
the responsibilities of UBS's
previous UK regulators, the
Securities and Futures Authority
and the Investment Management
Regulatory Organisation, with
effect from this date. The Bank
of England's responsibilities for
regulation of banking activities
were transferred to the FSA by
the Bank of England Act 1998.
The FSA has established a
risk-based approach to
supervision and UBS is supervised
by the Major Financial Groups
section of the Deposit Takers and
Markets Directorate. The FSA has
a wide variety of supervisory
tools available to it, including
on-site inspections by
supervisors (which may relate to
a risk-based industry-wide theme
or be firm-specific) and the
ability to commission reports by
skilled persons (who may be the
firm's auditors or IT
specialists, compliance
consultants or lawyers). The FSA
also has an extremely wide set of
sanctions
which

it may impose
under the new Act, similar to
those available to US regulators.
Some of our subsidiaries and
affiliates are also regulated by
the London Stock Exchange and
other United Kingdom securities
and commodities exchanges of
which UBS is a member, and all
equities business can be subject
to the requirements of the UK
Panel on Takeovers and Mergers
where relevant.
The investment services that
are subject to oversight by UK
regulators are regulated in
accordance with European Union
directives requiring, among other
things, compliance with certain
capital adequacy standards,
customer protection requirements
and conduct of business rules.
These standards, requirements and
rules are similarly implemented,
under the same directives,
throughout the European Union and
are broadly comparable in scope
and purpose to the regulatory
capital and customer protection
requirements imposed under
applicable US law.
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Corporate Governance
Compliance with NYSE Listing Standards
on Corporate Governance
Compliance with NYSE Listing Standards
on Corporate Governance
UBS aims to comply with all relevant standards on corporate governance. As a
foreign company, listed at the New York Stock Exchange (NYSE), we have to
explain differences between our corporate governance standards and the NYSE
rules for US companies.
Introduction
On 15 August 2002, the NYSE filed
with the SEC proposed rules that
would effect substantial changes
to the NYSE corporate governance
listing standards. The proposed
changes would tighten the
definition of director
independence, expand the
responsibilities of the audit
committee, mandate the
establishment of a compensation
committee and nominating committee
both composed of only independent
directors and require listed
companies to have a code of ethics
and corporate governance
guidelines.
The proposed NYSE rule
will not change the NYSE
traditional approach permitting
non US-issuers, such as UBS, to
follow their home jurisdiction
governance practice where it
differs from the NYSE
requirements. It is expected that
the SEC will revise some of the
proposed NYSE rules to harmonize
them with competing or overlapping
requirements under the
Sarbanes-Oxley Act. The current
proposed rules would require each
non-US issuer to provide a brief
and general summary of any
significant differences between
its home country corporate
governance practices and the NYSE
rules for US companies.
The
proposed NYSE rules will not
become effective unless and until
they are approved by the SEC.
Accordingly, our current corporate
governance structure may be
changed as required to comply with
any new requirements established
by the SEC.
Independence of directors
The NYSE rules will require that
the Board of Directors of a
listed company have a majority of
independent directors. For a
director to be considered
independent, the Board of
Directors must affirmatively
determine that the director has
no material relationship with the
company, either
directly or as a
partner, shareholder or officer
of a company that has a
relationship with the listed
company. Materiality is to be
considered not just from the
standpoint of the director but
also from the standpoint of
persons and organizations
affiliated with the director.
The UBS Board of Directors
has adopted the following
criteria for defining its
external directors' independence:
–
The external director and
his or her immediate family
members have not been
employed by UBS during the
last five years.
–
The external director and
his or her immediate family
members have not been
employed by UBS's principal
auditors, Ernst & Young Ltd.
during the last five years.
–
The external director is
not and has not been
employed by a company whose
compensation committee
includes a senior executive
of UBS.
–
The external director does
not have — directly or
indirectly — any material
relationship with UBS, i.e.:
–
No shareholdings in
excess of 3% of all
outstanding shares.
–
No business
relationships with UBS
accounting for more than
5% of the total revenues
either of the companies
related to the director or
of UBS.
–
No banking
relationships with UBS
that are not in the
ordinary course of
business and on
substantially the same
terms as those prevailing
at the time for comparable
transactions with other
clients.
–
UBS does not make any
meaningful charitable
contributions to
organizations in which the
external director is
affiliated.
–
The external director has
not entered into consulting
contracts with UBS.
–
UBS does not pay its
directors fees that exceed
what is customary in the
financial services industry.
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Compliance with NYSE Listing Standards
on Corporate Governance
–
There were no interlocking
directorships over the past
five years between the
companies related to the
director and UBS.
–
The external director does
not hold any other Board
mandates that would infringe
on his independence.
The Board of Directors,
after having carefully considered
the information provided by its
external members, has determined
that Peter Böckli, Ernesto
Bertarelli, Sir Peter Davis, Rolf
A. Meyer, Hans Peter Ming and
Lawrence A. Weinbach are
independent in accordance with
the criteria mentioned above.
It
has also determined that Lawrence
A. Weinbach, Sir Peter Davis and
Rolf A. Meyer meet the more
stringent independence
requirements for Audit Committee
members. They do not receive any
consulting, advisory or other
compensatory fees from UBS other
than in their capacity as
directors. They do not receive
any compensatory fees indirectly
paid to them as a partner, member
or principal of an entity, which
provides accounting, consulting,
legal, investment banking,
financial or other advisory
services to UBS. And none of them
serve on the audit committees of
more than two other public
companies.
UBS operates under a strict
dual Board structure mandated by
Swiss banking law. No member of
the Group Executive Board may
also be a member of the Board of
Directors and vice versa. This
structure ensures an
institutional independence of the
entire Board of Directors from
the day-to-day management.
Therefore all Board members are
non-management directors,
although the three executive
members of the Chairman's Office
are former members of the
executive management and have
entered into employment contracts
with UBS in connection with their
functions as Board members.
Board Committees
UBS has established an Audit, a
Compensation and a Nominating
Committee, all composed solely of
independent directors, as
required by the NYSE rules.
The
chairman of the Audit Committee
has an auditing background, and
one of the members used to be the
Chief Financial Officer of a
large company. All the members
are financially literate.
In addition to these three
committees, the Chairman of the
Board and the Vice Chairmen form
a "Chairman's Office", which has
clearly defined authorities and
duties. It also has
responsibility for oversight of
the internal audit function (as
defined in the Swiss Federal
Banking Commission's Circular
Letter on internal audit). For
more details see the UBS
Organization Regulations with its
two Appendices and the Charter
for the Chairman's Office
(www.ubs.com/about).
Additional
information on the Board
Committee's mandates,
responsibilities and authorities
can be found on pages 99 and 100
of this Section. The charters for
all the Board Committees are
published on (www.ubs.com/about).
Differences from NYSE standards
The NYSE rules require:
–
expanded discussion on risk
assessment and risk management
between management and the Audit
Committee
. UBS, as a global
financial services firm, has a
very sophisticated and complex
system of risk management and
control. Risk management and
control is the clear
responsibility of the business
and not of the Board or of its
Committees. The full Board has
authority to define the firm's
risk framework. It is responsible
for monitoring the adherence to
the defined risk limits and for
reviewing whether the business
and the control units run
appropriate systems of management
and control of risks. The
Chairman's Office, with financial
services specialists among its
members, provides the bulk of the
preparatory work for these full
Board reviews. It also assumes
approval authorities for the
definition of specific credit
risks and for clearly specified
credits. For further details see
Section "Risk Management and
Control" of this Handbook.
–
supervision of internal audit
by Audit Committee
. In accordance
with the Swiss Federal Banking
Commission's Circular Letter on
Internal Audit, dated 14 December
1995, UBS gave the Chairman's
Office responsibility and
authority for supervising the
internal audit function. The
Chairman's Office reports back to
the full Board on all important
findings.
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–
responsibility of the
Nominating Committee for
oversight of management and Board
evaluation
. Management evaluation
(performance of the President and
the members of the Group
Executive Board) is done by the
Chairman's Office and reported to
the full Board. All Board
Committees perform a
self-assessment of their
activities and report back to the
full Board. The Board has direct
responsibility and authority to
evaluate the Board's own
performance, without preparation
by a Board Committee.
–
proxy statement reports of the
Audit and Compensation
Committees
. Under Swiss Company
Law, all reports addressed to shareholders must be
provided and signed by the full
Board. The Committees submit
their reports to the Board.
Shareholder votes on
equity-compensation plans
The proposed NYSE rules require
that shareholders must vote on
all equity-compensation plans and
any material revisions to the
terms of such plans (including
for purposes of re-pricing
existing options). UBS does not
comply with this requirement.
Under Swiss Company Law, the
approval of compensation plans is
not an authority of the AGM, but
of the Board of Directors. The
reason for this different
approach is the fact that the
capital of a Swiss company is
determined in the
Articles of Association and,
therefore, each increase of
capital has to be submitted for
shareholders' approval. If
equity-based compensation plans
result in a need for a capital
increase, AGM approval is
mandatory. If, however, shares
for such plans are purchased in
the market, shareholders do not
have the authority to vote. We
believe that the aim of the
request for a shareholders' vote
on equity-compensation plans —
the protection of shareholders
against undue dilution of their
capital — is well taken care of
under Swiss Company Law.
Corporate Governance Guidelines and Code of Business Conduct and Ethics
The proposed NYSE rules require
each listed company to adopt and
make publicly available Corporate
Governance Guidelines and a Code
of Business Conduct and Ethics.
These documents must be adopted
within six months of the SEC's
approval of the NYSE's rules.
The
UBS Board of Directors has
already adopted Corporate
Governance Guidelines, which are
published on the UBS website at
www.ubs.com/about.
The UBS Board of Directors
has also adopted a Code of
Business conduct and Ethics with
an Addendum for principal
executive, financial and
accounting officers or
controllers, as required by the
Sarbanes-Oxley Act. The code is
available on the UBS website at
www.ubs.com/about.
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Corporate Governance
Group Managing Board
Group Managing Board
The Group Managing Board (GMB) represents the next layer in the leadership of
the Group below the Group Executive Board. Its members are drawn from the
management teams of the Business Groups and the Corporate Center.
Role of the Group Managing Board
The GMB has a crucial role in implementing our integrated business
model and in promoting the UBS culture and values throughout the Group
and externally.
Members of the Group Managing Board as of 31 December 2002:
UBS Wealth Management & Business Banking
Michael Adjadj
Head of Private Banking Middle East & Africa
Arthur Decurtins
Head of Private Banking Germany & Benelux
Thomas Escher
Head of IT
Jürg Haller
Head of Products & Services
Eugen Haltiner
Head of Business Banking Switzerland
Marten Hoekstra
Head of Market Strategy & Development
Dieter Kiefer
Head of Private Banking Western Europe
Martin Liechti
Head of Private Banking Americas
Joe Rickenbacher
Chief Credit Officer
Alain Robert
Head of Private Banking Switzerland
Kathryn Shih
Head of Private Banking Asia Pacific
Jean Francis Sierro
Head of Resources
Richard Sipes
Head of Private Banking UK & Northern, Eastern and Southern Europe
Anton Stadelmann
Chief Financial Officer
Vittorio Volpi
Head of Private Banking Italy
Raoul Weil
Head of Private Banking International
Stephan Zimmermann
Head of Operations
UBS
Warburg
Andy Amschwand
Global Co-Head of Interest Rates and Foreign Exchange
Jonathan Britton
Chief Financial Officer
Regina Dolan
Global Head of Strategic Planning and Business Development
Ian Drew
Chief Credit Officer
Tim Fredrickson
Global Co-Head of Interest Rates and Foreign Exchange
Robert Gillespie
Joint Global Head of Investment Banking
Alan C. Hodson
Global Head of Equities
Michael Hutchins
Global Head of Fixed Income and Interest Rates & Foreign Exchange
Huw Jenkins
Head of Equities for the Americas
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UBS Warburg (continued)
Danny Schweizer
CEO Switzerland
Rory Tapner
Joint Global Head of Investment Banking
Mark Wallace
Chief Risk Officer
Robert Wolf
Joint Global Head of Fixed Income
New members as from 1 March 2003:
Mike Bolin
Chief Administrative Officer
Gary Bullock
Head of Infrastructure Logistics
Ken Moelis
Head of Investment Banking in the Americas
UBS
PaineWebber
Barry Buchsbaum
Director of the Branch Group
Bruce Bursey
Director of Investment Consulting Services
Luzius Cameron
Director of Strategic Planning and New Business Development
Tom Naratil
Director of Banking and Transactional Solutions
Robert Silver
President UBS PaineWebber Services
New member as from 1 March 2003:
James D. Price
Director of Investment and Marketing Solutions
UBS
Global Asset Management
Crispian Collins
Vice Chairman (until 31 March 2003)
Jeffrey J. Diermeier
Chief Investment Officer
Gabriel Herrera
Head of Europe, Middle East & Africa
Benjamin F. Lenhardt Jr.
Chairman Americas (until 31 March 2003)
Thomas Madsen
Global Head of Equities
Joe Scoby
CEO O'Connor
Brian Singer
Global Head of Asset Allocation
Brian Storms
CEO Americas
Paul Yates
Head of UK
New member as from 1 March 2003:
Kai Sotorp
Head of Asia Pacific
Corporate
Center
Mark Branson
Chief Communication Officer
Rolf Enderli
Group Treasurer
Thomas Hammer
Group Head of Human Resources (from 1 March 2003)
Hugo Schaub
Group Controller
Walter Stuerzinger
Group Chief Risk Officer
Marco Suter
Group Chief Credit Officer
Robert Zeltner
Group Head of Human Resources (until 28 February 2003)
Group
Internal Audit
Markus Ronner
Head of Group Internal Audit
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Corporate Responsibility
Corporate Responsibility
For us, corporate responsibility is integral to everything we do, meaning that
we want to create value sustainably for all of our stakeholders.
UBS has made corporate
responsibility an important part
of its culture, identity, and
business model. Our approach is to
focus on corporate responsibility
issues that provide clear benefits
to all our stakeholders — clients,
employees, shareholders and the
community. As a leading global
financial services firm, we want
to provide our clients with
value-added products and services,
promote a corporate culture that
adheres to the highest ethical
standards, while generating
superior but sustainable returns
for our shareholders.
UBS created
a Corporate Responsibility
Committee in 2001. It determines
UBS's corporate responsibility and
sustainable development policies,
supports increased awareness of
the issue, monitors the company's
adherence to international
standards, and advises the Group
Executive Board and the Board of
Directors. The committee is
chaired by Marcel Ospel, Chairman
of the UBS Board of Directors. The
other committee members are Hans
de Gier, Vice Chairman of the
Board, Hans Peter Ming, Member of
the Board, Peter Wuffli, President
of the Group Executive Board,
Marcel Rohner, CEO UBS Wealth
Management & Business Banking,
Donald Marron, Chairman UBS
Americas, and Ken Costa, Vice
Chairman UBS Warburg.
UBS has also
endorsed and signed several
related international charters. In
1992, we were one of the first
signatories to the United Nations
Environment Program's Bank
Declaration. Since its signing,
the declaration has had an
extensive influence in setting
environmental guidelines and
practices for financial
institutions. We are also an
active member of the World
Business Council for Sustainable
Development (WBCSD), a coalition
of 150 international companies who
have committed themselves to
integrating sustainability
principles into their core
businesses.
For us, as a public
company, the sustainable creation
of value implies strong and
effective
corporate governance
(see page 89 to 125). Furthermore,
we are committed to protecting
financial privacy, fighting
money-laundering, being an equal
opportunity employer, protecting
the environment and contributing
to the communities which we are a
part of. Although laws may define
minimum standards in many of these
areas, simply meeting those
minimum standards is not enough.
Creating long-term value for our
shareholders
At UBS, the value-based
management framework views
management as the custodian of
shareholder wealth. This
framework sees the creation of
long-term shareholder value as
resting on four, mutually
supporting pillars. First, we
ensure that business decisions
are analyzed in terms of the
value that they create. Second,
the realized value creation is
measured and compared with
targets. Third, we have incentive
systems in place to align the
interests of managers with those
of shareholders, including tying
a meaningful part of total
compensation to individual
performance targets as well as
encouraging managers and staff to
become shareholders. Moreover,
internal value driver projections
and valuations are benchmarked
against external assessments,
stock market expectations, and
leading analyst forecasts.
Safeguarding our clients' right to financial privacy and fighting money laundering
Trust is critical for a global
financial services provider. It
requires a corporate culture that
promotes behavior consistent with
the highest ethical standards. To
enhance the trust placed in us,
it is vital that we protect our
clients' legitimate right to
financial privacy while
preventing the abuse of our
services by criminals or
terrorists.
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Because of the growing
importance of advisory-based
financial services and
regulations regarding the
exercise of due diligence,
financial institutions are
gathering more and more
information from and about their
clients. Unsurprisingly, public
and private sector agents are
showing a strong appetite for
that data, and clients are
increasingly worried about its
misuse. Financial privacy, as
with medical and other forms of
personal privacy, are privileges
enjoyed by citizens living in a
modern, democratic society. At
UBS, we firmly believe we should
uphold and defend our clients'
right to safeguard their private
financial information from third
party interests.
At the same time, the right
to financial privacy should not,
in any circumstances, be a
channel by which criminals can
misuse our services.
Switzerland's "know your
customer" and other regulations
concerning the exercise of due
diligence are among the most
stringent in the world, and
effectively prevent the abuse of
banking services by criminals.
Banks have to verify the identity
of their contracting parties and
establish the beneficial owners
of assets and must notify the
authorities whenever they either
have knowledge or a founded
suspicion that assets are of
criminal origin, are under the
control of a criminal
organization or might be used for
criminal purposes.
Based on these
legal standards, we have
established an effective internal
framework to prevent the
mishandling of our services
by criminals. For instance, UBS
Wealth Management & Business
Banking has developed an IT-based
tool known as the "Compliance
Register". It assists client
advisors when they are in the
process of acquiring new clients
as it holds information about
Politically Exposed Persons
(PEPs) and other exposed
personalities. The tool helps
client advisors ensure that if
UBS establishes or maintains a
business relationship with an
individual determined to be a
PEP, they do so only after having
made a clear decision backed up
by extensive knowledge of the
client in question. This is
achieved by undertaking as
thorough a due diligence exercise
as possible. Access to and
control of the register has been
structured to meet the
requirements of all applicable
laws and regulations — most
importantly those regarding
confidentiality and data
protection. Client advisors in
all UBS Wealth Management &
Business Banking locations can
make search queries with
the
tool. The Financial Intelligence
Unit (FIU), a dedicated
compliance team maintaining the
register, is automatically
notified if and when any queries
match with names on its database.
We are also strongly
committed to promoting stringent
anti-money laundering standards
for the financial industry as a
whole. As an example of that, we
were one of the driving forces
behind the launch of the
Wolfsberg Anti-Money Laundering
Principles in 2000. The
principles are designed to ensure
that private banking services are
only offered to clients with
legitimate sources of wealth —
with the same high standards
applied globally. Following the
terrorist attacks of September
11, 2001, the Wolfsberg Group,
comprising major global financial
institutions together with
Transparency International,
released a statement in which
member banks committed themselves
to efforts that support
authorities in their fight
against terrorism finance.
In 2002, UBS and the other
members of the Wolfsberg Group
worked to develop and issue a set
of principles on the
establishment and maintenance of
correspondent banking
relationships. The principles,
designed to prevent criminal
abuse of correspondent banking
relationships, were issued in
early November 2002 and were
positively received by regulators
worldwide. In the new principles,
Wolfsberg adherents commit to
refrain from offering any of
their products and services to
so-called "shell banks". Such
entities are often based in less
regulated jurisdictions, and
frequently cited by regulators
around the world as a cause for
concern when attempting to tackle
criminal abuse of the financial
system.
Creating an equal opportunity environment for our employees
An important part of our success
as a firm is the fact that our
corporate culture blends the best
influences of its diverse roots
and encourages diversity. Our
goal is to attract and retain the
most talented and motivated
individuals by offering them a
rewarding and challenging
environment. By encouraging
individual success, we allow
employees to develop their skills
and progress within our
organization. One of our
competitive strengths is the
ability to leverage the skills
and knowledge of our staff across
the 50 countries in which we
operate. In order to fully take
advantage of that, we have
appointed
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Corporate Responsibility
a Global Head of Diversity for the Group. At the same
time, we have established Business Group-specific regional and global diversity
initiatives. In Switzerland, for example, comprehensive intercultural training
is part of our management development program.
Internal women's networks are
another example of our efforts to promote diversity throughout the firm and
across hierarchies. At UBS they have been or are being created around the
world. In Switzerland, the United States, the United Kingdom, and Asia Pacific,
all-women's networks provide a forum for their members to support each other as
they advance in their careers. For instance, in 2002 the UK chapter of All Bar
None (UBS Warburg's women's network in the UK and the US) held a networking
conference in 2002 called "Leadership in Practice" that attracted approximately
300 attendees.
Investing in our communities
The success of UBS depends not
only on the skills and resources
of our people and the
relationships we have with our
clients, but also on the health
and prosperity of the communities
of which we are part. We directly
benefit from a stable political
and social environment, modern
infrastructure and a good
education system. Furthermore,
community programs create
benefits for a company's
reputation, and increase its
appeal to its clients.
UBS supports communities by
making direct cash donations to
organizations, by employee
volunteership and matching
donations made by employees to
selected charity funds. We have
set up several community affairs
programs which are organized at a
regional level in order to remain
responsive to local expectations.
All community investments are
clearly focused and concentrate
on education, social and
community development, as well as
environmental protection. UBS
encourages its employees to be
actively involved in the
community and to contribute time
and skills to help the causes
they care about. In the UK for
example, we allow two working
days a year for permanent
employees to volunteer, subject
to line manager approval.
In July 2002, UBS Warburg
was presented with a Business in
the Community Award for
Excellence — the highest accolade
in the UK for corporate community
involvement — by HRH the Prince
of Wales.
On another level, the UBS
Optimus Foundation harnesses the
expertise and the capabilities of
UBS as a global financial
services company by supporting
clients when they express a
desire to contribute to worthy
causes. Since its launch over
three years ago, the foundation
has concentrated its investments
in a select number of programs
and organizations — all of which
focus on people. The total number
of projects is now twelve,
divided into the categories of
children and talents as well as
medical research — running from
one that aims to re-integrate
Brazil's street children in
society to another that finances
a Swiss cancer research project.
Promoting environmental awareness
Environmental protection is one
of the most pressing issues
facing our world today.
Consequently, it poses a
challenge to companies,
industries and sectors. At UBS,
we remain committed to further
integrating environmental
considerations into all our
business activities. To make this
happen, our environmental policy
focuses on taking advantage of
environmental market
opportunities, and considering
environmental risks in our risk
management processes, especially
in lending and investment
banking. In corporate services,
we actively look for ways to
reduce the direct environmental
impact of our business
activities.
Following increasing demand
from clients, UBS Global Asset
Management has developed
expertise in
incorporating environmental
and social aspects into its
investment research. Focusing on
the concept of sustainability,
UBS offers several socially
responsible investment products
to both private and institutional
investors. The most important is
the
"UBS (Lux) Equity Fund — Eco
Performance"
, which was launched
in 1997. This fund invests
worldwide in stocks of exemplary
sector leaders and
forward-looking small and
medium-sized companies with
superior financial, environmental
and social performance.
Adequate
assessment of the risk involved
in an investment banking
transaction is crucial to its
success. Although financial
considerations dominate the
assessment of the overall risk of
any proposed transaction,
environmental aspects can also be
meaningful. Based on its Global
Environmental Risk Policy, UBS
Warburg has
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introduced processes
that allow early identification
of environmental risks in
transactions. Initially,
environmental factors are
screened by the corresponding
investment banking staff. If
there are indications of
heightened environmental risk,
external specialists are called
in to investigate them as part of
the overall due diligence
process. Also in the Swiss
lending business, a careful
review of financially relevant
environmental aspects is an
important part of UBS's credit
risk analysis.
UBS's electricity
consumption, the running of our
heating systems, our paper
consumption and business travel
are the major factors that have a
direct impact on the environment.
The environmental management
system helps us use our resources
far more efficiently, cutting
exhaust gas emissions and costs.
As an example, last year in
Switzerland, UBS completed a
major project of replacing 18,000
printers and 1,400 photocopiers
with 5,800 new, multifunctional
machines, optimizing energy
consumption. We believe the new
energy-efficient machines will
save 3.0-3.5 gigawatts a year,
corresponding to approximately
1-2% of UBS's annual consumption
of electricity in Switzerland.
Also, during the installation
process, we took the opportunity
to encourage employees to cut
their paper consumption by
promoting wider use of recycled
paper, and informing and training
employees
about double-sided
printing capabilities and other
ways to save paper.
In 2002, SGS International
Certification Services AG awarded
us a three-year ISO 14001
re-certification for our
environmental management system,
and which covers our banking
business and corporate services
worldwide.
Third party ratings
A number of different independent
rating agencies that assess
corporate responsibility programs
across the world have rated UBS
among the leaders in the field.
The Dow Jones Sustainability
Group Indexes (DJSGI) have
tracked, since 1999, the social,
environmental and financial
performance of companies in the
Dow Jones Global Index that lead
the field in terms of corporate
responsibility. UBS has been part
of the DJSGI since the index's
inception and is the leader in
the banking sector of the Dow
Jones STOXX Sustainability
indices, which track the
performance of the top 20% of
companies of the Dow Jones STOXX
600 index.
Also, UBS is included in the
FTSE4Good Index, which measures
global companies' performance in
the areas of environmental
sustainability, stakeholder
relations and support for human
rights.
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133
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UBS Share Information
The Global Registered Share
The Global Registered Share
UBS ordinary shares are
registered shares with a par
value of CHF 0.80 per share,
fully paid up and non-assessable.
They are issued in the form of
Global Registered Shares (GRS). A
Global Registered Share is a
security that provides direct and
equal ownership for all
shareholders. It can be traded
and transferred across applicable
borders without the need for
conversion, with identical shares
traded on different stock
exchanges in different
currencies. For example, the same
share purchased on the New York
Stock Exchange (NYSE) can be sold
on virt-x, the pan-European stock
exchange where Swiss-listed blue
chip stocks are traded, or vice
versa.
Alternatives to the GRS
involve the creation of
tailor-made securities for
individual securities exchanges.
Because of the trend towards
global financial markets we
believe that individual
securities will be increasingly
traded in multiple markets around
the world. Another effect we
anticipate is an increasing
similarity between the regulatory
structures of different markets,
reducing the need to have
individual securities in each
market that comply with different
local regulations. In these
changing patterns, GRS, which
allow for cross-market
portability, are ideal to
minimize costs to investors.
The
UBS GRS is listed on the Swiss,
New York and Tokyo stock
exchanges. Although Swiss blue
chip stocks (members of the SMI
Swiss Market Index) are listed on
the SWX Swiss Exchange, all
trading takes place on virt-x.
virt-x is majority-owned by the
SWX Swiss Exchange. It provides
an efficient and cost effective
pan-European blue chip market.
virt-x is a recognized investment
exchange supervised by the
Financial Services Authority in
the United Kingdom. It is
delivered on the modern scalable
SWX trading platform.
The UBS ADR
(American Depositary Receipt)
program was terminated on 16 May
2000 on the listing of the GRS on
the New York Stock Exchange
(NYSE).
Registration
A single register exists for UBS
ordinary shares, although it is
split into two. There is a Swiss
reg-
ister, which is maintained by
UBS acting as Swiss transfer
agent, and a US register, which
is maintained by Mellon Investor
Services, as US transfer agent. A
shareholder is entitled to hold
shares registered in their name
on either register and transfer
shares from one register to the
other upon giving proper
instruction to the transfer
agents.
Share liquidity and currency effects
For the foreseeable future,
because of the greater volume of
UBS shares traded on virt-x,
trading on this exchange is
expected to be the main factor
determining share price
movements. For UBS shares,
liquidity on virt-x is expected
to remain higher than that on
NYSE. During 2002, daily trading
volume in UBS shares on NYSE
represented an average of 4.46%
of the total daily trading volume
in UBS shares.
During the hours in which
both virt-x and NYSE are
simultaneously open for trading
(currently 15.30 to 17.30 CET),
price differences are likely to
be arbitraged away by
professional market makers. The
NYSE price will
therefore typically be
expected to depend on both the
virt-x price and the prevailing
USD/CHF exchange rate. When
virt-x is closed for trading,
traded volumes will typically be
lower. However, the specialist
firm making a market in UBS
shares on the NYSE, Van der
Moolen, is required to facilitate
sufficient liquidity and an
orderly market in the UBS share.
As a global financial
services firm, UBS earns profits
in many currencies. Since UBS
prepares its accounts in Swiss
franc terms, changes in currency
exchange rates, particularly the
CHF/USD and CHF/EUR cross-rates,
may have an effect on reported
earnings.
Dividends
UBS normally pays a regular
annual dividend to shareholders
registered as of the date of the
Annual General Meeting (the
record date). Payment is usually
scheduled three business days
thereafter.
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Table of Contents
The norm in the US is to
declare dividends at least ten
days in advance of the applicable
record date and ex-dividend
trading commences two days before
the record date. To ensure that
shareholders on the Swiss and US
registers are similarly treated
in connection with dividend
payments, and to avoid
disparities between the two
markets, NYSE trading takes place
with due bills for the two
business day period preceding the
dividend record date.
UBS pays dividends in CHF
(Swiss francs). For UBS ordinary
shares held in street name
through The Depository Trust
Company, any dividend will be
converted into USD (US dollars).
Holders of UBS ordinary shares
registered on the US register
will receive dividend payments in
USD unless they provide notice to
Mellon Investor Services, UBS's
US transfer agent, that they wish
to receive dividend payments in
CHF.
UBS will fix the USD
dividend amount on the basis of
the DJ Interbank Foreign Exchange
rate for sale of CHF against USD.
Holders of UBS shares who are US
taxpayers are normally subject to
35% withholding tax on dividends
they receive from UBS, although
they can normally reclaim part of
this, bringing their withholding
tax rate down to 15%. Further
disclosure relating to the
taxation of US holders of UBS
shares can be found in our Form
20-F, in section E of item 10.
Par value distribution July 2002
As outlined in the Capital
management section on page 86,
UBS reduced the par value of its
shares through a distribution of
CHF 2.00 on 8 July 2002. This was
done instead of paying a dividend
in respect of the year ended 31
December 2001.
This generally followed the
principles described in the
preceding section with respect to
dividends. The record date for
the distribution was set for the
close of business on 5 July 2002.
The CHF/USD exchange rate for the
distribution was fixed on 8 July
2002, the day on which the par
value reduction itself took
place. The distribution was paid
for value on 10 July 2002.
The par value distribution
in July 2002 was not subject to
the 35% withholding tax on
dividends.
Dividend
For 2002, we plan to pay a normal
dividend to our shareholders
after having made use of the
possibility to make a tax
efficient distribution in 2000
(for the fourth quarter only) and
2001 in the form of par value
reductions.
The Board of Directors will
recommend at the Annual General
Meeting on 16 April 2003 that UBS
should pay a dividend of CHF 2.00
per share for the 2002 financial
year, a level on par with last
year's CHF 2.00 distribution.
If the dividend is approved,
the ex-dividend date will be 17
April 2003, with payment on 23
April 2003 for shareholders of
record on 16 April 2003.
Ticker symbols
Trading exchange
Bloomberg
Reuters
Telekurs
virt-x
UBSN VX
UBSZn.VX
UBSN, 004
New York Stock Exchange
UBS US
UBS.N
UBS, 65
Tokyo Stock Exchange
8657 JP
UBS.T
N16631, 106
135
Table of Contents
UBS Share Information
The UBS Share 2002
The UBS Share
2002
UBS share price performance in 2002
2002 was a tough year for banking
sector stocks and the global
equity markets in general.
Volatility was high with many
geo-political and macro economic
factors driving global share
prices. The UBS share closed the
year at CHF 67.20, down 19.8%
over the 12 months. However, this
was favorable compared to the Dow
Jones Europe Stoxx Banks index,
which fell 26.8%. Taking into
account the par value repayment,
the UBS share generated a total
pre-tax return of negative 17.4%
to investors for 2002.
European bank stocks had a
steady start in the first quarter
with little deviation from the
2001 year end levels. The UBS
share, after an initial decline
in January, gained nearly 7%
during February and March. This
rally saw UBS closing at CHF
84.30, its year high, on 8 March.
During the second quarter,
the fear of further widespread
corporate problems precipitated a
slump in global equity markets.
UBS and the major banking sector
stocks were not immune from this
and also dipped. Additionally,
macro
economic data indicated no
sign of a sustained global
recovery and investors became
increasingly cautious in their
outlook.
This negative sentiment
drove down the Dow Jones Europe
Stoxx Banks index by
approximately 30% in the two
months following the high levels
recorded in May. The UBS share
showed a high correlation to the
index during this period, and
followed the upturn that
then continued into August.
Overall, the UBS share declined
18% during the third quarter.
On
8 October the year low for the
UBS share was recorded, closing
at a price of CHF 51.05. However,
a strong rebound occurred over
the subsequent 8 days and the
share gained almost CHF 17 (33%).
Over the fourth quarter, the Dow
Jones Stoxx Europe Banks index
gained 7.3%, while the UBS share
outperformed this, rising 9.6%.
The figures were however dampened
slightly by a weak trading
environment in December.
Retreating from its November high
of CHF 75.45, the UBS share
finished the year at CHF 67.20.
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Table of Contents
UBS share data
As at
Registered shares in 1000 units
31.12.02
31.12.01
31.12.00
Total shares outstanding
1,256,298
1,281,717
1,333,139
Total shares ranking for dividend
1,182,263
1,258,653
1,277,874
Treasury shares (average)
61,266
47,244
97,545
Treasury shares (year end)
97,181
41,255
55,265
Weighted average shares (for basic EPS calculations)
1,208,587
1,266,038
1,209,088
Weighted average shares (for diluted EPS calculations)
1,223,383
1,288,578
1,225,578
For the year ended
CHF
31.12.02
31.12.01
31.12.00
Earnings per share
Basic EPS
2.92
3.93
6.44
Basic EPS before goodwill amortization
1
4.73
4.97
7.00
Diluted EPS
2.87
3.78
6.35
Diluted EPS before goowill amortization
1
4.65
4.81
6.89
As at
CHF billion
31.12.02
31.12.01
31.12.00
Market capitalization
79.4
105.5
112.7
% change year-on-year
(25
)
(6
)
For the year ended
100 shares
31.12.02
31.12.01
31.12.00
Trading volumes
2
SWX total
1,049,364
1,000,402
1,211,446
SWX daily average
4,148
4,002
4,826
NYSE total
48,850
54,768
83,032
NYSE daily average
194
221
522
1
Excludes the
amortization of goodwill and other intangible
assets.
2
The trading volumes have been adjusted for the two-for-one share
split that became effective on 8 May 2000 and for the three-for-one
share split effective 16 July 2001.
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Table of Contents
UBS Share Information
The UBS Share 2002
Stock exchange prices
1
SWX Swiss Exchange
New York Stock Exchange
2
High
Low
Period end
High
Low
Period end
(CHF)
(CHF)
(CHF)
(USD)
(USD)
(USD)
2002
84.30
51.05
67.20
51.99
34.54
48.12
Fourth quarter 2002
75.45
51.05
67.20
50.88
34.54
48.12
December
75.30
66.50
67.20
50.54
47.56
48.12
November
75.45
66.95
74.75
50.88
45.72
50.18
October
70.35
51.05
70.35
47.26
34.54
47.26
Third quarter 2002
75.15
56.80
61.30
49.94
37.86
41.00
September
70.55
57.50
61.30
46.26
38.75
41.00
August
73.40
59.40
70.70
48.69
39.80
47.01
July
75.15
56.80
65.30
49.94
37.86
44.30
Second quarter 2002
84.15
69.80
74.85
51.99
46.90
49.89
June
81.95
69.80
74.85
51.99
46.90
49.89
May
82.20
75.00
81.95
51.98
46.95
51.90
April
84.15
77.55
78.10
50.30
47.63
48.49
First quarter 2002
84.30
73.00
82.80
50.50
43.27
49.75
March
84.30
79.20
82.80
50.50
46.69
49.75
February
81.30
73.00
78.85
47.70
43.27
46.44
January
83.95
77.30
77.50
50.42
45.50
45.45
2001
96.83
62.10
83.80
58.49
40.12
50.00
Fourth quarter 2001
86.85
69.70
83.80
52.83
43.23
50.00
Third quarter 2001
86.33
62.10
75.60
49.73
40.12
46.15
Second quarter 2001
92.00
77.50
85.83
51.47
44.87
47.02
First quarter 2001
96.83
72.33
83.17
58.49
43.02
47.68
2000
88.17
63.58
88.17
54.10
40.18
54.10
Fourth quarter 2000
88.17
71.17
88.17
54.10
40.18
54.10
Third quarter 2000
88.00
74.67
76.67
50.74
44.76
44.85
Second quarter 2000
83.33
69.83
79.67
50.66
42.99
48.67
First quarter 2000
72.83
63.58
72.83
1999
80.00
67.50
71.67
Fourth quarter 1999
79.92
67.50
71.67
Third quarter 1999
82.25
67.50
70.50
Second quarter 1999
88.00
73.67
77.33
First quarter 1999
82.00
69.08
77.50
1998
3
108.83
45.00
70.33
1
The share prices and volumes have been adjusted for the two-for-one
share split that became effective on 8 May 2000 and for the
three-for-one share split effective 16
July 2001.
2
UBS was listed
on 16 May 2000, therefore there are no NYSE figures for periods prior
to May 2000. NYSE figures for second quarter are for 16 May 2000 to 30
June 2000 only, and NYSE figures for 2000 are for 16 May 2000 to 31
December 2000 only.
3
UBS was created by the merger of Union Bank
of Switzerland and Swiss Bank Corporation, in June 1998. 1998 figures
are therefore for the period 29 June 1998 to 31 December 1998 only.
138
Table of Contents
UBS shares and market capitalization
Number of shares, except where indicated
% change from
As at
31.12.02
31.12.01
31.12.00
31.12.01
Total ordinary shares issued
1,256,297,678
1,281,717,499
1,333,139,187
(2
)
Second trading line treasury shares
2000 program
(55,265,349
)
2001 program
(23,064,356
)
2002 first program
(67,700,000
)
2002 second program
(6,335,080
)
Shares outstanding for market capitalization
1,182,262,598
1,258,653,143
1,277,873,838
(6
)
Share price (CHF)
67.20
83.80
88.17
(20
)
Market capitalization (CHF million)
79,448
105,475
112,666
(25
)
Total treasury shares
97,181,094
41,254,951
55,265,349
136
Distribution of UBS Shares
Shareholders registered
Shares registered
As at 31.12.02
Number of shares registered
Number
%
Number
% of shares issued
1-100
46,868
21.3
2,430,181
0.2
101-1,000
133,449
60.7
51,563,181
4.1
1,001-10,000
36,546
16.6
90,247,647
7.2
10,001-100,000
2,635
1.2
65,357,281
5.2
100,001-1,000,000
328
0.2
96,176,568
7.7
1,000,001-5,000,000
55
0.0
120,932,421
9.6
5,000,001-12,562,975 (1%)
10
0.0
75,122,855
6.0
1-2%
0
0.0
0
0.0
2-3%
0
0.0
0
0.0
3-4%
2
0.0
98,849,839
7.9
4-5%
0
0.0
0
0.0
Over 5%
1
1
0.0
96,531,157
7.7
Total registered
219,894
100.0
697,211,130
55.6
Unregistered
2
559,086,548
44.4
Total shares issued
1,256,297,678
3
100.0
1
As at 31.12.2002, Chase Nominees Ltd., London, was entered as a
trustee/nominee holding 7.68% of all shares
issued.
2
Shares not
entered in the share register at 31
December 2002.
3
140,763,036
shares registered do not carry voting rights.
139
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UBS Share Information
The UBS Share 2002
Registered shareholders: type and distribution
Shareholders
Shares
As at 31.12.02
Number
%
Number
%
Individual shareholders
211,100
96.0
173,717,031
24.9
Legal entities
8,205
3.7
189,658,658
27.2
Nominees, fiduciaries
589
0.3
333,835,441
47.9
Total
219,894
100.0
697,211,130
100
Switzerland
203,739
92.7
349,906,904
50.2
Europe
11,283
5.1
225,581,696
32.3
North America
2,872
1.3
59,723,099
8.6
Other countries
2,000
0.9
61,999,431
8.9
Total
219,894
100.0
697,211,130
100.0
140
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INDEX TO EXHIBITS
Exhibit
Number
Description
1.1.
Articles of Association of UBS AG.
1.2.
Organization Regulations of UBS AG.
2(b)
Instruments defining the rights of the holders of long-term debt issued by
UBS AG and its subsidiaries.
We agree to furnish to the SEC upon request, copies of the instruments,
including indentures, defining the rights of the holders of our long-term
debt and of our subsidiaries' long-term debt.
7.
Statement regarding ratio of earnings to fixed charges.
8.
Significant Subsidiaries of UBS AG.
Please see Note 35 on pages 153 to 156 of the attached Financial Report 2002.
10.
Consent of Ernst & Young Ltd.
-17-